5 Ideal New Year’s Resolutions for Small Business Success

January 6, 2020 Staples Business Advantage

The beginning of a new year is a perfect time to look back on what worked or didn’t go well with your business over the past year. Growing and maintaining a vibrant, profitable organization calls for reflection and a determination to drive and adjust to change. Take on the new year with these tips for your business and personal life.

1. Delegate More

Delegation is essential to maintaining a healthy work-life balance. Thorough training and open communication can equip employees with the knowledge and power to handle some of your responsibilities. People often rise up to what is expected of them. Outline goals and deadlines clearly and dedicate more of your time to work on high-level tasks.

2. Keep Wooing Current Customers

An existing customer base could be a huge catalyst for sales growth. Ongoing relationships with clients can generate consistent revenue in the thousands or even millions over time. Resolve to appreciate and listen to current patrons, always looking for ways to meet their needs and surpass their expectations.

3. Get a Tighter Grip on Cash Flow

Over 60% of small businesses worldwide have serious cash flow concerns, and about 40% of Canadian small companies miss out on significant revenue-generating opportunities because of insufficient cash flow. Since profits often don’t equate to available funds, it’s important to know how much working capital will keep your business going. Make projections, and automate receivables and payables with a software program.

4. Charge What You’re Worth

If you feel that you deserve more for your product or service, now may be the time to raise your prices to reflect the value you provide. Author Dorie Clark wrote in the Harvard Business Review: “Charging a fair price … allows you to create long-term value.” This may cost you some business, but there are many clients out there who are willing and able to pay what you want for top-quality solutions to their needs.

5. Learn a New Skill

Pick up a new skill this year, whether or not it is related to your business or industry. This is an important investment in yourself that will yield returns of greater personal fulfillment and broadened perspective in your business life. You may also meet and cultivate relationships with new people who may turn into friends, clients, potential employees or vendors.

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