Dynamic Capital New Year’s Resolutions & Your Business - Dynamic Capital

res·o·lu·tion /ˌrezəˈlo͞oSH(ə)n/

noun: resolution; plural noun: resolutions

a firm decision to do or not to do something.

“she kept her resolution not to see Anne anymore”

synonyms: intention, resolve, decision, intent, aim, plan;

Now that the holiday dust is settling, it is time for another annual tradition: the new year’s resolutions. With the mantra of “new year, new me” still resounding in the air, today usually marks the start of many an ambitious goal such as losing weight, getting the finances in order, finding love or starting a new project. While making plans for personal growth in 2019, this is also a great time to set goals for your small business, to create a list of actionable plans that can catapult your business to the next level. The following are five suggested business resolutions for every business owner that you can work to implement not just in January, but throughout 2019.

  • Promotions and Marketing: you’ve got a great product or service; you just need to work on getting the word out to retain your existing customer base while also attracting new clientele. There are several ways to accomplish this goal:
    • Ensure the content on your website is updated, relevant and accurate. Most customer will use your website for reference and information. Keeping the information current and relevant will help quickly answer client questions and promote online traffic
    • Use social media. If you haven’t already done so, create company pages on the popular social media sites such as Facebook, Twitter, LinkedIn, and Instagram. This will provide another avenue to connect to clients and vendors to promote your business.
    • Join a business organization or networking group. They say great minds think alike. Socializing with other business owners through organizations such as chambers of commerce or industry groups can lead to new contacts, leads, customers, and suppliers. This will also help you keep your finger on the pulse of changes happening in your community and industry.
    • Hire a marketing/PR firm. If you are truly at a loss for how to promote your business, leave
  • Review Your Pricing: Do the prices for your goods and services truly reflect their (and your) worth? While it is good to have competitive pricing that will draw business, make sure that those prices match the value that is given. Undervaluing your business means you are barely making ends meet or breaking even. This will limit your business’ ability to grow. Do not be afraid to price your goods and services in a way that reflects the true value you provide to your customers. Do not be afraid of losing clients; targeting the right client base will mean you will not have to compromise when it comes to pricing.
  • Delegate Tasks and Responsibilities: Oftentimes as a business owner you wear many hats, taking on more tasks than you can humanly handle. This year, work to find the balance where you can delegate duties among your staff. Work to build a trusted team around you who love and work as hard for your business as you do. Focus on team building, talent management, and cross-training so that you are comfortable turning over the reins when needed.
  • Increase Productivity: We want to limit distractions, focus on the tasks at hand and make efficient use of our time. Look over the day to day processes for opportunities to improve processing time, unnecessary handoffs and delays. Are you using your team to the best of their individual abilities? Are you having over or under stock issues with inventory?
  • Financing for the Future: Your business is one of your largest investments you will ever make. If 2018 left you with positive cash flow, consider reinvesting back into your company to pay off higher interest company cards, upgrade equipment or purchase new inventory. This could also be a good time to look into a small business line of credit to fund the moves you want to make in 2019.

We often wish one another a new year filled with prosperity, new opportunities and success. But these things do not materialize simply because we will them; we have to put in the work to reap the fruits of our labor.  It is estimated that 80% of new year’s resolutions are abandoned by February. This year, with determination, focus, and discipline, we can overcome these stats to use the resolutions above to improve our businesses. Breaking the resolutions into smaller actionable steps will make them easier to achieve over the course of the year. Here’s to making 2019 a productive and successful year for you personally and professionally.