A new year begins and with its beginning, new hope and new aspirations begin. Small business owners use this time to evaluate themselves, their businesses and accomplishments. Based on this they look forward to making changes in their style of functioning.
Every small business has its own method of working. It vastly differs person to person. But there are certain common things that run through them and have their own checklist. Some things included in the checklist may be common but certain small and crucial things are overlooked, that may have a bearing on the accomplishment of the goals in this year.
Given below are few things that you can do to grow your small businesses for the New Year 2018.
- Keep your accounts up to date
Every entry of your business transaction should be made. This will help you in analysing your expenditure and earning. A week on week or month on month basis. You may have to devote some time and energy to it but the trouble is worth taking. It would help you in balancing your creditors and debtors in the most efficient way.
Setting aside sufficient money for taxes, rent, raw material purchase, EMI’s, repair and maintenance. Staff salary, machine, electricity and telephone bills etc. So that you do not get into trouble for arranging finances.
- Interact with your team
The year-end should be time for consolidating your position. For many small business owners, most of the day is spent thinking and working on ways to make the business thrive. In this owners miss out on valuable feedback and spending time with their staff.
As days move towards the holiday season, make sure to take some time off and be with your team. You can initiate a group discussion regarding the company’s state of working. In this process, you can gather feedback. See to that every staff should provide an input. It can be negative or positive. The gathered input can come up with better suggestions and new ideas. This makes your team stronger which will help you in long run.
- Prepare a list for business growth
Every businessman strives for growth. Be it a small one or a corporate. But only a few of them take the necessary and planned steps for growth. Let you set the stage for growth.
Take a serious look at your business. Write down in details about all the points which are lacking. Is it finance, skilled manpower, short supply of raw materials etc? Now start noting down against each in your list, what all steps can be taken to improve the position. Take few days time to come to conclusion.
- Take help of technology
We are in a time where there is constant innovation. For every business, there are new technologies which are aiding or assisting for better production or increase production. Computer and software are finding gaps in production and inventory management etc.
To seamless and undisturbed team communication Slack software can be used. There can be work or file sharing between groups of employees, whose work depends on each other Dropbox is the most suitable for it. Effective marketing is one of the factors that need to focus; buffer is here for this purpose. You can manage and schedule your time properly with the help of a calendar.