New Year’s resolutions for small businesses
Have you made your business resolutions for the new year? Just in case you haven’t gotten around to making your list yet, let me get you started with a few ideas:
Make an effort to engage in social media – whether you want to or not
Love it or hate it, social media is infiltrating and changing the way business works, from networking to promoting products to being accessible to a worldwide audience. While this marketing niche seems to appear effortless for the under-35 crowd, it’s a movement that is often spurned by more seasoned professionals. The bottom line: it’s good for you, and you must learn how to do it. Take a continuing ed class or hire an expert, but resolve to boost your business’ online social media presence in 2011.
Go lean with your operations
Just as the majority of personal New Year’s resolutions involve dropping a pound or two, chances are your business can probably shave some expenses here and there. The goal: a leaner operation with more funds on hand for these uncertain economic times. Some areas to start with:
- Conduct an energy audit – you’d be surprised how much you can save through simple measures.
- Review your vendor agreements. Almost every business is willing to negotiate price in order to stay competitive. Don’t be shy about shopping around or simply asking existing vendors if there are “any deals” they might be willing to offer.
- Re-evaluate under-performing products and services. If something hasn’t been panning out in the past year, don’t be afraid to streamline by eliminating or replacing what doesn’t work.
- Save money on training and education by taking advantage of free services offered by organizations such as the Nevada Small Business Development Center, Nevada Microenterprise Initiative, SCORE and the SBA.
Treat your employees with TLC
Everyone remains on edge about the state of the economy and the stability of their jobs and their businesses. While it may be tempting to push employees into taking on more responsibilities than they’re really being compensated for, consider the potential downside. Employees who feel like they’re “pitching in to help the team” are far more likely to shoulder additional workloads than those who feel you’re taking advantage of their fear to get extra hours out of them. Employees who don’t feel appreciated ultimately don’t do a good job representing your company or taking care of your customers.
Know when to recognize it’s time to move to Plan B… or C… or D…
Even though I’m a big advocate of working from a well thought-out business plan, I also advocate knowing when to admit something isn’t working and it’s time to make a change. Your business plan should be your company’s map, but if at some point the map starts to lead you to a dead-end, a construction tie-up or a deserted highway, it’s time to look for another route. It’s okay – actually, it’s essential – to be able to admit when something isn’t working out and find a way to change the situation or circumstance.
Here’s wishing you and yours a happy, healthy and prosperous New Year!
