The Update

4 New Years Resolutions for Small Businesses

It’s a brand-new year, and a new chance at growth for your business. Curious about what your business should be focusing on this year? We’ve got answers! Below, we’ve outlined four New Year’s resolutions for your business.

Update your business plan

If you’ve established your company the right way, you’ll have drafted a business plan when you first launched your business. Take some time now before the new year starts to review and update your plan. Have you dropped any of your former business goals and/or adopted any new ones? Are you actively looking for investors to grow your business? Do you plan to take out a business vehicle loan this year, or seek out a partner? Include all of this, and any other notable changes, in your new business plan.

Rewrite your marketing strategy

Use this opportunity to review and refresh your marketing strategy. Is the plan you followed last year still working for your business? Do you need to overhaul your entire strategy and start from scratch, or maybe just make a few changes? Read up on the latest trends in marketing, reach out to consultants if necessary, and get your marketing plan ready for the coming year.

Look for ways to increase automation

Harnessing technology effectively can decrease your operating costs and radically improve your bottom line. Look for software to automate business processes like invoicing, managing inventory, customer service, payroll and more. You’ll need to make an initial investment for the software, but if all goes well, the savings you incur from automating these processes will be more than worth the cost.

Prioritize your company culture

Building and maintaining a positive company culture is crucial for optimal productivity and employee retention. Spend some time at year’s end to review your current company culture and find ways to improve and strengthen it throughout your organization. Is your company culture obvious to all employees? Does it properly reflect your business values and overall business goals? Are your employees happily engaged within your company culture? Start the year off right with a revamped company culture that will put your business on the path to increased productivity and growth.

RGCU Business Services is Here to Help

Rio Grande CU is here to help your small business grow! RGCU Business Services offers simple, convenient, low cost services to help your business grow and be successful. Whether it's a business checking account, equipment loans or financing, or accounting services, RGCU wants to help make your dreams come true! 

The new year presents a fabulous opportunity for your business to focus on key elements to promote ongoing success. Use this guide to jumpstart your list of New Year’s resolutions for your business.