At the start of every year, many people make New Year's resolutions to improve their lives. As a business owner, you should also adopt such resolutions that will propel your company toward profitability and stability. In this blog, we have compiled four New Year’s resolutions that your small business should make to achieve success in 2022.
Create a plan to boost your company’s ability to pivot
The COVID-19 pandemic and resulting stay-at-home orders showed many companies that sticking to business as usual will not work and can even be disastrous. Instead, they must be agile and adaptable to the changing times in order to survive.
The start of the new year is the perfect time to assess your company's agility by reflecting on the following questions:
- Were you able to immediately tweak your business model or create additional revenue streams during the pandemic?
- Were you able to scale up or down easily based on the demand?
- Were your financial affairs in order if you applied for a loan or assistance?
Use your answers to these questions as a starting point when crafting a concrete plan to improve your company’s ability to pivot. With the first question, for example, your plan may include adding another revenue stream by introducing a new product or service that supplements your existing one/s.
The second question may help you rethink your expenses. For example, shifting from in-house servers to cloud computing will enable you to scale up or down the IT resources that you are paying for.
Finally, the last question may lead you to consider partnering with an accounting firm that can keep your books organized at all times.
Shake up your marketing tactics
Do not just stick to what you have been doing. Review the performance of your existing marketing campaigns and scrap those that are not working. Explore other marketing channels. If you typically rely on traditional mediums, such as print advertising, consider experimenting with product placement opportunities or digital and guerilla marketing.
Look for inspiration in your competitors' marketing campaigns. If their marketing campaigns are working for them, try emulating their success by testing out similar tactics.
Attend networking events
Attending networking events is essential for business owners because it enables you to meet new people, spark new ideas and refine old ones, and learn from others' experiences. It may also give you the clients, collaborators, vendors, or opportunities that you need to push your business forward.
Attending networking events is essential for business owners to meet new people, spark new ideas and refine old ones, and learn from others' experiences.
Given these benefits, start the new year by signing up for relevant networking events in your area or on websites like Eventbrite. If there are no events that fit your needs, consider starting your own.
Give back to your community
Modern consumers, particularly millennials and Gen Zs, expect companies to be socially responsible and one way you can achieve this is by giving back to your community. For example, your company could sponsor local charity events or allow your employees to take a certain number of hours off each year to volunteer for a cause of their choice. You could also create programs that support the locals, such as free training workshops. Whichever way you choose, giving back to your community is definitely a great way to start the year.
Remember, it takes time for New Year’s resolutions to yield results, but stay the course because keeping these resolutions will help you achieve business success in 2022.
Attain even greater success by partnering with SpectrumWise. With our business technology specialists at your side, you will be able to focus on your clients and boost your bottom line. Schedule a consultation with us today.