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New Year's Resolutions for Small Businesses Image

New Year's Resolutions for Small Businesses

Posted by: Dean Zimmerli

As the start of every year, many people are thinking about the goals that they want to accomplish in their personal lives. Similarly, small businesses in Minnesota can list out their goals for the new year. However, there are a few resolutions that companies can make to spur growth and further success in 2016.

All small businesses benefit from determining a niche for their products or services. They can make more money and compete against fewer rivals this way. Existing small businesses should also determine the products or services that turn a profit, which provides financial security for the long run, and focus on attracting and keeping customers who have the capacity and need to make repeat purchases. Additionally, they need to manage their money by regularly evaluating losses and profits, aging accounts and cash flow. Opening a reserve account with a few months’ worth of operating expenses can help during sudden drops in cash flow.

A lot of companies, big and small, have been using social media to attract business. While this is beneficial, it also takes time to maintain. Limiting time on social media to just 30 minutes a day leaves more time available for actual work. Small businesses can also get their companies listed via Bing, Google and Yelp as a method of free advertising. Furthermore, moving documents and communications to cloud-based applications such as Google Drive, Microsoft OneDrive and Dropbox is a great way for small businesses to become mobile and collaborate online.

One of the most important parts of running a successful business, however, is creating a business plan. Evaluating what is happening with the business, customers, finances, operations and rivals and making a plan sets everyone on the same path. Since there are several aspects involved with business planning, including legal matters, some small businesses may find it beneficial to hire a team of attorneys.

This information is general in nature and should not be construed as tax or legal advice.