6 New Year’s Resolutions for Business Owners
Losing weight, quitting smoking and other New Year’s Resolutions are great and all, but they don’t help your business. Consider a list of goals for your business to take on this year and bring about a positive change to grow.
1. Revamp Your Prices
We’re all about Real Numbers here at SiDCOR. Business owners should charge the rates they deserve instead of undervaluing their services. If you’re looking to raise your prices, it’s time to set a strategy to ensure you don’t lose clients/customers in the process. Do your research, and compare your services with your competition. Then be transparent with your pre-existing clients/customers to avoid any issues.
2. Improve Cash Flow Management
Cash flow problems are the root of small to medium business failure, so it’s important to focus your attention here. Consider a cash flow budget and manage your debtors. If you need more help with this, watch this video on how we work closely with our clients to manage and improve their cash flow.
3. Update the Digital Strategy
There’s always new platforms, apps and programs that can improve day-to-day operations. Spend some time researching what new tools, whether it’s for social media, search engine optimisation, video, or even organising your tasks, and see if any fit into your strategy. If you don’t have a digital strategy yet, add that to your list this year as having an online presence for your business increases transparency and trustworthiness.
4. Increase Overall Productivity
Unnecessary meetings and too many points of communication are time-wasters and can result in working overtime. Focusing on increasing productivity levels, whether it be on a personal level, for your team or the whole business, will free up time. If you need more help figuring out how to become more productive, consider these 7 Tips for Productivity.
5. Up Your Communication Game
Ineffective communication, such as misunderstandings, lack of employee morale and repeating the same information over and over again effects operations significantly. Sometimes over-communicating is necessary as those listening don’t absorb as much as you expect them to. Learn how to improve your communication with this video.
6. Check in with Your Employees and Clients/Customers
It’s a new year, and many people are focusing on self-improvement. Check in with your clients/customers and consider integrating or improving your customer feedback strategy, such as sending out a customer service survey.
It’s also important to check in with your employees and see what their New Year’s Resolutions are. Putting them first can increase morale and ensure operations run smoothly. Watch our CEO, Scott Douglas, talk about why he puts employees first.