Marketlend Academy: Small Business New Year Resolutions
A new year, a fresh start!
As you think about New Year resolutions in your personal life, consider also what new goals you can also apply to your business in 2019. New Year resolutions can include reevaluating goals to make sure that you are growing and staying on track. They can also include getting important logistical tasks out of the way for the year so that you can focus on what’s most important for the rest of the year.
What are your small business New Year resolutions in 2019? Here are a few suggestions:
- Take a fresh look at your business plan
You think you know where you want your business to go, and you’re already on the way there. But now that you’re back in the office from the holidays, it never hurts to take another look at your business plan with a fresh set of eyes. It’s okay to change goals slightly from year to year depending on the progress you’ve made last year, or based on changes in the market. Make sure your business plan is always in tune with your customers and with the market.
- Decide on new goals and how to accomplish them
Once you’re sure your business plan is exactly what you want, then evaluate your progress in 2018 and develop your goals for 2019. Think about what kind of business you want to have by January 2020, and ask yourself what you need to do to get there. This may involve things like hiring new staff, upgrading your office space, or investing in more advertising or marketing. Figure out the specifics of what needs to be done, and how you will go about it.
- Work out a 2019 budget
This one goes hand in hand with number two. Once you know what you need to do, calculate how much money you’ll need in order to achieve it, and plan for where those funds will come from. Don’t get your hands dirty before you have a budget, or you risk overspending and ending up with a deficit. Make sure you have the money to tackle all your goals, whether it will come from personal funds, the profit from your business, loans, or from outside investors. If you need more funds, then plan for how you’ll acquire them. Marketlend is on hand to help you acquire financing by connecting you with the right investors.
- Update the online side of your business
These days you can’t run a business without having the right presence online. Brick and mortar sales are still important, but making sure customers recognise you and can find you online is a must. As 2019 begins, it’s a good time to check your Google analytics to make sure you’re attracting enough web traffic, and that this traffic is translating into sales. Look at how your online customers behave in order to see if you need to change the way you target them. Also check if your website is properly optimised for search engines, and that you’re well-positioned on the major social media sites. If you already have an online brand growth plan, then revisit it and make sure you’re on track to where you want to go.
- Evaluate how you use resources and energy
Have you ever thought about how you use your office space, or how much energy your business consumes? At the start of the year, it’s a good idea to check that no space or supplies are being wasted, and review how much power you’re using. This can include things like moving to a more space-efficient office, reducing supplies that you’re not using, changing your electricity provider, or even looking into using alternative energy sources. Reevaluating what you consume and how you consume it can translate into major savings, which equals money you can put right back into your business.
Once the year starts in earnest, day-to-day business needs often take precedence and its hard to carve out time for any planning or business self-reflection. With the start-of-year seasonal lull many businesses experience, its perfect time to take a step back and map out the year ahead.