The New Year is in full swing, and for many independent retailers that means its back to business as usual.
Because January is the classic time to set goals and resolutions, we thought we’ve compiled a list of ideas that will benefit your small business not only in 2016, but hopefully for years to come. And unlike typical New Year’s resolutions, which tend to be forgotten by February, the added benefit of higher profits will keep you interested and engaged for the long haul.
Here are five small business resolutions for 2016.
- Revamp your business plan. We hope you had a successful year in 2015, but as they always say: There’s always room for improvement! January is the perfect time to create a fresh new business plan and make adjustments to areas that could be better in the New Year. Whether you want to work on your branding or customer experience, or you simply want to bring in new products more regularly, now is the time to create a business model that will make it happen. Your business plan should include projections for sales and expenses and should be reviewed on a quarterly basis, so be sure to schedule that into your calendar now so you don’t forget later.
- Invest in education. Unless you require a certificate for a certain requirement for your business, most business owners make continuing education a low priority. But because certain methods of doing things change at such a rapid pace these days, you may find yourself doing things the old way instead of the new-and-improved way. Make continuing education a high priority in 2016 by signing up for classes in any area that you think your business could benefit from, such as our PDRA Customer Service Specialist course and our PDRA Coatings Specialist course. Attending local and national trade shows are also a great way to gain knowledge, get noticed and built connections.
- Don’t fear rejection. Part of being a business owner is understanding that you have to hustle in order to make money. To do that, you might have to do harder selling and cold calling than you’d like to. But although it can feel like you’re constantly bothering customers, clients or business partners, let 2016 be the year that you let go of the fear of rejection and find more success.
- Get help. Whether you require assistance with your social media, blog content or you simply need a few extra hands around the store, don’t be afraid to contract out some of your duties or hire new employees. While there is always added expense attached to extra manpower, look at it as an investment. While you certainly need to work hard in order to turn a profit, a healthy work balance and time for family are equally important. So if certain tasks are taking up too much of your time, 2016 is the year to get some assistance.
- Support local: We’re all in this together, right? If you’re looking for a resolution that you can work on in both business and your personal life, supporting small businesses should be it. Few things benefit the local economy and build community like shopping local, so lead by example. If what goes around truly comes around, others will follow suit – ensuring success for you and your business for years to come.