As we are about to enter 2017, this is the ideal time to consider the areas of success and also the areas wherein the expected outcomes were not achieved in 2016. In 2017, it’s the ideal time to make some positive changes in your small business. The New Year is a great time to start some aspirational objectives for your small business. But the improvement process is not a single-day undertaking.
Here are some new year’s resolutions that every small business owner needs to make now to get their 2017 off to a quick start:
- Set Realistic Goals
Goal setting is a helpful practice – if the goal you set leads to success rather than producing stress. Before setting any goal, you need to understand that the goal is attainable, rather than setting an unrealistic goal that is out of reach.
- Learn About Cash Flow Management
Cash flow management is a remarkable thing for small business owners who have extreme fluctuations in their cash flow, have been unable to create enough working capital to make investments back into the business, or individuals who don’t understand the day-to-day business financing.
- Improve Your Digital Presence
If your business website is outdated and has not been updated for the last two years and you haven’t done anything to make your business web presence mobile-friendly. It is the time to add this resolution into your list to improve its digital presence.
- Refresh Your Social Media and Marketing Strategies
The social media at present is emerging at a quick tempo, as a result, there’s a huge possibility that you may have missed out on at least a couple of new social media platforms that you could be using to promote your small business. It is time for you to take a review of the social media and determine what channel and social media strategy is working for your business and what is not.
- Have A Solid Growth Plan
Growth and development is always good for any small business, however practical growth is better. Don’t focus on random figures. Evaluate your existing growth line and use it as a basic standard or level for future objectives. This approach will additionally provide you with an opportunity to think about your workforce and their ability to deal with your objectives. You need to consider what type of resources they will require to achieve those objectives, and whether hiring more workers is important.
- Fire The Workers That Do Not Increase Profit
Don’t hold onto the workers that are ill-fit, bad performers or just don’t add to the bottom line. You need to check out that if that bad performer went on a month long break, would your business suffer? If that is the case, you don’t need to hold onto that type of bad performers. Get over the distress and fire them in 2017.
- Learn Something New And Productive
What you actually want to learn can be related or unrelated to your business, but it will help you in your business. Learning something new is a personal development and it will add to your skills. Learning something new is an important part of business success.
- Check Businesses Financial Statements Every Month
There are many small business owners that are checking their financial statements, but don’t understand what they are and how they can help in improving your business. Now is the time for you to learn about the P&L statements, balance sheets and cash flow statements and what they actually mean to your business and use them as a guide for future business actions.
By following these resolutions in 2017, you are sure to be successful. All you need to do is to make some goals for 2017 and revisit them throughout the year. What else are you planning for your small business in 2017? We would love to hear from you!