Most of us do it every year. We vow at the beginning of each year to set resolutions or goals. We make promises to ourselves to focus on our personal well-being whether it might be our health, eating healthier, losing weight, lessen stress, travel more and etc. but what about your business?
As a business owner, this is a perfect time to make a list of ways to make positive changes and improvements. Here are 5 important new years resolutions every business owner should make.
Stop Wearing All the Hats
No matter how hard you try it's nearly impossible to do everything and run your business on your own. One of the benefits of owning a business is that you don't have to work for someone else. You want to get to a point where your business can run without always being present. With that said, if you fall into this category than you might want to consider growing your team. Think of positions you need and want to fill. Of course, take your budget into consideration and be realistic on what you can afford.
Have a Crisis Plan Ready
As a business owner you might have a business plan, marketing strategy, and a budget but in a time of a PR crisis are you prepared? Businesses can be hit by an unexpected crisis whether it could be contaminated products or food, a civil product liability lawsuit, or some other unforeseen disaster that may hurt sales, the bottom line, or reflect poorly on your companys' image. Do your research, have resources available and ready. Create a communication playbook for you and your staff that explains how to handle worse case scenarios including how to address the media, respond on social media, customers and etc.
Have you taken a look at your reviews whether it might be Google, Yelp or Facebook? Take some time to go over them and make a list of issues your customers are facing with your business. Create a plan to find solutions and make improvements. You want get your customers coming back instead of turning them off. Also, make sure to respond to any comments or complaints whether they are negative or positive.
Get Locally Involved
The city where your company or business is based in will most likely have monthly local events that you could benefit from getting involved. Research and find out what type of events are happening in your city, area or county. Also, it wouldn't hurt to find out what other companies or businesses around you are also locally involved. Look at companies who could benefit from your products or services. Events are not only a perfect way to network with customers but also businesses, especially if you are a B2B focused business. This will help you create strategic partnerships. Becoming part of your community will only make your business stronger.
Audit Your Products/Services
As a business this is something you should be doing quarterly. Review your sales and determine which products or services are bringing in profits. If you come across a product or service that isn't doing so well, make a decision to either discontinue it or change up the service you are offering. It wouldn't hurt to research your competitors and see what they are offering and what is working for them.
If you are a restaurant, this menu engineering worksheet will help you. Download here.