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  • Writer's picturejoseph retcho

New Year's Resolution for Small Business

Updated: Jan 25


2024 has arrived, which means it's time to start thinking about New Year's resolutions—not just for individuals, but also for small business owners.

Even if 2023 was a profitable and positive year for your business, there is always room for improvement. The time has come to investigate such possibilities for further improvement and success.

So, what are the best tips for setting realistic goals for a small business? First, consider what goes into establishing goals in the first place.

What are goals?

Simply put, goals are things to strive for. But there is more to it than that. Goals are far more effective at ensuring that one succeeds in whatever endeavor he or she undertakes. They're a carrot at the end of a stick, something worth pursuing with zeal.

Goals allow small business owners to create a framework for directing focus in the most productive direction, establishing a workable timeline, and achieving our ultimate objectives.

Experts argue that all goals should include certain key elements. This includes:

  • Honesty

  • Specificity

  • Optimism

  • Realism

  • Short- and long-term applications

  • Income 

  • Lifestyle

  • Ego gratification

Setting Your Business Goals

Defining business goals is critical, particularly at the outset. According to Bento, SMART business goals are the way to go in 2024 because they are more effective than traditional goal setting.

The SMART goals are:

  • Specific

  • Measurable

  • Attainable

  • Realistic

  • Time-based

2024 Goals to Strive For

Many small businesses share common and desired objectives. Here are some ideas for business goals you can set this year.

1. Improve your cash flow management capabilities.

Failure to do so endangers a company's life force. Suggestions to achieve this include:

  • Insist on upfront and partial payments.

  • Invoice promptly.

  • Pursue receivables.

  • Provide a benefit for quick payments.

  • Pay bills only when they are due.

2. Enhance the business's online/digital presence.

With more potential customers and clients relying on Google and Yelp for local business information, small business owners must ensure they can be found. Developing and regularly updating a website, thinking about starting a blog, and investing in online marketing are all ways to increase your online presence.

3. Create a strong social media presence.

Improving your social media presence is important, just like improving your online presence. There are numerous options available, including Facebook, Google My Business, Twitter, and Instagram. According to Statista, nearly 80 percent of the United States' population uses some form of social media, with many using multiple platforms.

4. Cut business costs.

Poor expense management skills are one of the most commonly cited causes of small business revenue struggles.

Ways to improve these shortcomings are:

  • Buy in bulk.

  • Improving efficiency through automation, where possible.

  • Going green.

  • Reducing unnecessary expenses such as over-insurance.

  • Developing strong professional relationships with suppliers.

5. Improve your leadership skills.

Leadership is an essential skill for all businesses, regardless of size. Improving interpersonal and listening skills, updating employee handbooks, reviewing hiring and recruitment practices, ensuring employee morale and productivity, and learning how to make better decisions are all necessary and important objectives.

Five Quick Tips.

According to Small Business Trends, here are five quick and easy ways to ensure that your New Year's resolutions are fulfilled.

  1. Ask yourself if you are where you want to be.

  2. Create a five-year plan with short- and long-term objectives.

  3. Take smaller bites by creating short-term tasks that are easy to complete.

  4. Stay focused on achieving goals rather than simply setting them.

  5. Don't forget about hard work.

For more information on setting and achieving your small business goals for the New Year, including ensuring that your company is properly insured, please contact our office.

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