Best Business Resolutions

December 23, 2009

Ask an Expert
Ask an Expert

Mary Stewart Center for Entrepreneurship

Q: Steve - What about you, what are your New Year's Resolutions in your business? -- Bill

A: OK, I'll play too.

I am in the business of creating and selling small business content. Traditionally, because of this column, that content has taken the form of written articles, tips and the like, (with some media and business speeches thrown in for good measure.). But increasingly this past year I felt like we were missing an opportunity to distribute this content using all of the new e-tools available, so next year we plan on creating content that will use video, podcats, and of course, more social media.

Over the past few weeks I have been asking small business owners I know, meet, and hear from what they plan to do differently next year. Here are some of the best, most useful, answers I have heard:

Get bigger and better clients. With budgets continuing to be tight, not a few people told me that their goal was to find, not just new customers, but new customers who can pay: Businesses, commercial clients, etc.

It's a good plan for all of us. Now, maybe you are thinking that that would not work in your business. Let me suggest that you re-think things. Even a mini-mart whose customers are almost exclusively individual consumers could try and land some commercial accounts.

Why not you too? Target some businesses that need what you sell. Make a presentation and pitch them. Try some more. Think different. Get out there. When you throw enough stuff against the wall, eventually something is going to stick.

Give myself a raise. One business owner told me, "I have kept my prices even for a few years, and even lowered some prices this year for a few customers. This year, as the economy hopefully improves I plan on raises prices a bit. Nothing dramatic, but enough so that we increase our bottom line."

Spruce up your website. The folks over at the Intuit Small Business United blog smartly suggest that a great resolution for many a small business is to update that website. "Perhaps it's time for a redesign, or even just updating things like photos and customer testimonials, or adding a blog . . . Research shows that 2/3 of consumers turn to the internet first for information about local companies so not having a website [or a great website] could put you at a disadvantage."

Bust a move. 2009 saw many small businesses retrenching, waiting, holding back. While a smart strategy probably, it is also against our nature. There are new customers to be had and angles yet to be attacked. With everyone more than happy to say goodbye to 2009, there just may be pent up demand for something new, different, and better in 2010. Give it to them.

Master at least one online advertising /marketing / selling method. There are so many ways and places to make money online, and since it is a very affordable thing to try, it only makes sense to just do it already. Check out:

Create a referral rewards program. "It is so simple, yet so effective. Some of my best business comes from referrals so I finally decided that next year I will create a consistent system for reminding current customers, and then rewarding them when they send me business."

Pay myself first. "This is the year I do it - I will pay myself 10% of my net income in a savings account first."

Great ideas all.

And next week, look for Part 1 of my annual Top Trends in Small Business column.
 


Today's Tip: Need help with your resolutions? Gaebler.com, a great resource for entrepreneurs, has a nice New Year's Resolution Generator.
 


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