8 New Year’s Resolutions for Small Businesses in 2020
The New Year is the perfect time to reflect on the past year and set goals for the year ahead. You may have plans to improve your health or finally take that trip you’ve always been dreaming about. For business owners, making New Year’s resolutions can help focus their efforts and energy on the goals for the coming year. Here are a few of our favorite New Year’s resolutions for business owners in 2020.
Review and update your business plan
Crafting a business plan is essential for every small business. The beginning of the New Year is the best time to reevaluate your business’s needs and goals by implementing them into a new plan for the coming year. Chances are, you’ll want to make changes based on your analysis of results from the previous year and make sure your goals have actionable, concrete steps that can be accomplished. But keep in mind your plan is bound to change because change and adaptation are a part of owning a successful small business. However, it’s still very important to review and update your business plan as needed so you can go into the New Year with more clear and defined ideas on how to achieve your goals.
Consider your staffing needs
Your employees are very important when it comes to your small business’s success. However, if any of your current staff are overwhelmed with work, it may be time to hire more employees to help keep everything running smoothly. Hiring new employees may seem expensive, but they can help your business run more efficiently and, in turn, achieve more success. Take time to talk to your current employees and understand where your needs really lie, even if that includes delegating more. When it comes to delegation, shifting work to someone else can be difficult, especially for those who are accustomed to wearing every hat needed to run a business. But, delegation can open you up to focusing on what you love and what you do best.
Communicate better
Turn your focus to quality over quantity. Instead of blasting 10 Facebook posts a day and creating meaningless content as placeholders, focus on posting interesting, timely information that encourages your audience to interact with you or share your content. For example, respond to comments on your posts; leave comments and like content on other pages; and include personal notes on pictures or posts that you share. Take the time to make a few real connections every day, and you’ll see your relationships blossom and flourish.
Check in with your customers
To better understand your customers’ needs, you have to listen to them and engage in meaningful conversations with them. For example, you may consider sending out customer surveys to get their input. Encourage feedback on every purchase and customer service interaction, and make sure you follow through on reviewing it and applying those results to your business strategy. Your business will only get stronger and more successful for putting customer experience first.
Improve your marketing plan
Every year brings new marketing trends and channels for businesses to consider. Review your marketing analytics to determine which strategies are providing the best results. For example, if you’re lagging in your SEO results, you can start a content marketing campaign for your website. If you want a wider audience to view your social media content, consider guest posting or lead generation ads. The New Year is the perfect time to think about trying something new, so really go for it!
Update your website
Whether you run an e-commerce business or operate out of a storefront, your website is the main way people will interact with your business online. If you haven’t had a website redesign lately, take some time now to do a thorough review of your current website and give it a makeover. For example, test out how it works both on desktop and on mobile. Do user testing to make sure it’s intuitive for your customers and look for issues like broken links or images that no longer show up. Making these small changes will save you a lot of hassle later, and it will show your customers how engaged you are online.
Increase your security
Every year, businesses, big and small, fall victim to security breaches that put consumers at risk and damage reputations. Your customers trust you with their personal financial information, and they believe that you will make sure you do everything in your power to keep that information safe. Take basic precautions to keep your networks and secure information safe so your customers will know they are safe and valued.
Get more involved in your local community
Get out there and make connections with other businesses in your community. Small businesses have a lot to give to their local communities, and those communities have a lot to give back. Here are some things you can do to be more involved:
Join a professional organization
Attend networking get-togethers
Speak at local events
Seek out mutually beneficial partnerships
Consider local causes you can donate or otherwise contribute to
Simply showing up to community events will make a huge difference. Community events are where you meet your customers and collaborators. Small businesses have a lot to give to their local communities, and those communities have a lot to give back. Becoming part of the community will only make your business stronger.
Even if last year was a great year for your small business, it’s worth trying to make this one much better and more profitable. Commit to these small business New Year’s resolutions and make 2020 your best year yet. Cheers to a successful new year!
At the Long Island Center for Business and Professional Women, we’re here to help you be more successful every day, not just in the New Year. We host networking events and help small business owners and entrepreneurs make a positive impact on their communities. Contact us today for more information on how you can get involved.