The start of a new year is a good time to reflect on your business’ progress and plan how you want to grow your business in the new year. These 5 New Year’s Resolutions can help you start the year in a sustainable way.
1. I will establish a budget
Setting and sticking to a budget does not have to be painful. According to The Balance, “This is a great resolution for small business owners who have drastic ebbs and flows in their cash flow…”.
2. I will give something back to my community
Make this the year that you serve on a committee, be a mentor, volunteer or make regular donations to the groups in your community that try to make the place you live better.
3. I will improve our record-keeping
Be sure to record all of the income your company has generated and monitor expenses. It is the unexpected and unrecorded costs, such as lost petty cash receipts, that eat into profitability. It will also help you to accurately assess your current and future profitability.
4. I will increase productivity
Is there a piece of equipment in your office that is interfering with your success or something that you lack that is making your working life harder? Whether it is an old fax machine or a slow laptop, upgrading your hardware can increase your and your team’s productivity.
5. I will make business planning a regular event
Business planning lets you understand what has worked and what did not work, and helps you set new directions or adjust old goals. Not only will this help you avoid costly mistakes and stay on track, but you will feel more focused and relaxed.