Chamber Chat - Business New Year’s Resolutions

Jan 07

By Meg Moss
 

New Year’s Resolutions. Lose weight, stop smoking, spend more time with family, and enjoy life to the fullest. All great personal New Year’s resolutions. But you can also create impactful resolutions for your small business. A resolution is, after all, simply a firm decision to do or not to do something. Now is a great time to make those decisions and Do. Something. Here are a few examples I’ve gleaned from various online sources.
 

Thebalance.com suggests that a good new year’s resolution is to learn to manage your cash flow more effectively. This is a great resolution for small business owners who have drastic ebbs and flows in their cash flow, or have been unable to create enough capital to invest back into the business. Thebalance.com also suggests resolving to take steps to improve your company’s digital presence, and to “get social”. Start by exploring which social platform is the best for your business. Hire a social media specialist if need be, and if you don’t know where to find one, call the Chamber of Commerce office, we’ve got options for you.
 

Another resolution for your business is to charge what you are worth. Too often small business owners are afraid potential customers will think their product or service is too expensive, so they underprice themselves. Do your research on your product or service, be confident about it, move prices up incrementally if needed, but have a concrete plan in place to do so.
 

The Entrepreneur website tells small business owners to resolve to delegate. But how do you allow what feels like a loss of control (delegation) turn into freedom? Communicate and train. If you clearly communicate both your objectives and timelines, and then train appropriately, you’ll have the ability to step away from one project, and move on to others. While it does take time upfront, it will allow you to the freedom to delegate tasks in the long run.
 

It’s easy to get stuck in the day-to-day operations of your small business. Getting pulled this way and that. Answering emails and phone calls. Who has time for strategizing and business plans? But without a plan, how do you know where you are going, or how to get there? Resolve to take time each week to strategize and plan. Not just each quarter or twice a year. That’s right, just a few minutes each week to step back and look at your goals can go a long way.
 

After you’ve truly strategized and taken a real look at what is working and what isn’t, drop what isn’t. Entrepreneur online says “don’t invest a lot of energy into trying to make the unworkable workable. Move on.”
 

My number one suggestion for a New Year’s resolution for your business is to promote your business regularly and consistently. There are a myriad of ways to do this. Use social media, write a blog, give away freebies, cross promote with another business or two, or utilize press releases. The catch for press releases is that your release has to actually contain something newsworthy. Maybe you’ve expanded, added a new product line, you’re sponsoring a charity event, or maybe you’ve won an award in your industry. And last by not least, my favorite way to promote your business is to get involved in the Chamber of Commerce. We host multiple networking events each month, putting you in front of many potential customers, referral sources and business partners.
 

My wish for you is a prosperous 2018. So take time this week to develop some resolutions for your business, and for you professionally. Write them down, and check back in with those resolutions periodically to see how you are doing at sticking to them. A resolution, remember, is simply a firm decision to do or not to do something.

 



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