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New Years Resolutions for Small Businesses

How many times have you been asked what your ‘New Years Resolutions’ are over the years?! But when have you been asked the same question with regards to your business?

Now is the perfect time to take stock and set goals for the year ahead – setting some realistic goals can significantly impact success.

Find an Accountability Partner

Are you a networker? Do you have a business partner? Are you working with a mentor? People are 65% likely to meet a goal after committing to another person – increasing to 95% when they build in ongoing meetings with their partners to check in on their progress.

Take what’s yours

Small businesses can benefit from many forms of tax relief. Maybe it’s time to discuss it with your accountant if you haven’y already? It’s thought 95 percent of businesses eligible for research and development tax credits are still not claiming what they’re owed.

For example….

Companies who’ve brought innovative products to market could be eligible for a tax break, which has an average value of over £50,000.

If your business uses uniforms for any reason – whether it’s reinforcing your brand or keeping staff protected on the job – you could benefit from tax relief. Simply keep a record of all company uniform purchases and let staff know they’re entitled to claim a rebate for the cost of maintenance of their uniform.

Drop What’s Not Working and Move On

Not everything will work! Not everything will be a super seller. Review your marketing – take a look at our blog for some ideas on leaflet drops, advertising and creating an ad. Don’t invest a lot of energy into trying to make the unworkable workable. Move on.

Extend a Helping Hand

Think back to when you were first starting out in your career. Did you have support, or could you have used more? One of the best new year’s resolutions for business owners is to pay it forward. How can you support young people looking for work? Could you take an apprentice? Maybe that would also take some pressure off you?

Communicate Better

Review your social media and other digital presence. Is everything up to date? Does it need a refresh? Have you got the right tools in place to make it easier for you? (Check out our blog with top ten tricks to get tech savvy in 2020). Focus on posting interesting, timely information that encourages your audience to interact with you or share your content.

Balance!

Burnout is on the rise – especially in the small business owners and this affects both your mental and physical health, so it’s important to make sure you take the time you need to recharge. Exercise, spend time with people you care about, get good sleep!

Learn to Delegate 

There are so many things to do when you’re running a small business, it’s easy to delude ourselves that we need to do all of them. Then we wonder why we’re so tired and frazzled and have no time to do anything else. Let someone else do some of the tasks for a change. Delegation is the key to a healthy work-life balance.

Promote Your Business Regularly and Consistently

Too often the task of promotion, PR and advertising a small business slips to the bottom of the to-do list. But we all know that if you want to attract new customers, you have to make it a priority or how will they know you are there? Hire a PR person, or speak to your Local Directory team and they can assist you in creating a marketing plan.

Make Business Planning a Monthly Occurrence

Planning is vital if you want a healthy, growing business; what worked and what didn’t work. Set new directions or adjust old goals. Not only will this help you avoid costly mistakes and stay on track, but you’ll feel more focused and relaxed.

Give Back to Your Community

Choose a charity for the year. Use it in your PR, use it to get staff motivated. Alternatively be a mentor, volunteer, or make regular donations to the groups in your community that try to make the place you live a better place. 

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