When we say the word “resolution” things related to mountain climbing or an addiction therapy comes to mind. However, businessmen also make their resolutions to keep themselves motivated and achieve their objectives. Many small business entrepreneurs set their business resolutions at the start of every year and then evaluate their yearly performance to see what have they learned and gained from the past year.
The year 2020 has just started, and the corporate world is full of competition. We can see so many entrepreneurs coming and going out of the industry. In this competitive arena, many entrepreneurs keep on wondering about the best ways to keep their small businesses on track. There are a few things that every small business owner should keep in mind and make these things as his resolution. These five resolutions for the year 2020 are mentioned below:
1- Managing the cash flow
Business entrepreneurs should keep in mind that their business operations can only go smoothly if they manage the cash flow in a better way. It is due to the fact that every business operation is dependent on the cash flow of business. If this primary thing is not managed properly, it is likely that the business owner will face problems in the entire cycle of the business. If cash flow is properly managed, the business owner will get time to focus on the growth of the business, motivate the employees and plan for future strategies.
Many small businesses fail in their initial five years because of the poor management of the cash flow. It is therefore advisable to use the latest technological tools for managing the spending and invoicing of the company.
2- Being active on social media channels
For all those entrepreneurs who have not been active on social media, it is advisable to make it their resolution for this year. Social media is now considered as the lifeblood of almost every business. Irrespective of the size of the business, making your social presence is now considered mandatory. 90% of your target market is present on social media and if a business owner is not present on social media, he is losing his biggest opportunity to communicate directly with his potential customers.
If you have not made a business page on social media, it’s time to make it right now. Make sure to answer the comments and queries of every customer. When you give prompt response to the reviews of your clients, this shows how much your business is concerned about the views of customers and how much value it gives to its customers.
Don not just limit your social presence to a few social media channels like Instagram, Facebook, Pinterest, etc. Keep in mind that Google Local and Yelp are also good platforms. Make sure that your business profile is regularly updated and do check your location through Google Maps for confirmation. Customers should get your address in just one click from any social media platform. Besides this, use visual content to market your brand, use hashtags and keep posting about your upcoming offers.
3- Minimizing cost
If minimizing cost is your new resolution, the best way to do it is through your suppliers. Yes, suppliers can give you some great discounts but for that, you need to maintain good relations with them. Keep in touch with the suppliers, send corporate gifts, invite them to your events and appreciate their service.
Apart from maintaining relations, another way of getting a discount from your supplier is bulk buying. It will be a win-win strategy for both parties. Suppliers are always happy to sell stuff in bulk as they do not have to deliver goods again and again which saves their time, effort and cost. Since they are saving their cost in bulk purchases, they give a discount.
For bulk buying, you need to make your inventory evaluation. For instance, carpet cleaners Chislehurst evaluated their inventory for six months and were happy to get a 10% discount from their supplier. After a few months, they evaluated the inventory for the whole year and got an amazing 30% discount. In this way, they have reduced their cost and were able to offer a competitive price to their customers.
4- Evaluating the use of credit cards
You should control your spending and start evaluating your use of credit cards in the coming year. One thing is clear that you will not withdraw credit from your personal credit card for your business. The banking industry does not fully support the new startups so it will be difficult to arrange a business credit card.
However, if the setup is not new and you are using your business card you must evaluate its use. Make sure that the employees do not misuse the card as the misuse of your business credit card can out your business into debt. In the same way, you should monitor the security and make sure that the card is fully secured. You should also consider the monthly charges, hikes in interest rates and other things when using your business credit card.
You can also go for a business credit card program as it provides multiple features like time-saving, managed interest rate, heavy protection against fraud and so on.
5- Optimizing the website
Any small business owner cannot succeed in his business, until and unless his website is up to the mark. Every business now requires having an online presence and making an excellent website is essential. If your resolution is optimizing your website as per the new business trends, your business will surely get some great conversions this year. Make sure that your website is easy to navigate, it is mobile-friendly, the theme is professional, the content is grabbing and provides value to the readers, the chat support system is working 24/7 and the products are clearly visible.
If a busy season is about to start, make sure that the website can handle heavy traffic and the load-time is not much. You will lose your potential clients if the website is slow.
If small business owners will work on these resolutions, they will notice a tremendous difference in their business in no time.