Three New Year’s Resolutions for a Better Business

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Three New Year’s Resolutions for a Better Business

Regardless of the size of your business, a New Year is the perfect time to make some resolutions to help you make your business better. This year, we are suggesting just three business resolutions for you to do in 2020 to make this year count. 

 

Resolution One: I will learn how to manage my cash flow more effectively 

Cash flow – if this has not been your strongest point to date, then a new year is the time to make managing your cash flow more effective a priority. Whether it’s setting time aside to reconcile your accounts, booking in with your accountant  to go over your budgeting and forecasting for 2020 or staying on top of your invoicing, make 2020 the time to make your cash flow management count.

Need some inspiration on how to manage your cash flow? Listen to episode 4 of Make It Count Project, MICP04 Improve Your Cash Flow in 24 Hours.

 

Resolution Two: I will charge what I’m worth

If 2019 left you feeling underwhelmed and undervalued, then this resolution will help you set 2020 up to flip those feeling on their head. If it has been a while since you evaluated your pricing structure, the start of 2020 is the time to do this. If you are not sure if the time is right to increase your pricing, consider how the below areas may have changed since you last considered your pricing point.

  1. Supply and demand of your service/product
  2. This year’s financial and growth goals
  3. Industry pricing trends
  4. Upcoming expenses

If you have some big goals, upcoming expenses or have decided that the New Year is the time to increase your overall revenue, then contact us today for help getting your numbers right.

 

Resolution Three: I will become a better communicator

Communication is one of the key components to having a successful business. Whether communicating with your team, suppliers, your network or customers, communication is a must for your business.

There are two main areas with improving your communication: 

  1. Being a better listener; and 
  2. Taking action.

Unfortunately, most people listen purely with the intent to reply and miss the most important point of communicating – to understand. Scarier still, even less people take action (even if they are actively listening). In 2020, make active listening and action taking in your business one of your resolutions and see how having clear communication can make a difference over the next twelve months.

 

Bonus Resolution: I will stay healthy

It takes a lot of energy to run a small business and if this bonus resolution is not already a resolution of yours, it should be. Whether you are working on your mental health by scheduling in some headspace time or focusing on your physical fitness by prioritising 30 minutes of exercise each day, whatever your chose to do make it about you. By being the best “you” you can be and making yourself a priority this year, you are setting yourself up to making it count for yourself and your business this New Year.