Top 10 New Year’s Resolutions for Small Businesses: Setting Up for Success in 2024

With the dawn of a new year, it’s the perfect time for small business owners to reflect on past successes, learn from challenges, and set the stage for a prosperous 2024.

In this article, we’ll provide ten resolutions your company should consider (just stick to one though—at least until you accomplish it, then you can move on to another).

But first, a quick strategy review.

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What is Business Strategy?

Most small business owners have a tendency to get caught up in the day to day of operations, without stepping back to review their strategy (or set one, if their staff isn’t clear on what their strategy is).

Strategy, in short, is your intentional set of limiting decisions that guide where you focus, how you win, and the systems and structures you need to achieve your specific goals.

If that sounds simple, that’s because it is!

Your strategy should be something that every employee in your organization grasps, so that they can understand how their role—and the freedom that they have to exercise their role—fits into your organization’s overall goal for the coming year.

Your strategy should fit on a single page, and it should be clear. It’s not about setting a revenue target, it’s about creating an aspirational goal that uniquely positions your company for success in the eyes of your staff, and in the eyes of consumers.

And remember—just because you have a strategy, doesn’t mean you can’t adjust it. As you get new information, as you learn what competitors are doing and what customers want, you can certainly adjust. The point of a strategy is to have something to guide and direct your team, and give you something to measure against.

Now let’s get into the ten resolutions that can be part of your strategy for the coming year:

1. Embrace Digital Transformation:

Adopting digital tools and platforms can streamline operations, improve customer engagement, and open new revenue streams. Whether it’s an e-commerce extension, CRM system, or cloud-based collaboration tools, ensure your business isn’t left behind in the digital wave.

2. Strengthen Online Presence:

A robust online presence through search engine optimization (SEO) and content marketing can exponentially increase your brand’s visibility. Update your website, create valuable content, and optimize for search to attract more organic traffic.

3. Invest in Growth:

Leverage financing to take advantage of growth opportunities in your industry. If you’ve been eyeing an expansion for a while or see opportunities to update equipment and increase profit margins or efficiency, consider financing options that can fuel your growth.

4. Focus on Sustainable Practices:

Sixty-six percent of all consumers (and 75% of millennials) consider sustainability when making a purchase. In other words, sustainability can be a competitive advantage. Look for ways to appeal to your eco-conscious customer base—you may be able to expand your customer base and even increase profit margins.

5. Enhance Employee Training & Well-being:

Turnover is expensive. If you’re struggling to keep staff, or struggling to hire, it may be a sign you need to invest in your staff. This could be anything from offering training programs, to adding wellness initiatives, to allowing work from home.

6. Re-evaluate Your Supply Chain:

With global trade dynamics constantly shifting, it’s vital to ensure your supply chain remains efficient. Explore local sourcing or diversify suppliers to mitigate potential risks.

7. Engage with Your Community:

Foster relationships within your local community. Attend networking events, collaborate with neighboring businesses, or sponsor local initiatives. This can boost brand loyalty and provide local market insights.

8. Prioritize Cybersecurity:

Protecting customer data and business information has never been more critical. Implement robust cybersecurity measures, conduct regular audits, and train your team to recognize potential threats.

9. Expand Marketing Strategies:

Diversify your marketing channels. From social media advertising to email campaigns, leveraging various platforms can help you reach a broader audience and tailor your messaging effectively.

10. Seek Feedback and Iterate:

Continuously collect feedback from customers and iterate on your offerings. This not only enhances product or service quality but also builds trust with your clientele.

Conclusion

Don’t let the new year come and go with just more of the same. Take the initiative and use the opportunity to press into a clear strategy that embraces growth. And if you need financing along the way, Biz2Credit is here to help.

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