It’s that time of year again when we make resolutions that will help guide us into the New Year. As a small business owner, this is the perfect time to make a list of resolutions of things you can do to help grow and solidify your business in 2010. Think of it as reinforcing your business plan — or in some cases, rewriting your business plan to take advantage of new opportunities.
What will you do this New Year to help your small business grow? What plans can you put in place now to guide you through the coming year? Join the conversation here: http://www.mysolutionspot.com/tell_us/what-s-on-your-wish-list-for-the-upcoming-year-2191/
To help make 2010 a perfect “10” for you and your business, we’ve compiled a list of our top 10 resolutions for small businesses.
10. Evaluate what worked
Evaluate what worked for your business and keep doing more of it, stop doing what didn’t. To quote Albert Einstein, “Insanity: Doing the same thing over and over again and expecting different results.” Achieving your business goals is about having specific goals with deadlines, analyzing what works and what doesn’t, and regularly evaluating your progress against your goals. The biggest difference between businesses that succeed and businesses that don’t is the simple act of making it happen. Don’t linger, take action and move towards your goals. Decide what you want to achieve, and then design a plan to get there.
9. Continue to learn and improve
In order to stay successful in business, you must commit to continue to learn and improve. Education is a never-ending process. What you learned before may now be obsolete. Once you’ve learned something new, a new knowledge arises. Surround yourself with useful information and knowledge. Enroll in training courses in the areas you are less experienced in. Participate in seminars and workshops. Find a successful business mentor whom you can emulate, to guide you in your operations. Hire experts and coaches in a particular field to help answer questions. Research new business ventures and ideas. Adapt and learn from other successful businesses, adopt similar techniques. Stay persistent, work hard and continue to learn new ways to improve your skills and abilities.
8. Practice good communication skills
Communication is a two-way street. The only way each side can get the desired outcome is by taking the time to specify goals, the associated objectives to meet them and any foreseeable barriers. How you communicate is just as important, if not more so, than the product or service you are trying to sell. As a small business owner, you need to be able to talk with confidence to your customers, vendors and employees and also interpret types of non-verbal communication. This year resolve to (1) be aware of non-verbal cues; (2) take care with electronic communications; (3) communicate confidently; (4) stay connected with employees; and (5) collect customer feedback.
7. Treat your employees well
If you have experienced, motivated employees, you are probably already treating them well – paid them competitive salaries and benefits, provided training, acknowledged their contributions. If, on the other hand, you turnover is high and employee morale is low, you should consider changing the way you hire, manage, and reward your staff. Seek to hire employees with drive, dedication and a commitment to working with others to get the job done right. Empower employees by giving them knowledge, resources, authority and managerial support. Reward employees when they provide stellar customer service. By practicing the Golden Rule, treating employees as you would like to be treated, your business will be ultimately rewarded.
6. Serve your customers well
Knowing how to meet and, more importantly, exceed expectations will allow you deliver exceptional customer service consistently. Listen to customer feedback and conduct focus groups with your customers to see what they really value. Make training an important part of creating a culture for customer service excellence. Make errors a part of the journey and empower employees to acknowledge and react to them accordingly. Apologize for the problem and really listen. Beyond satisfaction, this will build customer confidence and loyalty.
5. Market, market, market
Before you embark on your next marketing campaign, think first what it is you want to achieve. Inform customers and prospects about your company, products, services, website, or other offerings. Persuade your target audience to do something specific in response to your marketing activities. Create in the mind of customers and prospects the perception that there is no other product or service that is quite like yours. Establish a connection, or relationship, with customers. Convince customers and prospects to think positively of you. Announce something positive about your company. Any opportunity you can seize, or create, to further your marketing plan deserves consideration. Be a relentless promoter of your business. Get creative. Have fun! Remember that little things can equal big impressions.
4. Get the most out of networking
Take advantage of opportunities to improve business contacts. Networking events and organizations are great ways to meet a group of people with similar interests who are open to opportunities to work together and help each other achieve a common goal. Networking also helps small business leaders talk to prospects and educate potential customers. A valuable network is one that is alive and growing daily. Successful networking really comes down to your approach to networking, your ability to listen and to communicate effectively, and the relationships you build. Make sure that the events and meetings you attend have the potential to help build relationships that will benefit both you and your contacts.
3. Regularly back up your data
Backing up data is vital for business. Commit to make better use of technology and backup software that helps keep your business protected from possible failure. Regular data backup doesn’t have to be painful or expensive. Ideally, you should look for new technology that allows for automatic, off-site backups that protect you even further by storing your critical data at another location. Most of these packages are affordable and are worth their weight in gold when disaster strikes.
2. Clean up your credit
Improving your credit takes time and practice. Naturally, we tend to focus on what’s important right now. But when it comes to making major financial decisions, like committing to a small business loan, it’s important to learn and take the necessary steps towards improving your credit before it becomes a crisis. Commit to these three best practices: (1) keep revolving credit balances low; (2) pay your bills on time; and (3) check your credit report.
1. Set aside a rainy day fund
Managing cash flow for a small business is much like riding a roller coaster. And with today’s economic situation, having cash on hand is more important than ever before. One method to ensure you’re never short is to open a reserve account which can be set aside for emergency use. If possible, try not to use lenders as an emergency cash reserve. Borrowed money will only add to your debt and delay the negative impact of your financial emergency if you’re unable to pay it back immediately. Having a reserve account ensures that you will always have an extra cash cushion.
