Keeping a small business going is not an easy task, and as a small business, or any size business, there is always room for improvement. That’s why we should set ourselves goals to help improve our business. Sticking to these goals can greatly benefit a company, helping to improve cash flow. The best place to start planning is by looking back - focus on the positive things that your company has achieved, and be sure to keep up the good work, rewarding those that made it happen. It’s also important to address what didn't go so well so that you can work on improving it. We suggest adopting these 5 resolutions to continue improving and growing your company.
1. Update your business plan and goals
Having a business plan is one thing, but how often do you revisit and review it? Keep checking that your goals are still in line with what you are planning to do and question how relevant each goal is before confirming it with separate departments in your business. It’s likely you’ll want to change the majority of yearly targets based on the global and local changes in trends and technology. Outline business goals and list priorities to help you and your employees be clear on what actually needs doing, and when for, just don’t focus on sticking to it too strictly - allow some room for flexibility.
2. Keep checking in
Your employees and customers will always be the most important things in your business. Check-in frequently with both the employees and the customers as this will give assurance to both that you, as the owner, care about what they think. This, in turn, will help you as they can provide you with constructive criticism or information about what is going well. This will also help with employee satisfaction, improving company progression. These check-ups can be easily done through surveys, but make sure they’re easy, and not dull and repetitive. Asking for feedback on purchases is also a great way to gain information about the company if your business is retail based.
3. Cut back wherever possible
Try to trim the excesses of your businesses - this may not be necessary for all small businesses, but will be applicable to most. Review your business’s financial situation to see if you actually have the space and funds which are needed for any improvements before you make unnecessary purchases. If you have excess inventory, work out what it is you could cut back on and how you could promote their sale.
Check what is helping the company and what’s draining your profits. Apply changes where necessary to boost your business, just try to keep costs to a minimum.
4. Keep everything updated
Review your website, marketing plan and any tools you use. Check your website over to see if anything’s outdated, and find what could be improved or changed. Look at how your marketing plan is relevant to the time ahead by checking in on the latest trends and making any necessary changes so that your plan remains on target.
5. Keep on top of paperwork
Always keep on top of your business's paperwork. Record income and monitor the expenses as poor bookkeeping can lead to financial losses as well as legal issues. If confidential paperwork is lost or even stolen, the business could become subject to unlimited fines or even closure. File tax returns early so that it will be easier when the tax man comes around, giving you more time and reducing stress as the deadline closes in. Consider hiring a professional to do your accounting, if you are not using one already, as their benefits often outweigh their cost and they will remove a large chunk of paperwork, saving you a lot of time. If you can’t afford an accountant, consider using online accounting software like Xero to keep on top of things and keep them organised instead.
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