7 financial resolutions to improve your business

Small Business Advice 10 January 2018

Much like personal New Year’s resolutions, the most effective business goals are realistic, clearly defined and measurable. Simply telling yourself you want to improve things isn’t enough.

By taking a more strategic approach to your new year business plans, you stand more chance of realising them and ending the year on a high. Here are seven tips to get you started.

  1. If it’s broken, fix it

Before you begin, sit back and look at the big picture. Ask yourself: what has worked for you and what hasn’t? Perhaps you invested in a system to streamline your service or staff productivity and it’s just not working. The time is right to fix it.

Is this due to lack of training, or is the product a complete mismatch when it comes to your team and how you run the business? Knowing these things will help shape the rest of your strategy and could prevent you from sticking with something that’s been holding you and your figures back.

  1. Improve your digital presence

So, you have a website that’s user-friendly and a blog you update regularly, but you still seem to be falling short. What’s wrong? Well, sometimes investing in a little advertising is a savvy move. It doesn’t have to cost much.

Whether it’s PPC or some cleverly targeted Facebook ads, without a little boost you may not connect with your target audience. Take a look at our beginner’s guide to promoting your business online for some top tips on how it’s done.

  1. Manage your time

Time is a precious commodity that has a tendency of slipping away, especially when you’re a busy business owner or manager. Prioritise your tasks daily and do the things you dislike the most first – to avoid becoming a victim of procrastination later in the day when those tedious chores would otherwise be looming over you.

If you’re easily side-tracked, use time-tracking software or an app that switches off distractions, like all those social media notifications. Read our guide on time management for more tips on how to spend your time productively.

  1. Communicate more effectively

Communication breakdowns are common in all businesses, especially where the company has expanded without adapting its comms practices to match. Keeping your teams up to speed with everything that’s happening is key to helping everyone do their jobs properly. Otherwise you’re running the risk of unhappy customers or clients and mistakes with internal processes.

Hold regular meetings, or get into the habit of summarising recent or forthcoming events in a weekly email to keep everyone up to speed. Whatever works for you and your team, resolve to make communication a priority this year.

  1. Give something back

Once you have some momentum going, it’s easy to focus solely on developing your own business. But by looking elsewhere and putting energy into giving back, you can gain a whole new perspective.

Whether you organise a fundraiser for a local charity or offer mentoring to a budding entrepreneur, giving back can be rewarding for everyone involved. Take time to assess who your team could help and how, and put a plan in place to make it happen.

  1. Grow your team

Growing a business successfully always requires time and effort, but you can only push yourself and your team so far. And, while hiring another employee means paying an extra salary, there are many benefits to growing your staff.

Lightening the load of other team members should produce a better quality of work, and you also have the chance to broaden dynamics of your business and incorporate a fresh set of expertise.

  1. Broaden your skillset

One of the worst things a business can do is rest on its laurels. Continuous development should be encouraged, and that should start with you.

Compile a list of skills that would benefit your business and devise a training plan for the year. You can include your staff, too – send everyone on different courses, with a view to sharing the knowledge with the wider business.

 

Sticking to New Year’s resolutions is easier when you take a smart and specific approach. Doing this could be the best thing you do all year, especially when your dreams are realised. For more tips, check out our guide to setting and achieving small business goals.

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