According to the University of Scranton research, more than 40 percent of American’s make New Year’s resolutions. Despite good intentions, just 8 percent of these individuals go on to achieve their New Year’s goals. The secrets behind those that do succeed seem to boil down to two things: keeping goals simple and tangible.
Consider the following six New Year’s resolutions – all of which are both measurable and realistic – that will ensure your small business prospers in 2018.
1. Analyze Your Small Business Footprint in 2017
To hit the ground running in 2018 and experience continued success, it is important to review the year we have just left behind. Your first New Year’s resolution could be to evaluate your business performance in 2017. What drove revenue? How effective was your marketing strategy? Do you need to update your small business plan to redefine or include new goals and objectives? After analyzing your business’ performance and strategies, you will be able to see exactly what is working for your small business and what is not. If a technique, product or business relationship has been unproductive, it might be time to move on.
2. Strengthen Your Business’ Online Presence
Have you been putting off updating your website? Do you want to start a business blog, but have yet to create a content strategy? Do you need to explore which social media network is the right platform for your business? The beginning of a New Year is the perfect time to take steps to improve your business’ social media presence and develop a marketing strategy. Producing valuable content, linking social media profiles to your website, creating an email marketing list, using hashtags to draw more people to your blogs and website and optimizing social media accounts using keywords are just a few ideas to help you get started.
3. Learn How to Delegate More
As a small business owner, success depends on your ability to wear many hats. However, it is possible to juggle too many. If you are overwhelmed with the workload and have no time to devote to growing your business, it might be time for you to grow your team and delegate tasks. The key to delegating effectively is simple: training and communication. You need to make sure team members possess the necessary skills to handle the tasks you give to them, and communication must be clear, concise and consistent. Ultimately, delegating more will allow you to focus on the most vital business activities and maintain a healthier work-life balance.
4. Collaborate with Other Small Businesses and Local Companies
Regardless of industry and business type, collaboration is a powerful tool for all small business owners. It is easy to fall into a routine while handling day-to-day operations and overlook more productive ways of completing certain tasks. Collaborating with others can introduce you to different techniques and new tools that will save time and money. Collaborating with other entrepreneurs with common interests can also help you make new connections and expand your network. Focusing on the connections you form with others and the ways you collaborate with them can help you grow your small business to new levels this year.
5. Increase Customer Loyalty
With so much emphasis on reaching new customers and growing your business, do not forget one of the most important factors – customer loyalty. Increasing customer loyalty brings repeat business, which translates to more opportunities via word of mouth. This year, focus on establishing a personal relationship with each individual customer; people typically remain committed to a brand they feel they have developed a genuine relationship with. You should also develop quality content that speaks to the audience you wish to reach. In addition, make sure customer service is a priority – even on social media. Your customer support team should be friendly, easy to access, quick to respond, helpful and efficient.
6. Manage Cash-Flow More Effectively
Buying equipment requires cash. Covering payroll requires cash. Increasing inventory requires cash. Adding customers and growing your business requires cash. If your business experiences drastic ebbs and flows in cash-flow, concentrating on cash-flow management this year is a great resolution. Dedicating more time to analyzing financial statements will ensure you have the information you need to make financial predictions, payoff bad debts, lower expenses and measure progress. You will not only gain a better understanding of day-to-day finances, but also determine if additional capital is required to boost cash-flow.
Keep Your New Year’s Resolutions on Track with Security Business Capital
The secret to keeping your New Year’s resolutions is to realize that resolutions are not a one-time change. Rather, they are long-term projects with measurable objectives that require consistency – there is rarely a straight path forward. Make sure the resolutions you create for your small business revolve around small changes and revisit those resolutions on a regular basis to ensure long-term success.
At Security Business Capital, our team is dedicated to helping small business owners break through obstacles and achieve their goals for business growth. Through a large variety of business factoring services, SBC provides businesses with the cash they need to operate smoothly, grow their business and seize opportunities. If you are interested in learning more about how SBC supports small businesses or how our factoring services work, get in touch with us today to schedule a consultation.