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New Year's Resolutions for your Small Business

AUTHOR: Michael Nimura

As a small business owner, the beginning of the new year can be seen as an opportunity to change in several ways. This change can involve a decrease in costs, an increase in market shares, or simply an increase in cash flow. Making a New Year’s Resolution to enact such a change is exactly the sort of commitment that leads to further growth. Taking charge of the new year, making plans to thrive, and establishing goals that take advantage of opportunity is the mindset that we at Select Funding adhere to. Here are a few Resolutions to help get you get started for the new year.

Plan Ahead

Having a goal without a plan is simply a wish. It's important for small business owners to make a game plan going into the new year. Having a pre-established plan can help save time, money, and resources, as well as avoid any potential risks that develop from being unprepared. Prioritizing how to spend your time and money in the upcoming year is the perfect resolution to make for those small businesses that have yet to reflect on what it is they themselves want and what their company needs to succeed.

Jump Start your Competition

Get ahead of your competition and beat them out before they ever have a chance. By researching the competitive landscape and identifying potential customers or partners, it becomes much easier to plan out a future advertising campaign.

Rethink Payment Options

What better time than the start of a new year, to reevaluate the payment options offered to your customers. As technology continues to innovate and society is constantly seeking out more convenient methods of going about everyday life, planning ahead rather than reacting to these changes becomes increasingly important. Offering customers, the option to pay via mobile apps such as Apple Pay or Venmo, or transitioning credit/debit cards to EMV chips can allow more customers to feel secure about their finances while offering a variety of payment options.

Manage Cash Flow

Every business runs the risk of owing more money than they pay in a given month or runs into questions along the way that aren’t easily solved. Is it time to boost prices? Should I search for new suppliers or vendors? The solution, a cash flow projection. This will allow businesses to identify any cash flow shortfalls in the months to come. This plan needs to be a rolling 12-month plan that can be updated at the end of each month. With a clearer vision of your own businesses financial health, this new year’s resolution is well worth the time put in.

Read the original article at Entrepreneur.com