When a new year rolls around, many Americans take on resolutions about getting in shape, saving more money, or doing other things that can improve their lives considerably. However, many experts say that small business owners may be wise to do the same when it comes to their companies. The more that can be done to improve a business's standing, regardless of the reason why, is likely going to be a good idea.
One of the best ideas company owners may be able to undertake here is to simply look for ways to make their businesses a bit larger over the course of 2016, according to a report from USA Today. This may take a little bit of homework, but there are always methods for owners to identify ways in which their companies have been successful in the past, even in the recession. By making sure to capitalize on these successful areas, owners may be able to find strategies to renew those previous areas of success.
Indeed, that might uncover an area that one entrepreneur's company does better than a competitor in the area, the report said. Finding that kind of niche can go a long way to unlocking a potentially whole new market for success in the company's local area.
Finding new ways to connect
In addition, owners should be on the lookout for ways to better establish themselves in their areas at little to no cost, the report said. This may include starting more social media accounts, being a little more active in updating existing ones, and otherwise trying to connect with local consumers more directly. Something as simple as setting up a weekly mailing list that contains important updates about the company's offerings, and perhaps includes a coupon for 20 percent off a purchase, can go a long way for many in terms of engendering greater customer loyalty.
In addition, it might be wise to be a little more "out there" when it comes to advertising new items or promotions in general, the report said. That's because timid owners often don't get very far waiting for the phone to ring or the door to open. By being a little more aggressive in pushing social media, that's just adding a few extra lines in the water that could attract return customers.
Get a plan
In addition, owners should try to aim for setting up and following a roadmap in the next 12 months – and potentially beyond – that will further ensure their long-term success, the report said. This isn't always easy, of course, because many unexpected problems crop up in the regular running of a small company. But having a comprehensive business plan and sticking to it as closely as possible can be invaluable.
Often, that starts with a sound financial plan, which can be drawn up in conjunction with local financial experts and other business minds. That likewise can have a significant benefit for any entrepreneur as the year goes on.