10 essential New Year’s resolutions for your business
The beginning of a new year is a time when many small-business owners changes — some big, some small — that they hope will make them leaner, more productive and more profitable. Here are 10 growth-related New Year resolutions to consider for your business.
1 Maintain healthy cashflow
Effective cashflow management begins with minimising cost. Only buy what you need and bargain hard with suppliers. Aim to maximise your margins and sales. Get your invoices out promptly and chase when due. Request deposits on order or cash on delivery for high-value sales and consider discounts for early payment. Get into the cashflow forecasting habit. It can help you identify potential cashflow crises in advance — and act to avoid them.
Read advice about cashflow management.
2 Stop doing things that don't work
Often in business, as in life, some things don't succeed — whether it's a product that isn't selling well, or a way of doing something that doesn't have the desired effect. Sometimes it's better to accept defeat and find a better way. It's a new year, so ‘out with the old and in with the new'.
Find out how to increase profitability.
3 Strengthen your brand
Successful businesses are built upon strong brands. Does yours need improving, or maybe even a total overhaul? And we're not just talking about your logo, website, leaflets and stationery. 'Brand' means the entire customer experience, including how you answer the phone or communicate via email. Your brand is your personality; it's what you stand for. How can you take it to new heights?
Learn how to create a strong brand.
4 Win new customers (and hang on to your old ones)
Inevitably you will lose customers, often through no fault of your own. So even if you just want to remain where you are now, you must win new customers, and that requires investing time, effort and usually money. But you also need to stay close to your existing customers and keep them happy if they are going to stay with you. Where possible, find ways to sell more to your existing customers.
Find out how to build customer loyalty.
5 Do something new
Often in business, the solution is evolution. Stay exactly the same, and you'll struggle to survive. Trying something new can prove shrewd, perhaps by developing or introducing a new product or service, which could enable you to outflank your competitors. You might try to target a new market or diversify within an existing territory.
Get advice on new product development.
6 Harness the power of online social media
If you haven't done so already, why not make 2012 the year your business finally embraces the marketing potential of Facebook, Twitter, LinkedIn, and so on? It takes time to build relationships and reputation, but such sites can deliver many more visitors to your website and drive sales.
Learn how to make the most out of online social media.
7 Revisit your business plan
Not updated your business plan in a while? Haven't even read it in ages? Tut, tut. A well-produced, regularly updated business plan can keep you focused on your development strategy and key business goals. And while you're at it, why not revamp your marketing plan?
Get advice about writing business plans.
8 Work more on your business — and less in it
Allowing yourself to get bogged down in the daily demands of running your business is a common mistake, but it can mean your business fails to develop — at least in the way you want it to. Try to make regular time when you can step back from the daily grind to focus on the bigger picture.
Find out how other businesses plan to achieve growth.
9 Be more agile
It's no good spotting opportunities in your market if you cannot or do not move to capitalise on them. Agility is the key. It allows you to go after new opportunities by acting swiftly and decisively.
Read tips on how to sell.
10 Up your game
If your business is to hit new heights in 2012, much will depend on you, so here are a few personal resolutions. Enhance your knowledge. Delegate and outsource more (if you can afford it). Do more networking. Become better at managing time, people and money. Celebrate your successes. Seek advice more readily. Become a better communicator. Work smarter, not longer. Set new personal goals. Enjoy your work more.
Need advice on balancing business and family responsibilities?
