small business goals, new years, ironwood, finance, funding, lending, small business

2018 New Year’s Resolutions for Small Businesses

In Ironwood Insights by

With 2017 creeping up to a close, it’s time to set our sights on 2018 small business goals. The beginning of a new year is a great opportunity for small businesses. Start fresh and correct mistakes made in the past year. New Year’s Resolutions are not confined to our personal lives, small businesses can also greatly benefit from them.

Businesses’ resolutions should vary depending on the type of industry they’re in and what kind of establishment they are. However, there are still some universal resolutions that any business can benefit from. Here are some of them:

  1. Be more organized

Organization is a trait often disregarded and undervalued by small business owners. For a more efficient and structured year, reconsider your organization techniques and find out if there are aspects to improve. Remember: An organized business is a productive business. For organization tips to grow your small business goals, check out this blog post.

  1. Promote, promote, promote

Time to be more proactive in getting your name out there. We live in the digital age now and if your business lacks an online presence, you’re trailing behind. In 2018, look into ways on how to successfully promote your business in the digital sphere and execute them.  This doesn’t mean that you completely let go of your offline ways, success comes in the perfect mix of both new and traditional marketing.

  1. Establish work-life balance

If 2017 was a year of all work and no play for you, 2018 should be the year of perfectly balancing those two things in order to attain success in both aspects of your life. If you’re a workaholic, resolve to set some time for yourself and your family – plan a vacation or come home in time for dinner on work days. This will make a difference in both your professional and personal life, guaranteed!

  1. Learn the art of planning ahead

With 2017 behind you, do you wish you could have planned ahead for some of the trouble it threw at you? No one is ever 100% prepared for anything, but it’s good to be at at least 90%. Take a few hours, look back on the year that has gone, and plan the upcoming year in terms of finances, projects, staffing, marketing, and logistics.

  1. Get invoices paid on time

When you look back on the top ten most stressful things that has happened in the past year, is you client not paying their invoice on time the root of a lot of them? If the answer is yes, it’s time to get rid of this problem and make 2018 a little more stress-free. Here are seven ways to get paid on time that you can apply to your business.

  1. Replace what’s not working

Whether it be a worn out equipment or a faulty age old system, if it’s no longer helping out your business’ bottom line, it’s time to get rid of it. 2018 should be the year of making things easier and more efficient for your business. Replacing what needs to be replaced should be the first step. If your budget doesn’t allow for some of these replacements, consider applying for a merchant advance program to help you out.

  1. Do one thing you’ve always wanted to do

Since starting your business, you probably have had some long term goals you’ve always wanted to get to; something like expansion of products or services, getting a second location, or create a new department. 2018 is the year to take that leap of faith. See your business growing in the way you want it to by going for at least one of your long term small business goals. However, don’t be careless about this – be sure that your business is ready before taking this step.