New Year’s resolutions don’t have to be synonymous with things like losing weight, eating healthier or traveling more. Resolutions can apply to small business owners looking to turn a corner in everything from their income to customer base to social media presence.
Successful small businesses learn from their mistakes, keep their eye on trends and make an outline for effective business plans. Business owners and managers can come together to go over their recent year’s performance measurements and adjust for the coming year in order to be like other successful small businesses. Here are a few things to think of:
1. Manage Cash Flow More Consistently
Owners of successful small businesses are able to make plans around ebbs and flows of cash flow. However, the goal is to find consistency in this area. Owners should create enough capital to invest back into the business to avoid falling short of understanding the day-to-day finances they oversee.
2. Secure Your Funds and Data
If you’re sleeping on protective measures like cyber liability insurance you can fall victim to being hacked. Cyber criminals are finding more sophisticated ways to infiltrate the networks and data files of businesses both large and small. In fact, a study put out by Verizon details that 58% of all malware attacks target small businesses specifically. Why is this the case? Researchers say that hackers don’t care about the size of the company as long as they are able to pilfer sensitive information or get access to funds.
3. Improve Digital Presence
Businesses, no matter the size, should have a solid presence online and in social media. Having an updated and mobile-friendly website will make a big difference in how your customers or potential customers get their information online. Owners should create an email marketing list while also developing social media profiles to engage with customers and clients. This can help promote your operations and services as well as engage people by connecting with them visually.
4. Grow Your Team
Having more work than you can handle may sound like a good problem, but it may hurt you when it comes to being productive. Falling behind on tasks and service due to lack of staffing can hurt your small business. Hiring more employees will not only even things out, it will allow you as the business owner to focus on growing the business you oversee.
5. Communicate Better
Successful small businesses are run by great communication. When employees feel like they’re being kept in the dark or don’t have the right information to work off of to better serve your customers, it will only cause confusion and break trust and transparency within your business. Focus on being a better communicator and hold regular meetings, stand-ups and one-on-ones with employees to make sure everyone is on the same page.
About Walker & Associates
If you’re in the market for a new insurance partner, do your homework to ensure a lucrative venture and positive relationship. Contact us online at Walker & Associates Insurance or by phone at (800) 213-7126 for your insurance needs. We can explain your coverage options and how much coverage will cost.