New Year’s Resolutions for Small Business Owners

written by Megan McCann

New Year, new me. Have you caught yourself thinking or saying this phrase? With the start of 2016, most people are thinking about shrinking their waistlines, finally committing to the gym, or giving up one of their bad habits. Enough worrying about yourself, let’s focus on your small business.

Here are the top five News Year’s resolutions we believe every small business owner should have:

1. Backup – No we don’t want you to regress back to your old ways of long ago 2015. Have you backed up all of your data? Do you have a secure cloud-based network where you are storing all of your important documents, financial statements, etc.? If not, get one! Welcome to the year of the cloud.
2. Do you have a plan? – A business plan that is. Have you ever written a business plan for your company? If not, now is a great time to start one. It is important to list out all of the goals you have for your company whether they be financial goals or growth in customers or services rendered. If you already have a business plan, now is the time to review it. Are there any changes that should be made?
3. Social media – Are you hash tagging and tweeting your way to success? With social media as popular as ever, make sure you are reaping the benefits of these free marketing tools. This does not mean you need to ‘’follow’’ the Kardashians, but do make a point to see what your target market areas are in to these days and stay on top of local trends that may apply to your business.
4. Website – let’s face it, hardly anyone is pulling out the yellow pages these days. If a customer can’t find your website within a matter of seconds, they are not bringing you any business. Make sure you have a website established and you are updating it on a regular basis. Start by searching yourself.
5. Projections – Have you considered what’s in store for 2016? By now you should have met with your CPA and discussed your financial goals for the upcoming year. Plan ahead for any tax liabilities you may incur, losses you are expecting, or better yet a substantial increase of income. After you have set up a projection, review it on a monthly basis and make sure you are staying on track.

The professionals at The Whitlock Company can help you get on the right track. Contact us to discuss today at 417-881-0145.