The beginning of a new year is a time when people reflect on their personal and professional lives.  It is a time of goal setting and reflection. This makes the flip of a new year a wonderful opportunity for leveraging the high level of motivation to make notable change in your small business. 

Get SMART about Your Goals

As with any change, it is essential to first carefully plan your goals and objectives. Goals need to be S.M.A.R.T., which stands for:

• Specific. The goal must answer the six W’s: Who, What, Why, Where, When and Which.
• Measurable. The goal must answer: How much? How many? When is the goal reached?
• Attainable. Have a reasonable timeframe, detail a goal achievement plan.
• Realistic. Is your business willing and able to work toward the goal?
• Timely. Without the urgency of a deadline, the goal will probably not be achieved.

5 New Year’s Resolutions to Consider

This year, resolve to make changes in the way you do business that will improve the quality of your work, increase your profit, and make your company the best that it can be. While there are thousands of possible goals your can work on, these five can have the biggest impact on your small business. 

#1: Fix Profit Leaks

Nurture a mentality of finding ways to save the business money. Reward cost-savings and profit leak identifications. When you spend your time getting it right first, you avoid costly “do-overs.”

An example of a concrete plan used in the building industry, including a worksheet for calculating the cost of quality, can be found in this article by Ed Caldiera called “How to Fix the Profit Leaks in your Business.” 

#2: Create a Marketing Plan, and Stick To It

Make a plan to be more involved in learning about marketing for your business. Network with others in your business online and in person to find what is working for similar businesses in different markets.

#3: Pay Attention to Your Marketing Database

Many small businesses do not have one - gasp! Perhaps you do but it is so full of clutter, inaccuracies, duplicates, and incomplete profiles that it is useless. Clean it, start one, or do whatever you need to do to accurately capture your customers’ and prospects’ information. This invaluable tool is essential for small businesses today. 

#4: Make it Easier to Work

Make it a goal to look at the internal work processes of your business. Are you working the smartest way possible? Do a work-flow analysis of your small business and look for ways to trim processing times, and cut out unnecessary tasks. There are plenty of workplace activities that happen “because we’ve always done it that way.”

#5: Make it Easier for Prospects to Work with You

Track your customer and prospect comments, especially the negative ones, and make changes when feasible. Are people telling you that your phone system is a pain in the neck? Fix it! An hour or two spent correcting the phone system can save you hundreds of abandoned calls.  The same holds true for your company website. Do people say they cannot figure out where something is? Make changes to help customers buy from you!

New Year , New Opportunity

Small businesses need to constantly evaluate what is working and what is not. Begin the New Year with a plan that plots out a year of goals. Break down the goals using a simple system like the SMART method and design a plan you can stick with until your resolutions are achieved.

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