We’re all used to the practice of making resolutions at the start of the year about things that we wish to do in our personal lives, whether it is losing a few extra pounds, finishing a degree or obtaining additional training or education, working out on a regular basis, or spending more quality time with family and friends. Unfortunately, by the end of January many of these resolutions have been swallowed up by the everyday events of our lives, and we find ourselves feeling guilty and frustrated.
This time of year is also important for making resolutions for your small business. To avoid the failure and frustration that often accompanies personal resolutions, these should be simple, specific, and actionable to increase the chances of success. A few suggestions for small business owners are:
- Update Your Business Plan. Whether you started with a formal business plan or ideas on the back of a napkin, this is a good time to dust off your original plan and see how your vision worked in the real world. Has your small business worked out as planned? Are there things that you know now that you wish you would have known when you started? Where do you see your business being this time next year? What do you have to do to accomplish that? It may be as simple as taking the time to really think about these issues and write down your thoughts to spur on your business’ growth in 2015. The Business Planning Guide on the Alexandria SBDC’s website can be an effective tool to use to update your plan
- Understand Your Business Finances. You pay the bills, and you, or your accountant or bookkeeper, files the taxes, but do you really understand the financial position of your business? Many small business owners are passionate and very knowledgeable in their area of business, but often less so when it comes to financial operations. Make 2015 the year that you look at the numbers and really understand what they mean. This may involve an “educational session” with your accountant, a financial discussion with SBDC Business Analyst Jack Parker, or registration for one of the many classes in the area on finances, accounting, Quickbooks, etc. By monitoring your finances on a monthly basis, or at least quarterly, you will know how you are doing and be able to make informed projections of your cash requirements for the year.
- Update Your Website. This probably does not involve starting from scratch with a whole new site (the Alexandria SBDC did that last year – a lot of work, but worth it!). How new is the material on your site? If the last time you added new content was 2012, you have some refreshing to do! Is it time to add a blog, or just to add new content, videos or photos? If your site is not interesting enough for you to go to it on a regular basis, why should anyone else? Make sure that it reflects what you want your business to present to the world. Remember that Alexandria City businesses can schedule a session with the SBDC to review your site and get suggestions from the experts.
- Try Something New with Social Media. Are you overwhelmed by social media and how much time you think it will take from “doing your business”? Wherever you are in the social media spectrum, from active participant to total novice, you can resolve to take yourself up a level. Do not try to do it all at once – that is a sure recipe for failure and frustration. Figure out which social media platform would be the best one for you to explore for your industry and work on mastering that one in 2015. Alexandria SBDC social media consultant Ray Sidney-Smith has published a book, Social Local Mobile Success: Small Business Marketing Strategy Explained. It is available as an e-book or in paperback from the major online outlets and is a great source of information for small business owners who want to “up their game” in this area. Treat yourself to a copy for the new year, follow through on one platform, and see how the increased visibility helps your business.
- Measure The Impact of Your Decisions. While you are understanding your finances, updating your website and increasing your social media presence, it is important to see how this increased activity brings change to your business. Decide which metrics are most important to you, then make a plan on how to measure and analyze that information. Make sure that you have Google Analytics installed on your website and synced with your social media. Understand your sales cycle by looking at your financial reports and knowing which periods of the year are busy and which need a boost. While this may not be the most interesting or exciting thing that you do for your business in 2015, it may be the most important. Having good data is the first step to making good decisions.
It is your business – empower yourself to take control of it in 2015!