And just like that, 2021 is almost over. A lot has happened throughout the year, and while the pandemic continues to pose challenges, especially for businesses, the increasing vaccination rates, lifting of social restrictions, and the opening up of the economy in general are some things to be excited about.
The end of the year has always been the best time to reflect on your business performance over the past year and create a plan on how to seize the year ahead. Just as we make personal resolutions for the new year, if you’re a business owner, it’s also a great idea to make New Year’s resolutions for business.
If you don’t know where to start, read on for our list of the best New Year’s resolutions that business owners can set to improve not only their business but their quality of life, as well.
Our Top 4 New Year’s Resolutions for Businesses
1. Stop Doing Everything on Your Own
You’re not a superhuman! So, instead of wearing all the hats, learn how to delegate. If you’re a solopreneur, you might want to consider hiring even one person to support you, or perhaps outsourcing some of your tasks to a virtual assistant (VA).
“But I could save the money I’d spend on a new hire and just do it myself,” you’re saying, and we get it. But contrary to popular belief that doing everything yourself will save you a couple of bucks, this approach is actually counterproductive. You will tend to get caught up in the time-consuming, non-core tasks, and will likely lose focus of the high-value aspects of your business.
Your time is valuable. Literally, time is money. Take some of the work off your plate and you’ll have more time to dedicate to growing your business — and increasing your revenue even more. Hiring is an investment.
Plus, by having someone else do some of your work, you’ll find yourself much less frazzled and drained next year. Talking about a healthy work-life balance!
2. Get Rid of What Doesn’t Work and Try Out New Things
It may be because of pride, false hope, or unhealthy persistence that borders stubbornness, but sometimes business owners tend to keep doing things even if they’re not working. So, for a change, take a good look at where you are in your business and make an honest and objective assessment of the strategies or practices that are not producing good results.
Getting rid of these may also mean having the courage to try new things that could improve your business. Whether it’s integrating a new tool or system into your workflow or hiring a new service provider such as a marketing agency, the new year is a great time to explore new solutions.
3. Implement More Effective Business Planning Strategies
A goal without a plan is nothing. The old adage is true: Failing to plan is planning to fail. Aside from setting realistic resolutions for your business in the new year, you also need to plan your course of action on how to get there.
Through business planning, you can set the direction of your business and adjust depending on your goals. For instance, if your goal is to increase online sales, your business plan should include enhanced strategies for digital marketing and online advertising.
If in the past, you were only tweaking your business plan once a year or not at all, it’s time to start working on that. The pandemic is proof that unprecedented things can happen throughout the year and can turn our lives 180 degrees. With this, it would be wiser to do some business planning every quarter or every month in order to pivot accordingly.
This strategy will ensure that you are on track towards achieving your goals and help you avoid costly mistakes.
4. Give Back to the Community
As small business owners, your immediate customers are the people in your area. With this, giving back to the community can be your gesture of thanking them for their support. No matter how small your contribution is, it will make a difference to your community.
While there are a lot of worthy organizations that you can help, it would mean much more if you choose a cause that matters to you. Aside from financial contributions and donations, you and your team can also give back by volunteering, serving on a committee, or becoming a mentor.
On top of the heartwarming feeling of being connected with your community and the satisfaction that you are actively doing something to make the world a better place, it also helps people see that your brand is compassionate. People will be more eager to support you because they know that their money is going toward something positive.
Remember: Those who give, get.
It’s every business owner's dream to have a successful business and achieve time, mind, and financial freedom.
Whether your current priority is increasing your profits or expanding your business, there are New Year’s resolutions for business that you can keep to simplify your life as well. Things such as adopting new tools and technologies can help you achieve both business success and an improvement in your life.
One of the leaders in payment processing and point of sales systems that can elevate your business is True POS. We are your one-stop shop and provide reliable sales, inventory, and customer management under one roof.
If you want to start the new year with streamlined processes, smoother operations, and a modernized business, get a free quote today!