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New Year’s Resolutions for Business Owners

New Year’s Resolutions for Business Owners

15 January 2019

Now that we’re a couple of weeks into the new year, are your resolutions flagging? Or did you make plenty of personal ones but forgot to revitalise your business?

Losing weight, quitting smoking and other popular New Year’s Resolutions are great, but they won’t help your business’ success. Consider making a list of professional goals to take on this year and bring about a positive change that will encourage growth.

1.    Revamp Your Prices

We’re all about “Real Numbers” here at Nordens Strategic. Business owners should charge the rates they deserve instead of undervaluing their services. If you’re looking to raise your prices, it’s time to set a strategy to ensure you don’t lose clients/customers in the process. Do your research and compare your services with your competition. Then be transparent with your pre-existing clients/customers to avoid any issues.

2.    Improve Cash Flow Management

Cash flow problems are the root of small to medium business failure, so it’s important to focus your attention here. Consider a cash flow budget and manage your debtors. As you know, we work closely with our clients to manage and improve their cash flow.

3.    Update Your Digital Strategy

There are always new platforms, apps and programs that can improve day-to-day operations. Spend some time researching new tools, whether it’s for social media, search engine optimisation, video, or even organising your tasks, and see if any fit into your strategy. If you don’t have a digital strategy yet, add that to your list this year, as having an online presence for your business increases transparency and trustworthiness.

4.    Increase Overall Productivity

Unnecessary meetings and too many points of communication are time-wasters and can result in working overtime. Focusing on increasing productivity levels, whether it be on a personal level, for your team or the whole business, will free up time.

5.    Up Your Communication Game

Ineffective communication, such as misunderstandings, lack of employee morale and repeating the same information over and over again affects operations significantly. Sometimes over-communicating is necessary as those listening don’t absorb as much as you expect them to. Learn how to improve your communication by watching our video.

6.    Check in with Your Employees and Clients/Customers

It’s a new year, and many people are focusing on self-improvement. Check in with your clients/customers and consider integrating or improving your customer feedback strategy, such as sending out a customer service survey.

It’s also important to check in with your employees and see what their New Year’s Resolutions are. Putting them first can increase morale and ensure operations run smoothly.

And if you haven’t already made a resolution to check in with us regularly to see what improvements we recommend to benefit your business, add this to your list!  You can call us on 020 8530 0720 or email paula.w@nordens.co.uk.

Wishing you a successful 2019!