When you think about new year’s resolutions, the first things that will probably come to mind are personal ones such as getting fit, losing weight, stopping biting your nails and so on. Yet your small business might well benefit from its own new year’s resolutions, so that you end 2018 more profitable, bigger, and better than you started it. Here are some thoughts on what you could do for your business next year.
Manage Your Cashflow
Cashflow can be the making or the breaking of a small business. Many businesses will have times of great cashflow followed by nothing at all for a while, and this can cause problems when it comes to paying suppliers and staff, or buying necessary equipment. Making sure you put money aside during the abundant months to use in the leaner ones is a useful resolution for any business (and it can work in your personal life too).
Improve Your Marketing
If you want to really grow your business in the coming 12 months, your marketing will need to be looked at. If it’s working now, that’s great – you might want to think about doing more of it, trying out different places to advertise, for example. If it’s not working, stop what you’re doing immediately; you don’t want to waste any more money. Get in touch with DanMatt Media who can help you with online marketing and print advertising. Once your marketing is right, you’ll be amazed at how many more customers – and how much more money – will come to your business.
Having a social media account on Facebook, Twitter, Instagram and other platforms is essential for any small business. Gone are the days when these channels were solely for personal use; now people expect to see companies with their own pages and accounts. They also expect those pages and accounts to be updated regularly, and for interaction to occur. One way to ensure that you are posting regularly is to work out a content schedule at the beginning of each month – this can include blog posts and simple updates and images. Every day is great, but if you haven’t got time then try for at least twice a week.
Update Your Prices
When was the last time you looked at your prices and checked that they were profitable? If it’s been a while (or even if it hasn’t) now is the time to go through them and make sure you’re not losing money. If you are, or if the margins are tight, the new year could be the ideal time to raise your prices enough to start making a better profit (but not so much that you alienate your customers). If you find that you have to raise them rather a lot because your profit margins are non-existent, then consider a staggered approach by starting with a slight increase in January, then another in June. Doing it bit by bit won’t scare your customers away, and by the end of the year your profits will look much healthier.