5 big new year resolutions for your business
When thinking about new year, we all think about how we want to change or improve our personal lives such as; eating healthier or joining a gym, but resolutions are not just confined to improve everyone’s personal circumstances so by reviewing and analyzing your businesses journey this past year and making new year resolutions could impact growth and the most successful year yet for your business.
- Understand where you are now.
Understanding your businesses strengths and weaknesses can see where you have room to improve to push your business to the next level. This could be by having more team meetings or regular reviews for your staff to ensure they are performing to best of their ability. Financially you could look at preparing monthly management accounts to help you to stay on top with your performance and understand exactly where you are financially, this will enable you to be able to determine your business status in profit and loss.
- Learn how to manage your cash flow more efficiently.
Learning to manage cash flow effectively within your business could enable you to take control of your finances. Cash flow is the heart of the business, it keeps the business going form strength to strength so by understanding your cash flow peaks and lows and exercising good cash management will give your business a better chance of beating your competitors, as you may be able to invest more money back into the business by understanding and controlling your cash flow.
- Decide how to grow.
Figuring out your business growth strategy is a personal decision. This can be achieved by making new targets, analyzing your competition and the market to see if there’s room for a new product which would enable growth. By understanding where the strengths are in your business and what have been a big success over the last year could be a great place to start to see how you can push your business to the next level.
- Make sure your company is financial ready
To grow, you’ll likely need financing. While banks typically offer the lowest interest rates, they’re often hesitant to lend to small businesses. Consider different avenue’s which may be able to offer a financial solution for your business such as; invoice factoring, alternative lending and peer to peer platforms. There are many different loan products which could give you’re the business the cash injection it requires if you do your research.
- Online Presence
Every business should in some way have an online presence whether it’s on Facebook or their own website. Everyone before using a company or buying a product look into a business and reads reviews before committing to anything, so by not having a strong online presence could maybe prevent more sales or growth opportunities.So take time invest in your companies online presence to ensure for 2018 that you don’t miss out on any opportunity to make your company a success.
Start working on your business resolutions right now, adjust them as needed in the New Year, and watch them become a reality in 2018!