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As a small business owner, you have worked hard to run and grow your business. That means the idea of adding one more thing to your list of year-end to-do’s or strategic planning could seem daunting. That’s why we’re sharing this list of small, achievable goals you can resolve to accomplish in the new year to improve your business and your well-being as a small business owner.
1. Keep Better Track of Expenses
How closely did you manage your cash flow last year? Keeping a sharper eye on your expenses will not only help you know how much money is going out ‒ it will help you reach your financial goals. It also can provide some extra deductions come tax time.
2. Seek Out Networking Opportunities
Any introvert reading this probably just cringed. But, experienced professionals know the value of networking. Look online to see what events may already be scheduled in your area. Some organizations even sponsor virtual events if travel or scheduling are a challenge. Use networking as an opportunity to find a business mentor. This person can share their wisdom and experience to help you make better decisions as you navigate the challenges of being a small business owner.
3. Make Time for Self-Care
As a business owner, it may feel like you don’t have a minute of extra time to take care of yourself because you’re so busy taking care of others. Make it a goal to shift that mindset as you move forward in this new year.
The Harvard Business Review article “Serious” Leaders Need Self-Care, Too recommends that leaders practice the following when it comes to self-care:
4. Be a Better Manager of Your Time
As a small business owner, you’re pulled in a million different directions. But if your to-do’s seem to continually fall by the wayside, make a resolution to find new ways to manage your time in the new year.
Amazon Business recommends that small business owners try the following:
5. Get an Insurance Checkup
Think of it like your business’ annual physical. A lot can change in a year. If you don’t have adequate protection from a business insurance policy, an accident of any kind could be detrimental to the health and well-being of the business you’ve worked so hard to build. So schedule a meeting with your agent to review your policy. Together, you can make sure you have the proper coverage that fits your company’s needs and covers any risks associated with your operations. Find out more about Why You Shouldn’t Cut Corners on Business Insurance.
6. Start Thinking About Succession Planning
Sure, it may not seem like one of the most exciting topics. But a well-crafted succession plan helps ensure you have the right talent, people and roles in your organization. So, when the time comes for the next generation of leaders to step in, the transition will be as seamless as possible. That’s peace of mind that any business owner could use! Get started with 8 Things to Consider When Building Your Business Succession Plan.
7. Try Something New
Resolve to try something that isn’t “business as usual” for the new year. Perhaps you’ve always wanted to try a customer loyalty program. Or, if your business has grown, why not explore what it would take to expand and open a second location? Take a look at your business plan for the year, along with your budget, and see what’s in the realm of possibility. Get your team involved, and get creative!
A BETTER YEAR STARTS HERE
Your business is your life’s work. At Martin Insurance Agency, we’re here to help your business with personalized advice, superb coverage and unrivaled service. In turn, you get the protection you need that reflects your business priorities ‒ and your budget. Talk to us today to get your free quote.