You’re probably considering some New Year’s resolutions to make for yourself this time of year. But what about your business?
The start of a new year is a great time to set new goals for yourself and your business. But making New Year’s resolutions only works if you set goals you can stick to. Otherwise, you’ll just end up giving up midway through February, like approximately half the people who get new gym memberships at the start of the year.
In case you don’t know where to start when setting some New Year’s resolutions for your business, we’ve got a few suggestions that are easier to stick to than you might think.
New Year’s Resolutions for Businesses
1. Stay on top of your finances
It’s not uncommon for rapidly growing businesses that are stretched to the max to overlook their finances until the end of the year or during tax season.
Break this habit in the new year and commit to keeping your finances organized throughout the year. This includes balancing your books monthly and keeping your records consistently up to date.
Staying organized throughout the year will save you the time, expense, and unnecessary stress of cleaning up a big ol’ mess later on, so you’ll feel less compelled to run away to a desert island when important financial deadlines arise.
2. Trim the fat
No, we don’t mean losing those extra holiday pounds. We’re referring to those unnecessary expenses you may not even be aware of that are sucking much-needed cash from your budget.
Commit in the new year to closely review your expenses and eliminate anything that isn’t absolutely necessary to the operation of your business (go on – be ruthless).
Cutting non-essential expenses will help your business save money and run more efficiently. You’ll also have a clearer picture of where your money is going, which will help in terms of long-term planning for your business.
Related Article: 5 Ways to Cut Costs for Your Small Business
3. Make the transition to the cloud
If you haven’t done so already, it’s time to pull the trigger and move out of the dark ages regarding your accounting.
Moving your finances to the cloud will help to streamline your business operations. The cloud will give you anytime access to your numbers – in a meeting, at the airport, or anywhere else you go with Internet access. You’ll never have to wonder about the financial health of your business, and you’ll always have a secure backup of your most important data.
4. Hire qualified help
As a business owner, it’s important to accept you can’t do it all yourself. Because your business lives and breathes according to the overall health of your finances, it’s incredibly important for you to get the help you need to manage your money wisely and stay on top of the books regularly.
Hiring an expert to manage your financial tasks for you is more affordable than you might think, plus it will free up your own time and headspace, which can be devoted to other things about your business.
What goals will you set for your business this year?
Have some goals in mind for your business that we haven’t covered here? Share them with us below in the comments!
Happy New Year from FusePhase! We wish you and your business a successful year to come!