4 Resolutions to Set For Your Small Business in 2020

As a small business owner, it’s likely you’re aware that things in the business world are ever-changing. Whether you’ve been in business for 10 years or 10 months, the new year is a great time to set some goals and resolutions in order to maintain and increase your success. While there are many ways in which you can go about setting goals, below, we’ve listed five tips we feel are crucial to help small business owners like yourself achieve success this coming year.

Establish Your Social Presence

These days, digital is the way to go. It’s rare anyone picks up a newspaper to find out what’s going on in the world, and if that’s where your business is being advertised, it’s pretty unlikely many people are hearing about it. If you’re thinking to yourself, “I already have a Facebook or Twitter account so that should be enough,” think again! While having these platforms is great, they’re doing absolutely nothing for your business if you’re not utilizing them strategically.

Depending on what’s happening within your business, make it your resolution to post weekly, or even daily, in order to engage with your customers. When you’re creating these posts, you’ll want to be sure they are consistent across the various platforms you’re utilizing. Because your social platforms are connected to your business, you want their presence and tone to be a reflection of that. Be sure to use language that is professional and on-brand and if you post photos, make sure they are appropriate and tell a story that relates back to your product or service.

If you’re someone who is not super tech savvy but would like to learn, there are courses you can take, many of which you can find online for free. On the other hand, if you do not have the time to devote to familiarize yourself, hiring someone may be in your best interest. If you’d like to learn more about various titles and job descriptions to make sure you’re hiring a candidate to meet your specific needs, visit this page for a breakdown.

Streamline Your Finances

While there are many reasons to start a small business, one of the main motives is to, of course, make a profit. Once you’ve established your business and start to see a profit, it’s important to keep your finances secure. A lot of business owners make the mistake of mixing their personal finances with their business. Having a shared account may work in the early stages, however, over time, things can get tangled leaving you with a big mess that could have been avoided had you kept your accounts separate from the start.

This year, look into opening a business bank account, more specifically a digital business bank account, to handle all your small business needs. Going digital provides you with 24/7 access to your accounts, the ability to make deposits and receive transfers at your fingertips, avoid waiting in lines, and you’ll even be able to loop your bookkeeper in on your finances, making tax-time and making sense of your financial statements a little less stressful. A digital bank account is a great option for owners or employees who are required to travel as they can access their banking information anywhere, anytime. To learn more about why you should go digital with your small business, check out this article.

Take Out a Loan

This may seem like a backward tip since you’ve already gotten your business up and running, however, taking out a small business loan may be exactly what you need to do in order to expand your growing business in the new year. Maybe you’re in the market for some new, more ergonomically correct office furniture, or maybe you’ve grown so quickly that you’re considering a second location. Either way, a small business loan can help get you there.

In the business world, opportunities come and go in the blink of an eye. That said, once you discover something lucrative for your business, you must act quickly. You’ll want to take this into consideration when selecting a company from which you borrow. At IOU, we understand this sense of urgency and do what we can in order to approve loans up to $500,000 in 24-48 hours leaving you with less time to worry about money and more time to focus on your business needs.

Give Back

Being a small business owner requires lots of hard work, patience, dedication, and perseverance and is oftentimes a thankless job, especially in the beginning. However, waking up each day knowing that you’re heading to work to do what you love has to feel pretty great. Why not share this energy with the community in which your business is housed?

As a small business, there are a number of ways you can give back to your community and they don’t all involve donating financially. For example, you and your team can select one day per month to spend time volunteering at a local animal shelter or a food pantry. It may seem like a lot to ask of your employees, but the intangible reward of helping those who are in need will make it all worthwhile. If you happen to be in a position where you can give back financially, consider sponsoring an event or even a youth sports team. Your contribution to the people in your area will be appreciated and although it is not intended to be a means of advertising, you may gain some new customers as a result!

The new year is a time for change and growth within your business and some of your practices as a business owner. It’s time to perfect your craft and welcome new ideas into your flow. Taking the time to make resolutions and actually sticking to them can be imperative in the success of your business. These tips we shared are just a few of the ways in which you can start 2020 off on a strong foot and continue to have a profitable business for years to come.

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