It’s almost time to ring in 2019 and for many that means committing to a few New Year’s resolutions. For small business owners this also offers the potential for a fresh start and outlook for your business. Many small businesses experience a slow down after the holidays. To fill this time your focus should shift toward upgrading your business.
Update Your Business Plan
“Entrepreneur.com recommends that you do a thorough update to your business plan at least once annually. This big update to your plan should include a review of your value proposition; a look at new market segmentations; and a look at the larger potential market for whom your products or services could provide a solution.” – Brown & Charbonneau
The holidays are a great time to take an in depth look at your business plan. Delving into your processes, marketing plan and general operating procedures can give you insights on saving money and increasing profits and productivity.
Invest In New Technology
“Businesses that didn't pay heed to the internet at the start of the 21st century had a hard time keeping up with the competition. The same holds true today when it comes to technology. Whether you're part of a startup or an established small business, you should always be on the lookout for the next big innovation -- not just to stay in the game but to build the next billion-dollar business.” – Forbes
Keeping up with the latest technology has become a requirement in nearly every industry. Small businesses that embrace technology stand to increase productivity and efficiency. Items such as POS systems, inventory management software and accounting software can help to smooth out processes and make for more accurate bookkeeping.
Increase Community Involvement
“Consumers are more likely to frequent your business if they know who you are, and community involvement can add an extra layer of trust to that brand awareness.” – NFIB
Getting involved with your local community not only makes you feel good, it can provide many benefits as well. Building brand awareness and improving your reputation are just a couple of the offshoots of being more involved. Networking and business opportunities will also become more abundant as you become more involved.
Develop Your Online Presence
“Building an online presence isn’t just beneficial to growing a small business—it’s absolutely essential. By creating a blog, maintaining your site, and becoming active in social media, you’ll be more accessible to a wider audience.” – All Business
Your ability to be found online will have a direct influence on your success as a small business. The large majority of consumers turn to an online search when making purchase decisions. Having a strong social media presence, an updated website and a clear plan will ensure your online efforts have a positive impact.
Take Care Of Yourself
“Putting in long hours, feeling isolated, worrying about cash-flow and all that decision making can come with a sense of great responsibility. On top of that, there can be external factors outside your control that influence your business or the demands on your time too. That’s why it’s important to be proactive about looking after your mental health. Taking care of yourself can help you to face the inevitable stressors and keep well while running your business.” – Heads Up
Owning a small business can be extremely rewarding, but also stressful. Making sure you take time out to relax and recharge will ensure you are running your business to the best of your capabilities. Conversely, not taking care of yourself can negatively impact your outlook, attitude as well as the morale of your staff.
Click Below For More Ways To Improve Your Small Business
