New Year's Resolutions for Your Business
It is no secret that 2020 has been a hard year for businesses and individuals alike. As we start a fresh year in 2021, it is time not only to reflect on your personal goals and resolutions, but to also reflect on ways to improve your business. There are several small changes that can make a big impact on your business's success in the coming year.
Spruce Up Your Website
While social distancing and limited capacity are still in place as we enter 2021, more consumers are shopping online and using online services rather than visit in person. Many entrepreneurs do not update their website after its creation. An out of date or confusing website is off-putting to consumers, who will quickly click on the next business in a search engine. The best way to attract consumers to your website is to give it some necessary updates in the new year. Take new team pictures of your staff, update your biography, analyze your description of services, and even have a set of fresh eyes visit your site and offer feedback. You want your website to be as engaging and easy to navigate as possible.
Review Your Business Model
There are numerous ways to run a business, and each type of business has different tax consequences. There are sole proprietorships, limited liability companies, corporations, etc. It is important to review how your business was initially structured and if it is still meeting your needs. It may be advisable to convert from one type of structure to another. For example, converting your sole proprietorship to a limited liability company shields the owner from personal liability for company obligations. A seasoned business attorney can assist you in determining if your current business model is the best for your needs.
Update Software for Efficiency
There is a litany of software available to take the guesswork and day to day tasks of running a business away and help you run more efficiently. There is accounting software for your accounts payable and receivable, software to run payroll and send check stubs to your employees, programs to receive payment and print receipts for customers and balance the account daily, task management software. The options are endless. If you already use a program to help run your business, the new year is a great time to back up all of your information and see if a software update is available. Update any programs on a day off so there is no interruption of business. Back up all of your information before updating in case you lose any contacts or other valuable information. It is also a great idea to research whether there is a better option available than the program you currently use.
Network, Network, Network
Social media plays a huge role in running your business. Not only is it a great idea to have a business page on social media, but it is especially helpful for the business owner to join Facebook and other advice groups for tips and tricks. This is a great way to network when you can't meet in person. Reach out to mentors and other business owners and ask to chat over coffee or over the phone to talk about how their business is dealing with the challenges presented in 2020. The more connections you make, the more exposure your business is getting. It is also great to continually learn and not be complacent in the way you run your business. There are always ways to improve and networking with other business owners is a great way to do this.
Offer a Personal Touch
Your clients and your customers are your livelihood. It helps to connect with them and show they are valued. In the new year, it is important to think of ways to do this. Send hand written thank you notes to clients that send referrals. Offer a small gift to valued customers with their purchase. Send a card throughout the year to let the clients know you are thinking of them and hope they are well. These small gestures of kindness can make someone's day and set you apart from the competition.
2021 is a new year and fresh start to grow your business and help it thrive. One way to keep your business thriving is to invest in a business attorney to help you with big decisions and offer advice along the way. Business Law Group would be happy to connect with you in the new year.