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New Year's Resolutions for
Small Business Owners
We have all been told year-in-year about making New Year’s
Resolutions. Giving up smoking, loosing weight, going to the gym … all good
stuff! But what about making some New Year’s Resolutions for your business!
Resolutions, if thought about and properly planned, can be a
powerful tool to boost your business in 2008.
Let’s have a look at just a few resolutions you can make you
get your business off to a flying start this year.
Get New Customers!
Sometimes we can spend too much time looking after our
existing customers; we look after all their needs; we ensure that they are
consistently happy and we are always looking for the next sale. But … we
forget that a percentage of customers will always drop off and before you
know it, your customer numbers and sales are down.
Never forget that there is a new batch of clients out there
who are desperate for your products! All you have to do is ask for their
business! So to gear yourself up for a renewed campaign think about these
aspects of your business.
Take a fresh look at your advertising material. Does it look
dated? Is it designed to attract new business? Do you do enough
advertising?
Could you improve your networking skills? Find out if there
is a business club near you … and join! If there is no club, resolve to form
one of your own. Get your business colleagues to a local meeting place and
ask that they bring along one other business person.
Ask your customers for referrals. If they are satisfied with
your service then they should be more than happy to provide you with some
introductions.
To give you direction, set a clear, achievable goal on how
many new customers you are going to get each month.
Keep Your Existing Ones!
In your quest to get more customers, don’t forget your
existing ones! Yes, I know I just said you should cool off them and search
for new clients, but get the balance right! Resolve to call all your key
customers at least once a quarter. You don’t have to try to get an order,
just show that you have not forgotten them.
If you have recently launched a new product or service have
you told your existing customers? Are they totally up to date with your
product range?
Think about introducing a loyalty bonus or gift. Reward those
customers who have been with you for many years or have placed significant
orders over the last year. Just say thank you for doing business with you.
Look at Your Expenses
2008 is looking to be a challenging year for businesses and a
keen eye on your outgoings could help you. When did you last review your
monthly expenses? Set a resolution to look at your overheads every month.
Can you reduce your electricity bill or phone by either being more efficient
or changing suppliers?
If you have a range of suppliers, have you recently
re-negotiated terms? Are you still getting a good deal or could you do
better?
Resolve to look at your bank charges at least once a year.
Does your bank offer you a competitive deal? What are their competitors
offering? Also, check whether you are getting the best deal on all your
insurance requirements. Go and see a broker or spent some time on the Net
getting some quotes to compare.
Keep an Eye on the Cash
This year, resolve to watch your cash flow! With a generally
tightening of available credit in the market you may find your larger
customers squeezing you on payment dates. Make sure you get your invoices
out on time and that overdue payments are promptly chased; don’t give any
latitude to anyone except your very best customers.
If you are facing a liquidity crisis make sure you are making
full use of credit terms offered by your suppliers? Could you negotiate even
more favourable terms? Even stretching the payments you have to make by two
or three days could make the difference.
Remember, its cash, not just profit that keeps your business
going.
Have a Radical Re-Think?
Are you hanging onto something in your business in the hope
it will improve next year? It usually doesn’t! Do you have suppliers who are
constantly delivering late or have quality problems with their goods?
Resolve to search for new suppliers!
Do you have slow-moving products, which you are “positively
sure” will take-off this year (for the third year running)? Accept the fact
that without a radical re-think it’s not going to happen … dump it and move
on.
Over the past year have you been spending a lot of time
chasing a potential new customer? You’ve paid for the lunches, paid for a
night to the theatre, even nominated him to join your favourite club, but
still no business! Is this year the time to accept that they may not do
business just yet? Resolve not to waste your precious time and effort
chasing no-hopers.
Commit To a Plan
If you have decided to take on one (I hope more!) of these
New Years resolutions, to give you focus and something to aim for, write
them down. Prepare a plan listing all your resolutions and detailing the
actions you have to take to achieve them all. Then, resolve to review your
plan at least once a month.
Follow these ideas and you’ll definitely be giving your
business a boost in 2008!
© Robert Warlow
Small Business Success
www.smallbusinesssuccess.biz
Small Business
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