Business New Year’s Resolutions

New Year’s resolutions are not just for our personal lives. If we make them for our businesses, having thought carefully about what went right and what went wrong over the last year, they can help improve profitability and drive success in the future. Here are just a few suggestions that you may want to consider.

Start Planning Regularly

Too many entrepreneurs and small business owners treat planning as either an optional add-on or, at best, something to be done at the start of every year and only irregularly reviewed after that point. Break this habit in the New Year. Ensure that you book a regular slot in your calendar each and every week to review your goals, financial metrics and strategy. Not only that, but also use this time to reflect on what has been going well and what could be improved. Any successful enterprise must avoid standing still in order to thrive, and effective planning is a key part of business innovation.

Promote Your Business

Do not let urgent tasks crowd out the need to promote your business and grow your customer base. A broad and deep base of customers provides any company with a strong foundation for growth, whilst businesses which neglect effective outreach soon find their profitability falling, however effective the service or products that they provide. Resolve to dedicate a significant chunk of your time to promoting your business, having developed a comprehensive marketing strategy. Remember that promotions can also be aimed at occasional customers, as well as those who have never used your services. If your marketing strategy retains repeat customers whilst adding to their ranks continually, you will be well on the way to business success.

Invest In Your Employees

Another way to ensure repeat custom is to make a meaningful investment in your employees. Resolve that this year you will only hire the best staff, and will make sure that their training and development is completely up to date. Treat them with respect, consult them on the future of the business, and decide that their terms and conditions will be the very best in the marketplace. You will be astonished at what a difference motivated and highly competent employees can make to your business, both internally and externally. Cutting costs here, on the other hand, can have a disastrous effect on the medium to long term prospects of your business.

Learn How to Delegate

Many entrepreneurs find delegation to be extremely difficult. By definition, they are often highly motivated self-starters, and have an emotional attachment to the success of their business. Resolve to give away some control over day-to-day matters in the coming year, particularly if you have also resolved to invest in your employees. If you can trust your staff to make the right decisions, you can give up some of the less important tasks in your business to really focus on planning and promotion. If you fulfil all of these resolutions, your 2013 will be a guaranteed business success!

We can offer you financial solutions to help keep your cashflow healthy. Request a quote now to find out how much invoice finance can save you.


Back to top