Firstly we would like to wish all of our clients happy new year!
This time of year is popular for new year’s resolutions with many people changing jobs, taking on a new hobby of committing to getting fitter. This is a popular time for reflection and also an opportunity to make positive changes in our lives for the year ahead.
Have you ever thought of applying this approach to your business?
Whether you believe in New Year’s Resolutions or not applying this to your business can help spur you towards your business goals in 2016.
So here are our suggestions of new year’s business resolutions:
Schedule time for business planning
Do you know your sales figures and your profit figures? If not, why not? Make sure you schedule an afternoon at least one per month to go through your figures and use then to help drive business decisions. You may find that a certain product is less profitable than you thought or realise that you need to take on new staff.
By doing this monthly you will be able to identify potential issues (such as cash flow) and opportunities in plenty of time and make the right business decision.
Sort your website out
If you don’t have a website or your website hasn’t been updated in a few years now is the time to invest in having a new look website. Your website is the shopfront of your business and neglecting it will be costing you potential customers.
Review your pricing
When was the last time you increased your prices? Many business owners are nervous to increase prices in case they will lose key customers. However, your costs will be rising each year so make your pricing reflects this.
If you have clients that are costing you more than you are receiving back, then maybe now is the time to reduce your portfolio and improve your margins!
As a business owner you will be wearing many hats – one minute you will be doing the finances, the next a spot of marketing followed by logistics. Do what you are best at and delegate or outsource the rest to someone who excels at that. Not only will the quality of your work improve but as a result it may increase your profitability as well.