10 New Year's Resolutions For Small Businesses

Posted by Karen Erdelac on Jan 10, 2023

10 New Year's Resolutions For Small BusinessesWe all make new year's resolutions, but if you are a small business owner, your resolutions are likely to focus on growing your business, achieving revenue growth, attracting top talent, instilling a healthy culture, and delighting your customers.

How can you accomplish all that? Here are 10 business resolutions you may want to consider for a successful 2023.

  1. Build a strong digital footprint  – Aside from having a website, make sure you are building out a solid content marketing strategy that will help you create valuable content pieces that will drive engagement as well as sales. Read the Better Business Bureau's (BBB) tips on improving your website.  

  2. Promote your business consistently  – Rather than waiting for the holidays to push larger promotions, find ways that you can creatively promote your business throughout the year. This ensures that you stay top of mind for your target customers. In fact62% of consumers share online deals with friends, exposing your brand to a broader audience. 

  3. Personalize the buyer journey –71% of consumers feel frustrated when a shopping experience is impersonal. Therefore, personalize the buyer journey by offering products/services based on your customers' purchase behavior along with complementary items they can consider as well. 

  4. Embrace an effective technology stack – From social media to email marketing, know that every single piece of technology you use to communicate with your customers must effectively impact your business goals. More specifically, here are five tips your business can start using today.  

  5. Reduce costs – Save money wherever you can without compromising quality. According to the US Bureau of Labor Statistics, roughly one-third of small businesses fail because the owner runs out of moneyReducing cost doesn't mean that you focus merely on just overhead. There are various ways you can go about cutting back spending while also pushing for growth. Here's how small businesses can cut costs without sacrificing growth. 

  6. Build a positive workplace culture – From the quality of the people you hire to the loyalty of your consumers, corporate culture is critical to practically every facet of your business's long-term success. In fact, according to a study by Duke University, more than 94% of executives stated that distinct business culture is important to business success

  7. Promote customer reviews - Reputation can mean everything, especially for a small business owner trying to attract and retain customers. Approximately 81% of consumers say that they must trust a brand before buying a product or service. You want to tell customers that your business is trustworthy, ethical, and transparent – and what better way to illustrate that story than through online customer reviews. Check out Power of Customer Reviews on Small Businesses to see how BBB tries to ensure accuracy and transparency with its review program. 

  8. Be honest and transparent - Operating with transparency builds relationships that turn curious browsers into buyers and buyers into raving fans. Approximately 85% of Americans report that they would stand by a business during a brand crisis if the company had a transparent history. Always be transparent, from admitting missteps and correcting them to inviting your customers to engage with you online and through social media. Authentic interaction with your clients goes a long way to building customer trust. 

  9. Work for the greater good - By understanding what is most important to your customers, you can leverage their values within your company collateral, which can further illustrate that you're not just a "for-profit" company, but you care about your community. In other words, you are a purpose-driven company pushing for a larger impact than just making a sale. According to a Cone/Porter Novelli study, 66% of consumers are willing to switch from their regular product to a new one from a purpose-driven company. Share moments on social media, and don't be shy to show how your brand is committed to helping make a differenceRead ways your business can impact the community

  10. Establish trust - The best method to increase client loyalty and assure your company's success is to build a company based on trust and integrity. Giving your business a step up over the competition is always something to work for, and aiming for BBB Accreditation is a valuable way to do this. Accreditation requires the utmost trustworthiness, customer respect, and integrity, which can help your business stand out. See the BBB Advantage.

Trust and transparency matter more now than ever before. In a market saturated with companies competing for customers, BBB Accreditation gives consumers confidence that they are dealing with an ethical business.

Since 1912, BBB has been supporting businesses and consumers in its mission of advancing marketplace trust. Today more than 400,000 Accredited Businesses across North America support that mission. The need for trust has never been greater. Consider adding the BBB seal next to your company's good name and joining a community of trustworthy businesses.

Quikstone Capital Solutions is proud to have an A+ rating by the Better Business Bureau.

Since 2005, Quikstone Capital has provided thousands of merchants with easy, fast, and flexible working capital for all their business needs. 

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