5 New Year Resolutions for Small Businesses

5 New Year Resolutions for Small Businesses

At the start of each year, most individuals make new year resolutions to help them achieve  better things within the year. Companies also do that, but there’s a few things which they might undermine. That’s the reason we pulled up 5 new year resolutions small businesses should make this year, or include in their new year resolution lists in case they already made them.

1. Always be Up to Date

The world changes day by day especially with the increasing growth rate of technological approaches. It’s therefore necessary that small businesses stay up to date in their line of businesses as well as other related fields. This will help them to make smarter decisions especially when it involves cost, and competition. It’s necessary to know what’s new/ what’s trending. That’s how you’ll be able to reach many more people as well as win more clients.

2.  Small Businesses Should be Mobile friendly

People spend more time on their phones these days than they did two years ago. Which means, the methods which would have been more effective a few years ago, might not be as effective today. Therefore, incorporating mobile applications into your business will help you achieve more than you will without them. Why not create a mobile application which will help you deliver your services to clients in a less than costly manner (Check makonjo media for digital services). Being visible, and available online is a great marketing tool for small businesses.

3. Hire an Accountant to Keep Records

No matter how small your business is, or how small your profits are, it’s necessary to track all your income and expenses. Hire an accountant who will be in charge of that. There’s always the temptation of wanting to do everything, especially when the finances are not there. However, if you don’t track your cash flow, it will be difficult to have a full record of what you’re doing. A lot of money is lost this way because it is not possible to track every transaction made. Some details may be skipped out resulting in unbalanced books. Hire an accountant this year to keep a record of your transactions and note where money is lost and what can be done to avoid it.

4. Network

Meet new people, talk about your business to them, try to strike deals. That’s all what networking is about. When you meet people they can be able to recommend you to their friends who might be interested in what you’re into. You can achieve this by attending events, seminars parties etc. Burying your head on work 24/7 is good, but will not get you to the people you need. You also need investors don’t you?

5. Plough Back your Profits

As a small business owner, do not rely on your profits for your daily needs. All your profits need to be ploughed back into the business. Otherwise, you’ll find yourself always looking for capital to start afresh.

 

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