It's that time of year again━time to write those New Year's resolutions. Although the thought of creating resolutions at the beginning of each year may seem a bit cliche, it can be beneficial for your business savvy. As 2015 begins, we can reflect on what we've learned in the past year and use that knowledge to establish where we want our business to go in the future, and more importantly, how we can get it there.
This year, create a set of realistic goals for your business and for yourself. For your New Year's business resolutions, here are a few ideas from USA Today:
Focus on recurring revenue. You may be thrilled to find any source of income, but some types of customers contribute more significantly to your long-term financial well-being. Focus foremost on customers who have the need and capacity to buy from you repeatedly rather than one-off purchasers.
Get more help. Your business may not growing sufficiently because you are trying to do too much yourself. It's difficult to find good employees and contractors, but a great worker can truly help you grow your company significantly. Examine your operation for routine tasks that take too much of your time, and look for areas of business growth you need outside expertise to achieve.
Check your financial statements regularly. In the crush of work — or from the fear of finding out bad news — many entrepreneurs hesitate to look too deeply and regularly into their financial reports: profit and loss, cash flow, aging accounts receivable and payable. Every week, perhaps on Monday or Friday, spend at least 30 minutes reviewing your financials.Read more
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