4 New Years Resolutions for your Business

"David Balwin

CPA | Accountant | Business Advisor

It is that time of the year when we make resolutions for the coming year.  Lose weight – get fitter – drink less – actuallyuse that gym membership we keep paying for – spend more time with the family and friends and so on  ….

What about New Year Resolutions for your business?  Here’s our top 4 to consider  …

1.       I resolve to get on board internet and social media marketing and use them to promote my business.

Marketing research and statistics support that consumers are using the internet to source suppliers and/or do business with those suppliers.  Those who “tweet” “FB” “Blog” and sell their products via the internet are the ones who are capturing greater market presence than those who aren’t.  Where people use to tell one or two others how happy they were with a supplier or service provider over the BBQ and a drink in the past, people are now communicating the same information with hundreds of people in an instance via Facebook, Twitter, Linkedin, Blogs, etc.

 2.       I resolve to explore selling and providing my products and services over the internet.

Although people are continuing to enjoy the “shopping experience” with on-site shopping/service provision, there is a growing trend to do a lot of this from the comfort of the customer’s office or home.  Regardless of whether you are a supplier of goods or services, customers are looking more to the internet to source their needs.  Cloud capabilities and internet shopping is growing.

3.       I resolve to review my business practices to see if I can do them more efficiently and/or cost effectively.

With technology changing so rapidly it is important to review how you do business to make sure you are getting the biggest and best bang for your buck.  Could you be doing business more efficiently?  Is the technology you are using the best for now and into the future?  Can you source the technology cheaper (eg, phones –  we cut our phone costs by over 40% by changing systems and providers)?  Is the way work flows through your business optimal?

4.       I resolve to support my staff as an asset of my business.

A lot of business owners invest a lot of money in technology and marketing however are irritated with staff management and development.  The thing that separates technology and people is that people come with a brain that can think for itself and experiences, connections, and capabilities when nurtured and fostered to support a business are a significant asset across many areas of the business, not just the area they are employed to do.  For example, computer software is purchased to write letters and another to create spreadsheets and another to do the financial management and another – well you get the gist.  People can do the job they are employed to do as well as market the business, up-sell/cross-sell, referral market, assist with process design, etc.

Happy New year from Balanix Solutions.  We look forward to hearing 2013 was successful and profitable.