Small Business Resolutions You Can Make Anytime of the Year

January 8, 2024

If you’re a business owner, there’s no better time than the present to set new goals and identify ways to reach the next level of success. For those in search of new strategies, expert advice, or just thought starters for improving your business, the experts at BayFirst Bank have compiled a list of steps every businessowner should consider taking throughout the year.

1. Review your business model. A business model serves as a roadmap to success and should be revisited on an annual basis. Have your goals or target audience recently changed? Are you ready to buy out a competitor? Do you need to purchase additional equipment or add a product line or service? If so, now is a great time to revise your business model to drive revenue and improve your bottom line.

2. Refresh your marketing plan. Take time to look at the results from the last 6-12 months and prioritize what worked best and / or stretched your budget the furthest. Be sure to also look for new strategies to try.

3. Grow your network. Seek out networking events, join a new Facebook group, or simply make it a point to introduce yourself to someone new each week. Doing so could help you increase your visibility, find new opportunities, and meet new vendors, clients and friends. And don’t forget to follow us on LinkedIn and Facebook to connect to BayFirst’s network of businesses.

4. Never stop learning. Even the most successful business can benefit from new ideas and strategies. So, sign up to take a class, read books from business leaders, or listen to podcasts from speakers you respect – and then put your learnings to use.

5. Engage with your customers more. Your existing customers are a wealth of knowledge and can provide intel into how to improve or what you are doing right. Engage them more by talking to them in-store, sending them surveys, or creating a focus group. Also, happy customers can be great sales tools, so consider asking them for referrals or even testimonials to use in your marketing.

6. Talk to an SBA lending expert.  As a small business owner, you could be eligible for a loan from the Small Business Administration (SBA) if you need additional financial support. You can use an SBA loan to purchase supplies, refinance existing debt, hire employees, cover marketing costs and more. For more ways an SBA 7(a) loan can benefit your business, click here.

7. Focus on your website. In today’s evolving business environment, customers expect businesses to have a professional looking and functional website. If you already have one in place, be sure to look at how its performing and find ways to improve it. If you still need a website, now is the time to create one.

8. Manage your cash flow more effectively. All businessowners know cash is pivotal and can determine how well a business pays bills, covers unexpected expenses, and invests in future growth. To better manage your cashflow, look for ways to cut costs, cash in on assets (such as equipment you no longer use), or consider a business line of credit or an additional loan. It’s also a great idea to have an SBA expert review your financials to find ways to improve your situation. They can often provide sound guidance and identify ways to lower monthly payments, pay off existing debt, or provide working capital to help you grow your topline revenues.

9. Use more technology. Most businesses can benefit from software designed to increase productivity, track performance or automate activities such as financial management, customer relations, payroll and more. Take the time to look into available technologies now.  

10. Celebrate small victories and your best employees. Owning a small business is not easy. And while it might seem like your long-term goals are a long way off, there are many small milestones worth acknowledging every step of the way. Be sure to take time to celebrate a record sales day, a positive review, or your 100^th follower on social media. It can boost morale, energy and productivity. And, at a time when the workforce is shrinking and retaining talent is becoming more and more difficult, be sure to take care of your best employees. Gestures as small as a lunch, coffee or simply thank you note expressing gratitude can go a long way.

Looking for additional ways to improve your small business? Contact an SBA agent at 833.220.2792 or fill out the form below today to discuss the products and services available through BayFirst that could make the all the difference.