Top 3 Small Business Resolutions for New Years’ 2017
No intro necessary: a new year = new resolutions. Whether you actively write down your resolutions for the new year or just make a mental note, the ring of the new year marks a fresh start and a clean slate. Past shortcomings are forgiven, and everyone is entitled and encouraged to try -once again- to be their very best self. Your business should be no different. Take this opportunity to establish new goals you’d like to set for your startup in 2017. Here is our list of the Top 3 Small Business New Years’ Resolutions for 2017:
1. Make a plan…and stick to it!
You’ve heard it before, and you’ll hear it again: put a business plan in place! There’s a reason why you hear this all the time, it’s because it works (don’t believe us, here’s proof).  Your business plan is a road-map for your business’ success, indicating what tasks need to be completed (and when) in order to achieve the milestones you’ve established for yourself. When done properly, your Business Plan becomes your business Bible; it has all the answers to the how’s, why’s and who’s – ‘How will you attract customers? Why do you need funding for your business? Who is your main competitor?’ – and so on. A good plan will help you to identify obstacles – both current and future – as well as anticipate and avoid potential risks.
If you’ve already got a business plan, the new year is the ideal time to review it. Reflect on what you’ve already accomplished, and the goals you have yet to take on. Perhaps its time to update your plan and reassess your business’ needs at this stage in its lifespan. Whether you are just starting your plan, or have already created one; your business plan is the single best tool to help you get financing for your business. Whether you intend on applying for grants, loans or private investments; funding grantors will want to see a formal plan for what you intend to do with the funds they will be giving you.
2. Find and compare your competition
When it comes to business do’s and dont’s your there may be no better teacher than your competition so watch and learn. Taking the time to research and dissect your competitors will teach you more than you may realize about your business and its market. A thorough analysis of your competitive landscape can unearth important information about your potential customers, your marketing tactics and – perhaps most importantly – it will reveal their mistakes and where their business is lacking. Allowing you to identify where there are gaps in the market that your business can fill.
3. Manage your cash flow.
High growth and sales, doesn’t necessarily mean a business is safe from owing more than it can pay in a given month. You have to spend money to make money…but unfortunately,  its not usually going out a the same interval or frequency with which its coming in. Which means that come the end of the month, you may find yourself coming up short. Preparing a cash flow projection can help you to avoid cash shortfalls in 2017. By identifying exactly how much is going out and when, you will gain added control over the money that is coming in and what your business’ actual financial situation is. Once completed, look for areas where expenses can be reduced and revenues can be increased.
Like most New Year’s resolutions, these do require some time and effort on your behalf. But there’s a silver lining – if you do your homework and successfully complete #1 on this list – you will have completed #2 & #3 in the process. Further evidence of the importance of a good business plan! By creating a thorough business plan, you will have done some market research and gotten a good idea of who are your competitors and how they fit in your market, as well as having created a cash flow statement to map out where and how your cash is spent. Knocking off 3 resolutions in one, you’ll be left with plenty of time to create new resolutions for 2017…perhaps obtaining Government Funding for your small business?
Interested in starting your Business Plan accessing a Funding Database for your startup business? Register for the Startup Portal today.
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