As 2022 comes to a close, many small business owners might find themselves reflecting on the many wins and challenges this past year has brought. Resolutions have become a popular means to set goals and organize as the world enters into a new year; one that will inevitably bring a different set of challenges. Challenges however, don’t have to be daunting. With some organization and a positive attitude, these things can be easily overcome.
Here are some resolutions every business owner should write on their New Year’s list.
1 – Update your business plan
Your business plan should be one of the very first things you write up as you start your business. A good and thoroughly written business plan serves as a guide that will keep you on track and organized. It reminds you of who you are and what your call-to-action is as a business. If you find yourself ready to seek out a business loan or an investor, a business plan similarly paints a picture of your business and it’s worth to those individuals potentially investing.
If you want to be successful, then a solid business plan is essential. Once your plan is written, it doesn’t mean you never have to touch it again. Business plans are meant to be revised and re-evaluated often enough to reflect your business growth. Update your plan with new financial goals, competitor research, marketing updates, and more.
2 – Refresh your marketing plan
Similar to a business plan, a marketing plan should get updated often. If you’re struggling with where to start with your marketing plan, some questions to consider are: what worked well last year? What are some things that didn’t work? Do we have room to expand the marketing budget?
After you’ve identified what made an impact versus what didn’t, you can take that insight and strategize a new marketing plan. Your plan should consist of all the things that work best for your business. Planning ahead like this will help determine your marketing budget for the new year and will hopefully get you a big return on your marketing investment.
3 – Invest in a website
Whether you have one or not, investing in a good website is crucial for establishing an online presence for your business. A well-developed website can help increase sales, grow your audience, brand recognition, and customer service.
You don’t have to sell a product or a service to have a website. Any new or existing clients or customers can find you through search engines and have a means of contacting you. You can also use your website as a way to share examples of your work and help establish your businesses personality.
4 – Automate your business
Using technology to its full potential can make your life easier not only personally, but especially for your business. Find areas of opportunity where you can automate. Technology can now help with processes like invoicing, managing inventory, customer service, sales, all faster and easier so you and your team can focus on other tasks.
5 – Reassess your customer service
Never sacrifice on customer service. Good experiences are just as memorable as the bad ones, and it’s important curate the best possible experiences so you can increase sales and traffic. Identity what customer service tactics worked and what didn’t work this past beat and create a set of goals and expectations for you and your team to ensure top service into the new year.
6 – Continue to expand your network
With all of the other things on your schedule already, networking can be a difficult task to take on. However, it’s an important element that contributes to the growth of your business as well. Try to prioritize once a week or once a month making a new connection.
Making connections can help you find new business leads, learn a new trade or valuable information, and can help create strong professional relationships with your peers. Networking can be tough, but the more you do it, the more payoff you’ll see. Make networking a part of your weekly schedule like you would any other to-do. It’s guaranteed to help.
7 – Improve your business’s focus by outsourcing
Most small business owners play a role in every part of their business, which can make recognizing a need for help difficult. When the time come for you to outsource for help, think about areas or tasks you need help with the most. Can what you’re struggling with right now be alleviated with the help of an assistant? This is something to consider as you think about looking outside the business for help.
Being present for your brand is one of the most important things a business owner can do, so investing in help or digital tools that help relieve stressors is essential.
8 – Create realistic organizational goals for your business
There’s nothing wrong with being ambitious, but it’s more helpful to set realistic goals for yourself and for your business. The new year is an exciting time filled with lots of changes and high energy that can be easy to get caught up in. The trick to get a sustainable organizational process is to be realistic.
Take a hard look at what worked and what didn’t work for you and your team this past year and use those answers as your key to to updating your process for 2023.
9 – Cultivate good work-place culture
If your small business relies on the help of a team, then prioritizing team building and good company culture is a must. Employees need to feel inspired and engaged by their workplace in order to be productive. Cultivating a company culture that makes their employees feel respected, appreciated, and valued is a wonderful way to increase employee engagement and create loyalty.
Ask your staff what they were satisfied with versus what they weren’t satisfied with and work on developing a company culture that reflects the needs of your staff.
10 – Don’t let burnout get the best of you
Just as easy as it is to get swept up in the excitement of a new year, it’s also easy to get burnout from juggling too much. Burnout is detrimental to the health of your business and your personal life. Understanding what your boundaries are, knowing when to take a break, and learning to ask for help are all great ways of avoiding burnout. Create your plan now. Both you and your team will thank you in the long run.
Make 2023 the year for your business
What resolutions have you set for your business this year? If you need some help getting started growing your business or taking it to the next level, we can help! Contact us to determine the right plan for you.