New Year Resolutions for your Business
It may be common practice to come up with a list of resolutions for yourself each year, but this year consider creating a thoughtful list of new year resolutions for your business, too.
To put it lightly, 2020 has been challenging for most small businesses. For many, the traditional rollercoaster of the business world had more downs than ups as we dealt with a global pandemic that led to lockdowns, a nationwide coin shortage, and economic turmoil.
As we knock on the door of a new year, you may wonder what you can do not only to help your business recover after 2020’s economic toll but also to help your business thrive in the new year. It may be common practice to come up with a list of resolutions for yourself each year, but this year consider creating a thoughtful list of new year resolutions for your business, too.
Here are a few ideas to resolve for your business in the year we all hope will bring resolution, recovery, and a return to normalcy: 2021.
1. Focus on the financials. Adhere to a budget to ensure you are using your business revenue wisely. If you rack up unnecessary business expenses, eliminate the costly ventures that are not bringing your business success. Every single investment made for your business should have a reward that justifies the expense by recuperating the cost and bringing in additional profits. Review operating costs regularly and make sure to shop prices for insurance policies, vendor prices, and even banking fees and carrier rates. Saving money now means more that you can invest more in your company later.
2. Expand your business. The start of a new year is a great time to introduce new products or services to reach new customers or increase business with existing customers. If you are not ready to offer anything new, consider rebranding a current product or service, bundling items for a different marketing tactic, or simply changing the name of an existing item to bring it new life in the new year.
3. Give back to the community that supports you. Charitable giving does not have to be about donating money. You can donate time or other resources to serve your community. Not only does giving back help others, but it can benefit your company with tax benefits, and raise awareness of your business.
4. Improve your workspace. If there are areas of your business that could stand to be improved, invest in them. For instance, upgrading aging equipment or replacing equipment that is constantly in need of costly repairs will inevitably improve the quality of work, increase efficiency, and boost morale throughout your business. When creating your budget for the new year, be sure to build in the funds needed to make an upgrade or two, and rest assured that a small investment in improving your workspace will improve your business inside and out.
No matter what type of business you run and how this past year impacted it, trust that with a few healthy financial habits and the resolve to grow, you will set yourself up for long-term success that even a pandemic cannot destroy.