3 New Year’s Resolutions For Small-Business Owners

by Sufyan 14th of December, 2015

Many people see the calendar ticking over into the New Year as an opportune time to better themselves. Whether it's aiming to get to the gym more regularly, eating more healthily or even attempting to take care of finances carefully, changes can be big or small.

While making personal alterations is one thing, doing so in the world of business is another entirely. So, if you're a small-enterprise owner struggling to come up with any changes that will prove worthwhile over the next 12 months, here are three New Year's resolutions that can set you on the right track:

The New Year is an opportune time for small business owners to assess where they stand in their sector.


1. Set objectives and benchmark

Every sector is hyper-competitive these days, and thanks to the rise in easy-to-access enterprise technologies, even small entities can take on their bigger peers. Consequently, as a small-business owner, it's imperative that you assess your own standing in the market.

This process of benchmarking can be relatively simple, and can even involve assessing other businesses for sale in order to garner an idea of your own worth. It may seem like a rudimentary process, but building an understanding of where you sit in your market, and working out ways to surpass competitors should be a long-term aim that will prove to be a more than worthwhile resolution.

2. Give back to customers

The vast majority of outwardly facing businesses would be nothing without their clients. Moreover, the New Year is the perfect time for you to take stock of exactly who and what has helped you achieve success over the previous 12 months.

To that end, Forbes contributor Drew Hendricks suggested that small business owners can even go as far as personalising their thanks. For example, if you plan on sending out an email campaign at the beginning of the New Year, ensure it's sent out to your most loyal customers and tailor the correspondence to them.

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A personalised email can be a great way to boost customer loyalty, and there's no time like the New Year to send out correspondence.A personalised email can be a great way to boost customer loyalty, and there's no time like the New Year to send out correspondence.

3. Build your network

The secrets to business growth in 2016 are likely to be out there somewhere, so it's imperative that as a business owner, you attempt to connect with people who have been there and done that. Growing your network can be a really fruitful resolution, and it doesn't have to be laborious.

 "Social media is the name of the game. What is your business doing to make sure that you not only have a website, but are using Twitter, Facebook and other platforms to grow your business? Are you connected with other similar businesses, networks, community chambers, etc.?" surmised US Small Business Administration spokesperson Miguel Ayala, as quoted by Fortune.

Ultimately, there is no one resolution that will be perfect for small business owners. However, those that do set targets and assess their internal workings are likely to set themselves up for a successful 2016.

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