7 New Year’s Resolutions for Small Business Owners

group of business people celebrating holiday new year 2019

The new year will be here before you know it. You’ve probably started thinking about your personal New Year’s resolutions, but what about for your small business? Use the next few weeks to review your company, figure out what’s working, and make plans to improve anything else. These seven resolutions can help you with those improvements.

1. Collect outstanding payments

If your customers aren’t paying you as fast as they should be, don’t be afraid to ask for your money. Set aside time each week during the next year to go through your invoices and call anyone who still hasn’t paid.

Read also: 13 Tips for Getting Paid on Time

2. Charge what you’re worth

If you don’t think you’re charging enough for your products or services, the new year is the perfect time to reevaluate your pricing. If you’re not charging what you’re worth, it’s time to increase your prices.

Read also: How Much Should You Charge? 4 Pricing Strategies for Your Small Business

3. Evaluate your staff’s performance

Take some time at the beginning of the year to evaluate your team members’ performance. Acknowledge those who exceed your expectations and reassign anyone who isn’t meeting their goals. No one likes letting a staff member go, but if you have an employee who is under-performing or bringing down the team, it may be time to part ways. This is also an excellent time to review your hiring and onboarding processes to make sure you’re hiring a top-notch staff.

4. Automate what you can

If you’re spending too much time in the nitty-gritty of your business, it’s time to start automating some of your most mundane tasks. Leverage technology, like Workful, to make running payroll, reviewing expense reimbursements, and approving time-off requests easier. Then, you can focus your energy on the bigger picture.

5. Delegate

You don’t have to do everything yourself. And as your business grows, you’ll find out that you simply can’t do everything yourself. If there are tasks that take away from your strategic planning time, assign them to employees who want more responsibility. By delegating small jobs, you’ll have a healthier work-life balance and can spend your time on the things you do best. At the same time, your team will benefit and respond positively when you demonstrate your trust in them. Learn more about what tasks you should delegate next year.

6. Learn something new

Professional development shouldn’t just be a priority for your employees; it should be a priority for you, too. By learning something new, you’ll be able to expand your skillset and keep up with the latest trends in your industry. This could lead to more opportunities for your business, so you’ll grow faster than you thought possible.

7. Take a vacation

We all need a break sometimes. You might be surprised at how a short vacation allows you to come back refreshed, renewed, and more productive than ever. Set a goal to take at least one vacation next year to get away from work and decompress – even if it’s only for a few days.

Read also: 7 Reasons You Should Take a Vacation

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