New Year’s Resolutions for Small Business Owners

New Year’s Resolutions for Small Business Owners

As humans, we tend to look at the changing of a calendar as a ceremonial clean slate to get things done. This time of the year is when we decide to eat better, join a gym, and find other ways to live a healthier and happier existence. If you are in need of some self-care this New Year’s, then your business can use some of that consideration as well. Small business owners should take the New Year as an opportunity to introduce new and fresh initiatives that will help their business grow. Here are some New Year’s Resolutions for small business owners that you should implement this coming year.

Get Tax Smart

How many small business owners wait until the last minute to get their tax documents together? There’s nothing in this world like rushing last minute to get your affairs in order. Why do we put so much stress on ourselves come April 14th? Get your taxes in order long before you’re supposed to file and save yourself the headache.

It’s not too late to get your 2019-2020 tax affairs figured out. However, you should really start getting diligent for the 2020-2021 fiscal year come January 1st. Break all the tax preparation habits you created in the past and begin the New Year in a much more organized fashion.

Pick a designated spot to keep all of your receipts together. Think about future tax write-offs you’d like for your business. Speak to your accountant about ways you can be wiser when filing. That way, you’ll be less stressed during tax season, and hopefully, will make more money.

Invest in Yourself

Speaking of taxes, use these future breaks as a way to help improve your business. Sometimes we need to spend money to make money. When you can claim some of these expenses, it becomes even easier to bring in more cash flow.

Take a look around your business. What are some ways that you can improve it that might be tax-deductible?

Maybe you can:

  • Boost internet speeds
  • Renovate your space
  • Buy a new software program
  • Upgrade or buy employee benefits
  • Move into a new building

All of these considerations can be big steps for your company. Weigh the pros and cons and speak to a financial advisor before pulling the trigger. Once you have a plan, see it through. You’ll be amazed at how much your company grows.

Kick Up the Advertising

Word-of-mouth is essential for the prosperity of any business. This sentiment is especially true for small businesses. In order to spread word-of-mouth, you need to get people talking in the first place. That means advertising.

Advertising doesn’t need to be an expensive endeavor. Start off small with social media. Social media is a free tool that can help get people into your business. Craft catchy hashtags that make people engaged. Share behind the scenes posts that make people excited about what you’re offering. Also, write up some specials for those who refer to your social media posts. All of these tactics will generate buzz and customer loyalty.
Otherwise, think of other out-of-the-box methods. Register with the Chamber of Commerce. Set up shop at a farmer’s market. Reach out to local newspapers and event guides. Sign up on Help a Reporter Out (HARO) and get quoted in an article as an expert in your field. All of these unique marketing techniques can really help your small business flourish into the New Year and beyond.

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