7 New Year’s Resolutions for Small Business Owners
New year, new beginnings. 2022, like the start of every fresh year, is viewed as a chance for people to become their best selves. That manifests itself as New Year’s resolutions – vowing to go to the gym more, be smarter about finances or work toward a new career.
But it’s not just individuals who can benefit. Small business owners can use New Year’s resolutions as an opportunity to take the steps necessary to take their companies to the next level.
What makes a good New Year’s resolution? Ultimately, you want to pledge to do something that’s both achievable and measurable. But resolutions don’t always have to have a granular numerical goal – as long as there’s some way to measure progress, you have something you can both work toward and reach.
Here, we’ll give you seven great examples of resolutions that will either benefit you as a small business owner, or your entire small business.
New Year’s Resolutions for Small Business Owners in 2022
Organize
Disorganization can be kryptonite to small businesses and small business owners alike. It doesn’t matter how good your product or service is – if your computer is a mess, you’ll be less productive; if your org chart is confusing, employees will wonder where they stand; if your financial records are in disarray, you’ll be likelier to find yourself face to face with the IRS one day.
Review all of your systems and processes and determine which areas need a tidying up. Then determine a realistic timeline. If you can set aside a day or two for a full, clean sweep, do it. But if you can’t, don’t force it. Just make sure that if you can only get organized piecemeal over time, you’re being methodical about it: Set aside the same amount of time at the same time each day/week until everything is in order.
Build (or Focus) Your Brand
We wish business was as simple as “make a great product or services and the customers will follow.” Sadly, that’s just not how it works. You have to make people aware of your product or service, and you have to build a trustworthy brand that appeals to would-be customers.
Some of this is really straightforward. Whether you do it in-house or have someone else do it for you, you’ll need a logo, company colors and general branding for your communications. But long-term brand building also involves things such as demonstrating that you’re an expert in your industry (through content such as white papers and blogs) and providing excellent customer service.
If you’re just starting out as a business, make creating your brand one of your 2022 New Year’s resolutions. If you already have basics such as visual branding and voice, work on more difficult goals such as proving yourself as a subject-matter expert and gathering satisfaction data from your customers.
Size Up Your Competition
Business owners occasionally try to operate their companies in a bubble. If a customer isn’t happy about their offerings, they work on an update or an improvement to a product or service. If margins are lacking, they look for better prices from other vendors. They find solutions as it pertains directly to how their business operates.
But they ignore what competitors are doing, and eventually, that can leave them completely behind the 8-ball.
Make 2022 the year you do a little competitive analysis. Determine some of the companies you’re fighting for market share, and study what it is that makes consumers choose them over you. Are they undercutting you on price, do they offer better-quality wares, or are they just killing you on the marketing front? Answers to questions like these can help hone your business strategy … and eat some of your competitors’ lunch.
Get Better About Cash Flow
Perhaps no other financial metric is as important to a small business as cash flow. You can start the year projecting a healthy full-year profit, but if you don’t have the actual cash to pay your actual bills each and every month, those projections are meaningless.
Most small business owners should make learning cash flow management a 2022 New Year’s resolution. That means learning how to properly monitor your cash, and developing business practices that best ensure your cash is coming in as predictably and reliably as possible.
Motivate Your Staff
Workforce shortages in 2021 proved to businesses of all sizes the importance of being properly staffed up. That doesn’t just mean having enough people to keep the company running – it’s also having high-quality and motivated employees who can truly make your business stand out.
In 2022, make it a goal to keep your staff thoroughly motivated. That naturally means paying them well, especially after pay standards rocketed higher in 2021. But small businesses shouldn’t ignore other benefits that keep workers’ heads in the game.
Become Part of the Community
Not to sound trite, but giving is the gift that gives back.
For small businesses, volunteering and otherwise giving back to the community aren’t just good practices that make the world a better place. It’s also a way to cement yourself and your company as parts of the community. Civic pride remains alive and very well: People like to support local businesses. Thus, playing an active role in the community can help build a loyal customer base.
Set Limits for Yourself
You show up to an investor pitch on just one hour of sleep. You’re about to present your newest product to a 500-location chain, but you forgot to eat anything today.
How well do you think these crucial meetings will go?
Small business owners have a reputation for being martyrs, sacrificing their health and happiness in the short run so they have a chance at success in the long run. But there’s only so much you can sacrifice before you start to hurt yourself – and your business.
If you’re going to make a New Year’s resolution for 2022, make it setting limits for yourself. Keep yourself to a certain number of work hours each day. Make sure you eat three times a day. Get an annual checkup at the doctor and the dentist. Take a paycheck.
If you don’t take care of yourself, you’re not giving your small business the best chance to succeed.
Resolve to Accept Help
Small business owners also have a reputation for taking on many challenges alone. While that’s admirable, it’s not always the best decision – especially as it pertains to business needs where professional experience and insights can make a world of difference.
Need accounting help? Want to make sure your small business’s tax filings are stress free and flawless? Want to gobble up the competition? McManamon & Co. has decades of collective experience helping small and midsize businesses tackle these issues – and so much more.
Make a resolution to get in touch during the new year. You can call us at 440.892.8900 or contact us online.
Tags: McManamon, McManamon & Co., small business, small business accounting, small business finances, small business taxes | Posted in McManamon & Co., small business