At the start of the year, many small business owners make a list of resolutions to help them run a more successful and more profitable business in the course of the year ahead. Whether it is to reduce the costs, develop market share, cash flow improvement or to get even more organized, a New Year presents you the chance to start with a clean sheet.
As we all understand that the primary step toward realizing our objectives is to set them, the New Year provides the perfect opportunity to evaluate your business’ objectives and set new ones. Here are a few great resolutions that may help small businesses flourish in current competitive setting.
- Plan In Advance
The number one step in the direction of ramping up your business in 2018 is putting a business plan in place. We know from experience and research that in general, business owners benefit from having a appropriate, written plan. In case you have one already, now is the time to perform a short review and consider updates to mirror your current business requirements and objectives. And if you don’t have one, set some time apart to put one together.
Writing a business plan can assist business owners prioritize how to spend their time and money and set measurable objectives. It can also help pick out current or future barriers so you can better expect and keep away from potential risks. A marketing strategy additionally can also help you get business funding. For instance, for an Small Business Administration loan and for some larger business loans and lines of credit, lenders may also need a proper business planning before getting capital.
- Jump Start Competition
Every small business owner wants help improve their situation over their competition. Researching and understanding your competition will not only help you to better understand the market and your major competition; but will also help you to discover and outline potential customers and possibly target your next advertising campaign.
Comparing your business competitors can be used as a part of the business planning process. There are many resources available that are free, Competitive Intelligence Tool that Wells Fargo now presents as part of its comprehensive Business Plan Center to offer business owners with key awareness on the competition and the marketplace for their business.
- Reconsider Payment Options
Now is the perfect time to evaluate all of the payment options you offer to your customers and determine whether these need to be updated, including whether to move to chip card/EMV acceptance for credit card payments. Accepting credit and debit cards embedded with chips is one important step to reduce the risk of fraud, strengthen security and get more payment methods. Taking the modern payment options such as mobile payments, can help increase your overall business sales by means of offering your customers with more convenience and better payment options.
- Manage Your Cash Flow
Even businesses with healthy growth and strong sales run the risk of owing more than they can pay in a given month. Fortuitously, spending some time preparing a cash flow projection will let you identify potential cash shortfalls in 2018. You also need to create a rolling 12-month plan to keep your business projections on the right track.
To keep your business projections on the right track, create a rolling 12-month plan that you can update every month. Search for methods to minimize expenses and increase sales. After you’ve gotten into the routine of using a cash flow projection, it should come up with additional control over your cash flow and a clearer image of your business’ financial health.