4 New Year’s Resolutions for Small Businesses

Posted May 9, 2023

It’s a brand-new year, and a new chance at growth for your business. Here are four New Year’s resolutions for your business. 

1. Update your business plan. If you’ve established your company the right way, you’ll have drafted a business plan when you first launched your business. Take some time now before the new year starts to review and update your plan. Have you dropped any of your former business goals, or adopted any new ones? Are you actively looking for investors to grow your business? Do you plan to take out a business loan this year, or seek out a partner? Include all of this, and any other notable changes, in your new business plan.


2. Rewrite your marketing strategy. Use this opportunity to review and refresh your marketing strategy. Is the plan you followed last year still working for your business? Do you need to overhaul your entire strategy and start from scratch, or maybe just make a few changes? Read up on the latest trends in marketing, reach out to consultants if necessary, and get your marketing plan ready for the coming year.


3. Look for ways to increase automation. Harnessing technology effectively can decrease your operating costs and radically improve your bottom line. Look for software to automate business processes like invoicing, managing inventory, customer service, payroll, and more. You’ll need to make an initial investment for the software, but if all goes well, the savings you incur from automating these processes will be more than worth the cost. 


4. Prioritize your company culture. Building and maintaining a positive company culture is crucial for optimal productivity and employee retention. Spend some time at year’s end to review your current company culture and find ways to improve and strengthen it throughout your organization. Is your company culture obvious to all employees? Does it properly reflect your business values and overall business goals? Are your employees happily engaged within your company culture? Start the year off right with a revamped company culture that will put your business on the path to increased productivity and growth.

Categories: BusinessFinance