Add These 5 Things to Your Business Checklist, NFIB Says (INFOGRAPHIC)

NFIB Says Put These 5 Things on Your Small Business Checklist for 2018 (INFOGRAPHIC)

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.

Small Business Deals

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:

NFIB Says Put These 5 Things on Your Small Business Checklist for 2018 (INFOGRAPHIC)

Images: NFIB


Shubhomita Bose Shubhomita Bose is a Staff Writer for Small Business Trends. She covers key studies and surveys about the small business market, along with general small business news. She draws on 8 years of experience in copywriting, marketing and communications, having worked extensively on creating content for small and medium sized enterprises.

2 Reactions
  1. Accounting is important. In fact, I suggest that you should take a course on it even if you are running a really small business.

  2. Social media is a mostly use to promote the business and Accounting is most important for manage over all business