10 New Year’s Resolutions For Business Owners

1. Delegate More

When you’re running a small business there comes a time when you need to step out of your ‘jack of all trade’ shoes. Don’t get me wrong, it’s a really good quality to have because it helps show you what’s needed and where – but it can hold you back tremendously over time.

Segregate your tasks into groups and delegate them to someone else to ensure 2018 is a year where you’re as productive as possible, whilst maintaining a healthy work-life balance.

2. Start Your Business Blog

Business blogs are great for two reasons – firstly, they help to keep your website updated, and bring new visitors to your website. This is really important when it comes to being found on Google – who prioritise active websites that are visited on a regular basis and that are informative enough to retain these visitors.

Secondly, it’s a way of going the extra mile for your customers – offering tidbits of information from your field of expertise that can help them in their lives and, ultimately, build trust over time.

3. Join A Networking Group

Getting to know business owners at a networking group has single handedly transformed our business. Regular and frequent contact with business owners who have similar goals, yet different life experiences, will help shape and grow you as a business owner.

Not only that, but attending something like BNI could provide some great opportunities to grow your small business. Trust us, word of mouth can take you a long way.

4. Manage Your Cashflow Better

If you don’t really understand the day-to-day finances of your business, or struggle to make ends meet – this one is a must for the new year.

With accounting software like Xero available for your small business, you’ll be able to leave worries like this in the past and make better informed decisions about the future of your small business.

5. Charge What You’re Worth

A consistent amount of income every month is necessary to sustain your small business. The best way of doing this is by charging a flat rate, but we know there are times when this just isn’t possible – maybe it’s sale season or an unmissable chance to combine many services into a package for a high paying client at a cheaper combined rate.

Draw a line in the sand this new year and stop undercutting yourself to get someone new through the door. If you’ve decided on a fair price for what you’re worth, and others have no objection in paying it, then don’t fall into the trap of going any lower.

We’d be willing to bet that those very same people that you are lowering your prices for will take advantage of you in the future to cut further costs.

6. Keep On Top Of Your Invoices And Receipts

Choosing an accountant who works within software like Xero could transform your business this year, especially if they are knowledgeable about add-on apps like Receipt Bank that integrate straight into it.

Both of these pieces of software could finally bring all of your invoices and receipts into one place: the cloud.

Empty those shoeboxes and be ready at the end of year with all of your information in one place. Wouldn’t that be a nice change?

7. Start Advertising Online

Many businesses are online, but only few take advantage of online advertising.

Google Adwords offer pay-per-click advertising and, personally, we believe that’s the best starting point. Pay-per-click means you’ll only be charged for every click onto your website via the sponsored link at the top of Google.

You’re essentially paying for potential customers to visit your website, and this becomes really effective when you target potential customers in a specific geographic location, with keywords they might be searching for, that are a match for your small business.

8. Book Time Off

One vacation this year, for seven days at least. What do you think?

Challenge yourself to book time off from work this year… and if you have delegated well in the first resolution, then this should be completely do-able.

9. Collect The Money That You’re Owed

We started doing this last year and, boy did it make a difference!

It’s not unusual for small businesses to forget about collecting invoices. The busyness and speed of life mean that customers sometimes never pay what they owe. Perhaps it’s a poor collection process, or just shyness of asking for money.

Regardless of the reason, put an end to it in this coming year.

Set some time aside to make some calls and get cash that’s owed into your back pocket. Start now and you’ll be surprised to see the difference a few months can make.

10. Take Pride In Being A Small Business Owner

It takes a lot of hard work and dedication to be a small business owner – so be proud of what you’ve accomplished.

Remind yourself often about the business you’ve built and what you’re planning on building over the coming year.

Be helpful, customer focused and driven in order to meet the goals, so that come the end of the year – yourself, your employees, your team can celebrate the difference that your business makes.

Thanks For Reading!

You should follow us on Twitter & Facebook for more small business blogs like this one!