A new year comes with new opportunities and unending possibilities for people both personally and professionally. For small businesses, New Years offers an opportunity to reflect on the strengths and weaknesses of the business. This reflection helps in coming up with new year resolutions which are important in strengthening the business and measuring the business’s performance at the end of the year. By evaluating the shortcomings of the previous years, a small business will be able to plan appropriately and stir business growth in the coming year. When coming up with New Year’s Resolutions, small business owners should consider the following;
One of the main factors hindering growth for small businesses is poor delegation. For most small business owners, the to-do list is long and at some point, it becomes hard to complete the all the planned tasks before the end of the day. Lack of delegation affects your productivity as the business owner and at the same time inhibits your employees from developing their skills. Delegation is a process that starts with a desire to offload some daily task to employees in order to concentrate on business growth. For effective delegation of tasks, one of the New Year’s Resolutions for small business owners should be to focus on communication and training to enhance skills transfer. Delegation is a powerful empowerment tool that every small business owner should know how to use in 2018.
According to a top US bank, 82 percent of small business fails, as a result, poor cash flow. Consequently, one of the New Year’s resolutions for small businesses should be to maintain a steady cash flow for the business. There are many ways of enhancing cash flow in a business including proper planning and budgeting and focusing on products and services that are fast moving. Try finding a financial advisor you trust to help you get the year off on the right foot.
The digital revolution is one of the external factors affection small businesses across the globe. Over the years ICT has evolved from an economic enabler for small businesses to an economic facilitator. Consequently, any small business looking to make a mark in today’s market should have strong digital footprints. For small business owners, another New Year’s Resolutions should be to ensure that the business is visible on all online platforms including Facebook, Twitter, Instagram, YouTube, and Google plus among many others. In addition, your business in 2018 should have a decent website that is optimized for the target customers. If your business is in sales and distribution, you should try E-commerce sites like Amazon and eBay. Still, on the digital presence, you should ensure that you have the best software and hardware tools to facilitate operation in your business. Also, ensure that your staff is properly trained so that they can properly represent your business online. If you don’t feel you can properly facilitate these services in-house, look into hiring an outside company to do this for you professionally.
One of the New Year resolutions that all small business should have is learning something new at least every week or month. This helps in enhancing innovation and promotes business operation efficiency. Small business owners should also ensure that the culture of learning something new is encouraged and passed on to all employees.
As the New Year starts, small business should evaluate their failures and successes in the previous years. The above four-points can be very important in setting the goals for the New Year.
If you are a small business owner who is planning for retirement and is in need of insurance of any kind, Mercado Insurance Services is available to help you with all of your insurance needs. Whether you are looking for personal, small business, or family insurance, we have the right plan for you. Give us a call today and let us help you find the perfect insurance plan to meet all of your needs.