New Year’s Resolutions For Your Small Business
Tis the season to start thinking about making some small business resolutions
Did you make any new years resolutions for your business? For those of us who have, you may find it surprising to know that those who make explicit resolutions are ten times more likely to attain their goals than those who do not (according to JC Norcross).
It’s never too late to set your business resolutions for the coming year. On a day-to-day basis, business owners can be faced with unique challenges when it comes to growth. Putting a plan in place can help to make this transition easier and less stressful.
The following three New Year’s resolutions for small businesses are borrowed from Emilia DiMenco, President and CEO of Women’s Business Development Center (read the full article here).
Small business resolutions #1: Decide how to grow.
Figuring out a business growth strategy is a personal decision. It can be achieved organically, or you can employ a totally new strategy such as diversifying your product line or services, targeting new markets, acquiring or merging with another company or expanding your digital marketing footprint. Know which opportunities are right for your type of business and how much money, time and resources you're willing to invest.
Small business resolutions #2: Make sure your company is loan-ready.
To grow, you'll likely need financing. While banks typically offer the lowest interest rates, they're often hesitant to lend to small businesses. If you've depleted personal savings and the charitable nature of family and friends, consider alternative financing from a community-based organization to hold you over until you can qualify for a bank loan. In the meantime, develop a relationship with a banker, improve your credit score, update your business plan, and have a firm handle on your financial situation.
Small business resolutions #3: Update your technology.
Employing the right technology will help you increase business efficiency and give you a competitive edge. Common areas of improvement are accounting and financing, order taking, database management, communications and human resources management. Make your decision based on need and goals, not desire, and be sure to get the right support and training. Developing a solid IT infrastructure capable of growing with you is essential and a cost savings in the end.
Did you make any small business resolutions to ring in 2015?
Image courtesy of FreeDigitalPhotos.net and Stuart Miles