As a small business owner, this is the perfect time of year to reflect on areas of accomplishment or places where desired results were not achieved in 2014.
Here are 10 resolutions every small business owner needs to make now to get their 2015 off to a fast start:
- I will stop complaining about the bad economy.
This country is still staggering out of the recession and finding its feet post bailout. Face the fact that this, for the present, is the “new normal”. However, there are many green shoots and opportunities to be grasped so it is important to be proactive and not waste time on the “woe is me” line. The ESRI reckons the Irish economy has turned the corner and domestic demand has increased for the first time since the economic crisis, so all SMEs need to be out there seeing where they can grow their business in 2015.
- I will be more efficient.
Take stock of what has been selling well and what hasn’t and plan accordingly. Focus on selling what customers actually want, not what you think they need or what they wanted prior to the recession. Do market research and find out what there is a demand for and how you could best serve your existing customers and attract new ones. Change your business focus to take these findings into account. In doing so also take a look at how you handle storage, office space etc and how you could be better organised. Catch up on filing and correspondence etc and start the new year up to date administratively.
- I will only market to prospects that can actually pay for my product.
Businesses spend a lot of time trying to sell their products to people that do not have the money to buy. We waste a lot of time on these “Mr. Maybes” (prospects that show inconsistent interest). Separate out the “tyre kickers” from the buyers by determining the customer’s budget, decision makers, and timeframe for their purchase. Again do your research and know your customers and potential customers.
- I will not lower my price to substitute a real marketing strategy.
Have the confidence in what your company sells not to lower your price in an effort to win business. Leave the price wars to your competitors. Next are a perfect example of this, by holding firm and not discounting before Christmas they are now in a position to increase their profit predictions for 2015 unlike some of their competitors such as Debenhams who are already revising their predictions downwards.
- I will meet with customers and vendors face to face, and make customer service a priority
Stop relying on email and the phone as an exclusive way to talk with customers. Even in a social media world, deep and long lasting business relationships are still built in real life. People like to do business with a real person and putting yourself out there and developing relationships with customers promotes confidence and loyalty.
- I will bring my website up to date and make sure it is attractive and customer friendly.
This may seem contradictory to number 5 but it is crucial to have all aspects of your business up and running efficiently. Irish shoppers spent €4bn online last year, but three-quarters of this went out of the country – because only 60% of Irish small businesses even have a website and many others only have poor websites and fail to use technology to best advantage.
- I will review my health and safety policy and make sure it is adequate and implemented.
Last year Irish businesses paid out €22m in compensation for workplace accidents, with the average award worth €27,286. For a small business with limited cash reserves, compensating an injured employee can be the difference between survival and insolvency.
Slips, trips and falls are the largest cause of accidents in all sectors. Last year they accounted for 33% of all claims. One in five of those slips or trips resulted in employees missing a month of work, or more.
Employers need to be concerned as research indicates employees don’t take precautions because it is the company’s responsibility (and not their own) to prevent slips and trips. Yet nearly a quarter of all workplaces surveyed by inspectors last year had not carried out a slip, trip and fall risk assessment.
- I will perform a security audit
Companies need to recognize the connection between cybersecurity and an organization’s financial well-being. Target’s recent data breach made that message loud and clear. This year, brutally vet your security prowess: get educated on cybersecurity, train employees about security threats, look for a security firm, and prepare for the worst with a damage-control plan.
- I will invest in me and learn at least one new skill.
“Old dogs can learn new tricks.” We invest in training for many of our employees but often neglect our own development. This is the year to look at becoming proficient in an area where you are bad or very afraid. According to Guerilla Marketing, clients will pay up to 9% more to purchase from an expert. Your personal expertise gives you an edge over your competition. Apart from the various courses available, consider attending at least one major industry event. A big part of success in business is to never stop learning from others.
- I will take time off.
Professional and personal lives are merging. Make sure to include “me time” in your schedule and allow time for relaxation, family and also time to take care of your health and appearance. Take one vacation of seven days or longer this year without the work computer or phone.
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