Your New Year Business's Resolutions

Plenty of us start the New Year with empty promises about improving ourselves and our lives – take more exercise, eat more fruit, drink less wine, blah, blah,blah.

It’s a sad fact, but by February, 80% of us have already given up!

Yet, what about your business’s New Year’s resolutions? Have you actually sat down and thought about what business goals you need to set for 2019?

Well let us take a moment of your time and give you an idea of some of the things you should be thinking about for business success in 2019.

Reflect & Review
How has 2018 been for you? Have you grown as you intended? Did you stick to your budgets? Did you exceed your turnover projections? Whether you need to make cut backs or look to maximise your success you need a definitive plan. Work out your targets and what is needed to achieve these – investment in machinery, larger premises, additional staff, working capital and cashflow.

If you’ve got a team working with you, ask for their input too – not only do you get a different point of view, but you help make your employees feel that their opinion is valued.

Once you have set your 2019 goals stick to them, keep reminding yourself and your team what they are – put them up on notice boards, send all staff emails to reiterate what they are. It’s all too easy to digress and go off track.

Sales & Marketing
Don’t assume your customers know all of what you do. They need reminding. Keep in the forefront of their mind so you are at the top of their list when they need to re-order. Use social media platforms – these are cheap and effective. Think about mailing them – it’s actually rather nice to receive some post. The key is promoting yourself consistently and frequently.

Say “hello”
Technology is great, it’s fast and convenient; but sometimes it’s the ‘human touch’ that has the biggest impact. Pick up the phone and speak to your customers, your suppliers; if you can, go and see them. It’s often far more productive.

Networking Groups
Look into joining a local networking group. These are usually run once a week, early in the mornings, over breakfast. Other local businesses join forces, sharing information and advice but importantly using each other for business.

Regular Meetings
Make sure you arrange regular meetings with key staff members or partners. Even if you’re sharing the same office space it’s all too easy to get side tracked with the everyday running of your businesses, rather than actually sitting down and discussing your business’s future.

Accurate Invoicing
As soon as a job is finished, invoice for it. Do not hang around.
25% of all issued invoices are wrong. Check all details are present and correct – amount, company name, date, purchase orders etc. It will help speed up payment – because last year 70% of all invoices were paid late! Block out just 40 minutes a week to keep your accounts up to date – in the long run this time will pay for itself.

Accounting
If you’re looking to expand, grow and thrive in 2019 you might well need a cash injection to help you get there. With so much alternative finance available to SMEs now, way over and above traditional banking, speak to an independent broker, like Capital Corporate Finance, about how you can make lending work for you. After all, cashflow is the life blood of a business! We can even help businesses who have been refused finance funding in the past.

Get Rid of Dead Wood
If you have a product that isn’t working, or not selling, then don’t be afraid to get rid of it. Look at creating an improved alternative or switching all together. The same goes for suppliers – if they are letting you down, change them.

For more details on 2019 business finance, contact us today on 07785 596053.