It’s not uncommon for people to make New Year’s resolutions to accomplish personal goals. What’s rare is for businesses to create impactful resolutions at the start of the year to achieve business goals.
A new year is the perfect time to reflect on your past learnings and set objectives that can help you grow your business.
But what sort of goals should you set for your business?
The National Federation of Independent Business (NFIB) has collected data and created a checklist for businesses to improve their operations this year.
Small Business Checklist for 2018
Spend Time on Accounting
Data reveals 42 percent of small businesses spend four hours or more on just tax compliance. In 2018, businesses must therefore prioritize reviewing tax changes and their long-term financial plan.
Increase Social Media Marketing Efforts
Despite the growing popularity of social media as a marketing and promotional tool, many businesses (24 percent) don’t use it today. This year, businesses must resolve to use at least a couple of social platforms and leverage them for free marketing. Using analytics tools to track relevance and engagement should also be high on businesses’ agendas.
Make Strategic Comparisons
Businesses operate in a highly competitive landscape today. Not surprisingly, many businesses (19 percent) fail because they are outcompeted. To address this challenge, businesses should focus on using a SWOT analysis to stay ahead of competition.
Get Serious About Cyber Security
With cybercrime on the rise, businesses today are at a greater risk than ever. Data shows 58 percent of businesses report experiencing an attack. For businesses, it pays to build a response plan, monitor accounts, boost security and educate employees.
Tune in to Employees
Success of businesses, in general, and small businesses, in particular, depends a lot on the team. Twenty-three percent of businesses, in fact, fail because they don’t have the right team. In 2018, it is therefore a good idea for businesses to take time for performance reviews and to identify strengths and weaknesses.
Thinking of making some new business resolutions this year? Check out the infographic below for inspiration: