The start of a new year is a great time to reflect on the past and set goals for the future of your business. While we’re all familiar with personal New Year’s resolutions – like eating better, saving money and exercising more – it’s just as important to identify opportunities to grow your business and improve your services in the new year.  

To help get you started on your business resolutions, we’ve put together this list of powerful aspirations for the new year:

1. Get tech-savvy

Whether it’s introducing mobile payments for customers, automating your invoicing process, or testing out new social media channels, there are many ways you can leverage new technology to help you work faster and smarter. With a range of low-cost and free resources available, businesses of any size can use new tech to improve their operations in the new year.

2. Connect with your community

Small businesses often rely on word of mouth referrals to grow. The best way to ensure you receive a steady stream of referrals is to stay connected to your local community. Get involved in neighbourhood events and networking opportunities or join your local BIA. Giving back to the community can help you make a difference and build your business. Consider sponsoring local charity events and youth sports teams.  

3. Help employees stay motivated

Retaining top talent is a challenge for companies of all sizes. Ensure that your leadership team makes it a business priority to keep workers happy and engaged. If last year’s sales exceeded expectations, you may want to consider offering an employee profit sharing plan or schedule a company retreat as a reward. Or, if money is tight, consider smaller steps you can take to thank your employees, like a workplace mentorship program or a company volunteering day.

4. Improve your cash flow

Many seasonal businesses experience cash flow problems during the off season. It’s important that you plan ahead to ensure the ebbs and flows of your business don’t hurt your bottom line. Here are some tactics you can consider to improve your cash flow year round:

  • Diversify your product offering to include products that are relevant during the off season
  • Lower your operating costs, perhaps by hiring part-time employees or contractors, or giving up physical office space when it’s not needed 
  • Offer off-season deals to encourage customers to buy during the off-season; consider offering promotional plans like no payments for six months or 0% interest loans. 

The new year offers a great opportunity to evaluate your business and identify areas for growth and improvement. Take the time to assess all aspects of your company, to set yourself up for success in the year ahead. 

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