10 New Year Tips for Every Small Business

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With the new year upon us, it’s time to review your business. Find out which successes you achieved in the past year, which setbacks occurred and how you want your company to progress. Here are 10 tips to make things happen for your business in the new year.   

Set Business Goals

Write down your business goals for the year. Be specific about what you want and how you’ll achieve it. Include milestones and measurements for success.  

Create a Promotions Calendar

Look at a calendar to see which holidays and events are coming up. Determine which promotions you want to run around them. Include social media updates, blog posts, and advertising campaigns in your planning.  

Invest in Technology

Update your technology. You need current computers and software to run your business properly. This will increase efficiency in operations while reducing your taxable income.

Set Up a Conference Plan

Find out which conferences and industry trade shows you want to participate in. You can meet others in your field, learn from leading experts, and find new customers. Put the conferences and trade shows on your calendar, then make travel and hotel arrangements.

Review Your Online Brand

Google your company to assess your online brand. Since buyers want instant gratification, they need to order and pay for their products/services and quickly gain access to them. Determine whether your customer base typically is on Facebook, Twitter, Instagram, or other platforms, then place content on the appropriate ones.  

Update Your Employees’ Skills

Find ways to add to your staff’s skills. Subscribe to industry blogs, magazines and other work-related sources of information. Offer e-learning courses to be completed during the workday. Encourage employees to attend local seminars, conferences and networking events.

Give Back to Your Community

Encourage employees to form a team that volunteers in your community. Staff and customers enjoy working for and doing business with companies that give back. Perhaps your employees will serve on a committee, become mentors, or give their time to fundraising events.  

Reassess What’s Working

Find out what’s working and not working and make appropriate changes. For instance, determine whether you still need all of your employees, or you should make cutbacks. See whether you can negotiate lower rates or purchase items from different vendors at lower costs.  

Reinvest in Your Company

Take part of your earnings and put them back into your business. You may decide to pay off a high-interest credit card or expand your services into a wider coverage area. Perhaps you automate some business processes or hire a bookkeeper to maintain your books.

Secure Financing for Growth

Set up financing to expand your business. You may be able to open a business line of credit with low interest rate to pay down a higher-interest debt. Or, you might use the line of credit to cover additional staff costs during busy times.  

Outsource Your Payroll

Outsource your payroll to Red River Payroll. Gain flexibility and freedom to focus on growing your small business. Contact our leading payroll associates today.

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