New Year’s Resolutions for Small Business Owners

  • December 31, 2019
  • By Sarah Solomon

The New Year symbolizes a fresh start.  With the conclusion of the year, your business can see what goals you have met, and which ones you have yet to attain.  How can you run a more successful and more profitable business than the year before? This new year provides new opportunities.  

The first step toward realizing our goals is to set them. Start your year off right.  Below are a few resolutions that can help your small business thrive in the new year. 

Make a Plan 

It is very important to have a business plan in place. This plan identifies your business goals, main objectives, and helps delegate tasks to your employees. In other words, your business plan is your foundation.  In general, business owners tend to benefit from having a formal, written plan. If you already have one, take this time to review it and consider a few updates that reflect your business’s goals. If you don’t have one, it’s time to put one together. 

Writing a business plan helps business owners prioritize time and money.  It also helps identify future challenges or current risks so that you can better battle or avoid them.  Most importantly, a business plan can also be a catalyst in helping you obtain business financing. Many lenders require a formal business plan to see what the money will be used for. 

Beat Your Competition 

Scouting out the competition allows firms to see where they stand.  Are you at the top of your industry, or the bottom? How can you change this?  Taking time to research and understand your competitors’ methods is essential. See what works for them and why they are successful. Adjust your own methods depending on what you find.  Researching competitors can help your business identify potential customers and new strategies.  

Manage Cash Flow 

Small Businesses should always maintain a healthy cash flow.  It is important to have access to cash when you need it, especially regarding investments for your business. Spend some time in the new year preparing a cash flow projection.  Look for ways to reduce expenses and increase your revenues. Is it time to find a new/cheaper supplier? Are certain months more profitable than others? Should you be increasing your prices?  Once you’ve created a cash flow projection, you should find the answers to these questions. Most importantly, you will have an overall picture of your company’s financial health. 

REIL Advice 

New Year’s resolutions can seem daunting at first.  However, over time you will find your efforts to be worth it.  There is nothing better than reaping the rewards of your hard work and adjustments.  Allow you and your business to thrive. Speak with one of our REIL representatives today for help regarding your small business! 

 

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