10 Resolutions for Small Business Owners in the New Year
The New Year brings new hope, new opportunities, and new possibilities. Right now is the perfect time to step back and reflect on which business goals were achieved in 2022, and what new goals would you like to establish in 2023.
With that in mind, here are the top ten New Year’s Resolutions for Small Business Owners in 2023.
Do Not Let a Recession – or Fear of It – Alter Your Growth Plans
If you plan to take out a Small Business Loan this year to help with growth, changes in the Federal Reserve’s monetary policy could have you encountering higher interest rates that will hurt in the short-term. However, if your business is growing, believe in yourself and your company, and any short-term pain could turn into long-term gain. After all, what are entrepreneurs, if not risk takers?
Don’t Cut Back on Your Marketing
During tough economic times like a recession, it is tempting for business owners to respond by first cutting back on marketing. However, research shows that companies who maintain expenditures in this area emerge stronger once the hard times are over. Bottom line, for a higher long-term Return on Investment, keep marketing, even if the economy is turning down. You’re less likely to experience a sales decline, and you’ll likely bounce back faster once all is said and done.
Find and Retain Good People
Whether we are in a bear or bull market, it is essential to find, hire, and retain good employees. As attractive as it is, doing everything yourself as a small business is not sustainable in the long run. Therefore, small business owners should make talent acquisition a top priority in 2023. Remember - great candidates have multiple options and the market is very competitive. Be sure, when speaking to potential employees, your ‘Why Statement’ is on point. Make it clear how their skills will benefit your company and why they should consider joining your team.
Create a Positive Work Environment
Creating a positive working environment can help keep workers happy and productive, and reduce the likelihood that employees will look elsewhere for work satisfaction. Especially when it comes to remote working, being flexible about time spent working at home is a great way create a positive work environment. Workers have, for the most part, established that they can be just as, if not more, productive working from home. And they also really like the reduction in commuting time and costs. Small business owners must be open to flexibility and work to maintain the correct balance in 2023.
Update Your Business Plan
A business plan provides a roadmap so your company can stay on track with both long and short-term goals. Consider your business plan a living document, open to changes, and revisit it periodically to review for updates. The beginning of the year is a great time to look at your business plan to make sure it’s set up to work for the way you wish to conduct your business in 2023.
Focus on Networking
Networking, making and keeping connections, is a useful tool in growing your business and can benefit you and your business down the road. Make it a goal to connect with at least one new contact a month. Building relationships in your network could take your company to the next level in 2023.
Apply Technology to Streamline Processes
There may be aspects of your business that could be automated to make things run smoother, save you time and money, and help you keep better track of your expenses. Think about tools like Zoom, which gives companies the ability to schedule meetings with multiple people, from multiple areas, efficiently while cutting down on travel expenses.
Continuously Build Your Brand
Understanding who you are as a company and who your target audience is are great ways to build your brand. Consider maintaining a social media presence on sites like LinkedIn, Instagram, and Facebook. If you’re trying to reach a younger demographic, try TikTok to build your brand.
Don’t worry if you don’t have the skills for this, there may be young members of your staff, or other tech-savvy personnel who would be interested in utilizing their skills to help grow the business. You could also consider hiring a PR firm.
Focus on Others
Remember, when hiring or marketing to younger generations, they place a high value on causes and being socially conscious. Gen Z, the first generation to never know a world without the internet, place value on diversity, social justice, and their own unique identities. They are more socially conscious and politically active than previous generations and they’re using their voices and influence to bring attention to important issues like climate change, gun control, and equality. If you want to employ people of these younger generations, they typically prefer companies that support causes – whether financially or via volunteering – they believe in.
Focus on Yourself
Focusing on work is central to doing a good job. Just as important, however, is focusing on what’s going on outside of work. It is essential that both aspects of your life are properly managed to maintain a healthy work-life balance. Spending time with family, making time for yourself, and focusing on health are as important as any sales goals. Losing weight, getting rid of bad habits, and getting into better shape are ubiquitous to every New Year’s Resolution list, and are important for continued physical and mental health. So this year, take time to identify and manage stressors at work and at home. That way, you can enjoy the accomplishments you’ve had both at work and in your private life.
From Forbes.com
