5 Resolutions to Make As a Small Business Owner in 2020
With the new year here, many people are taking time to reflect back on the peaks and valleys of 2019. As a small business owner, the next few weeks provide you with an opportunity to look back on the positives and negatives 2019 brought your business and make a plan to tackle this coming year. Below, we’ve compiled a list of tips for you to include in your small business resolutions for this coming year.
Invest in the Proper Software
Technology is always evolving and as a business owner, your knowledge of what’s out there should be doing the same. Keeping up on the latest software is essential to helping your business run smoothly and efficiently. These days, you can accomplish just about any of your day-to-day tasks via an app or software platform. For example, our easy to use time tracking software not only logs how and where your time is spent on projects but also the miles you travel for work, and provides much needed clarity surrounding the time spent on a client project and the unbilled hours per task. Investing in a program like this is a great way to ensure accuracy and efficiency which in turn generates profit for your business.
Streamline Your Finances
If you’ve been utilizing your personal bank account to serve your business needs, the new year is the perfect time to open an account solely dedicated to your small business. Up until now, you may have been able to slide by, but mixing your personal finances with your business will only cause you stress in the long run. Before opening an account, think of the features you desire most. If 24/7 access to your funds, simple payments, and the ability to share information with your co-founder or team are must-haves, a digital bank account may be the best option for your business. Opening an online bank account is quick and easy to do and requires less time spent waiting in line at a bank leaving you more time to tend to your business needs.
Expand Your Social Media Presence
Simply signing up for a Facebook or Twitter account does nothing for your business if you’re not properly utilizing it. In the new year, make it a point to familiarize yourself with social media and all the ways in which you can utilize the various platforms to serve as a form of free advertising for your business. If social media is totally foriegn to you, consider checking out one of these online courses or look into workshops available near you. If time is an issue, but you’re still interested in expanding your companies social presence, you may want to bring on a social media expert to join your team. In this day and age, there are various concentrations of expertise when it comes to social media so you’ll want to be sure to select the right candidate for your business needs.
Give Back to the Community
As a small business owner, you may know a thing or two about building from the ground up. In your early days of business when you were just starting out, it’s likely you received some form of help from the community in which your business is housed. Maybe a local bakery donated treats for your grand opening or the auto body shop in town placed your business cards on their front desk, either way, people rallied to support you in your efforts. In the new year, make it your resolution to return the favor and give back to your community. If you’re business is in the position financially, you can sponsor a local sports team or make a monetary donation to a charity near and dear to the area you business is housed. If funds are tight, volunteering your time at an animal shelter or soup kitchen means just as much! You can even turn this into a team building activity and select one day a month to volunteer with your employees and their families.
Work on Your Personal Brand
As the owner and face of your business, it’s important to maintain your brand. You want your brand to correlate and be a reflection of the values and goals your strive for within your day to day operations. Maybe you feel you’ve got somewhat of a personal brand established but you’d like to shift directions or maybe you’ve been so tied up in building your business that you haven’t had an opportunity to build your brand. Either way, now is a better time than ever to work on you. While there is no “one size fits all” method to building your brand, this article provides some tips on where you can start. Keep in mind, like your business, it’s okay to switch up your brand every now and then in order to be the best owner you can be and steer your business in the direction of success.
The first few weeks in 2020 lend you the perfect opportunity to review both the successes and failures you’ve experienced as a business owner this year. Once you’ve analyzed the peaks and valleys, you’ll be able to set the resolutions necessary to start the new year off on a great note. Remember, your business is always evolving and there is no right or wrong way to do things. Each year is a learning experience and a new chance to be the best business owner you can be.