New Year’s Resolution for Struggling Small Business Owners

We all dreamt to be our own boss.   Unfortunately, for those who already took the plunge, sometimes find their business struggling.   Before you call it quits, think if maybe all you need is a revamp. When else can you do that than this New Year!   Here are some ideas for your business’ New Year resolutions:   1. Review Vision Mission   Having a vision and a mission is like Business 101. Your vision and mission for the company is your guide in creating your service or product; without it, you will get lost in the puddle of all other competing business.   At the start of the year, sit down and find out if existing policies and practices are in line with your company’s MV. If your company is for families, ask your self and your staff if all policies and practices are family friendly. Are there other things to improve?   Set the year’s company goals and make sure your product and/or service has a distinct identity.   2. Upgrade physical store   If you have a physical store, check for anything that you may need to update or upgrade like cash registers, shelves, tables or even the window display. A little tweaking goes a long way.   Make sure that you do not have any major repairs that you might need to do come rainy season for example. You do not want rain dripping in your shop to ruin your products and /or overall customer experience right?   3. Have an online presence   These days, almost all kinds of business have some sort of online presence – through a legitimate website or social media. If your company is targeting teenagers and young adults then you should look into a way you can be present online.   This generation of consumers find things on the internet – yellow pages are now just the thing of the past.   Online presence is also a good way to market your business. You can reach out to people outside your community and even worldwide. It is also almost free as promotion in some social media sites do not always require payments.   You may want to hire a marketing professional for your business who can handle traditional and online marketing. Research about which advertising and marketing venues will reach your targeted audience best – if your market is for senior citizens, you may consider marketing on TV home shopping but if you now that the children of these senior citizens are probably the ones to pay for the service or product then online may be the best way.   4. Be a better boss   Do you go to work on time every day? Being present in your store or workplace may make a difference in your employees’ productivity. Boost their morale and be an inspiration.   On the other hand, if you are always present maybe you need to back down. Maybe the problem is that you are always on your employees’ neck.   Find a good balance and see what works for you and for the kind of employees you have. Do not morph into the kind of boss you despised when you were an employee yourself.   In addition, seek outside professional help to sort out HR, marketing or accounting problems, if needed.   It would also be a good idea to learn some new skills you need for the business – maybe learn how you could handle your business social media site.   5. Train employees   Have this in your budget and schedule. Look for means to train your workers with the skills they need for their job. If you or a friend can give some training or tips, share it. The more your workers are qualified, the better for your business.   6. Attend at least one important event   Your business may have a certain niche but it would still definitely have a certain group wherein it belongs.   Keep tabs of events like fairs, workshops and seminars, outreach programs set by the group etc. that you can participate in. these events may be to enrich you and your business or simply to help you make your presence known in your circle and even beyond.   7. Separate funds   This is essential. Although the money you invested in the business is yours, you are not supposed to mix your personal money and the company’s.   Look for ways to keep these monies separate. It may not be a good idea for you to be the one to keep the money, instead deposit it straight away.   8. Give back   Whatever struggle you may be having, think of giving back to the community. It does not need to be monetary – it can be through some kind of service or donations in kind. Besides, it is good karma to help other people and it inspires your employees (and other people around you) to be generous and kind.   9. Be open to other sources of materials and pool of talents   Our world today is as big as ever. Due to the internet and the ever growing technology, it is possible to get cheaper quality materials, exchange products and knowhow from people overseas without leaving your home, and find amazing and talented people from the other side of the globe who can virtually work for your company. All you need to do is to open your mind to the possibilities, do your research and make that brave step forward.   10. Enjoy   Yes. This is what you wanted to do in the first place. Try to find time to relax and gather yourself again after a stressful day at work. Besides, life is too short to waste so use it wisely on things that really matter.   Happy New Year and may you have a bountiful and successful one!
Candice C

Candice is a school teacher and a mother, She loves writing about practical guides and of course, parenting advice.

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