Small business resolutions

SO it’s 2018, what now for your business?

It’s that time of the year when we think about New Year’s Resolutions … those heartfelt promises that we always keep like losing weight, exercising more and drinking less. (That went well, last year didn’t it?)

But what about your business resolutions?

The Oxford Dictionary’s definition of “resolution” is to make a firm decision to do or not do something, and to act to solve a problem. In simple terms that’s doing something differently to bring about a positive change.

As a small business owner, one of the hardest resolutions to keep is the one that says “I’m going to delegate more”.

We know delegation is the key to a healthy work-life balance, but if you’re a business owner like me, it’s is easier said than done. How often do you find yourself thinking “by the time I explain what I want and how to do it to someone else, I might as well do it myself”?

It’s all very well to be a jackof-all-trades, and the only one who can “do it properly”, but you can only work so many hours in a day and micromanaging isn’t healthy for you or your business.

Make sure your employees have the training they need to take over some of your tasks, and clearly communicate your objectives and deadlines.

It comes back to that old saying that as your business grows you need to be focusing more of your efforts as the leader ‘on’ the business and not so much about working ‘in’ the business.

Next, or even first on the list, should be managing your cash flow better.

Cash flow is our lifeblood in small business and studies have shown a massive 80 per cent of start-ups and small businesses fail due to poor cash flow management.

Resolve to invoice promptly, follow up on receivables, and think about rewards for early payment or asking for partial payment upfront. Pay bills when they are due, but check the invoice, as many smaller businesses will have 30 day terms, not 60 or 90. If finances aren’t your thing, get a bookkeeper. They’ll be mighty quick to tell you when things aren’t on track.

Resolve to educate yourself, in business or something completely outside business.

My team is expected to keep up with local news, so we allocate at least 30 minutes a day to reading the news online or in print, making sure we know what is going on in and around Geelong, or anywhere else for that matter.

In 2018, commit to taking some time yourself for professional development to learn, stay current and continually improve.

Next resolution is to address your online presence — particularly social media and your website. This is a key direction for small business in 2018 and now must be an everyday part of running a business.

Start by looking at the most common social media platforms and decide what works for your business: Facebook, Twitter, LinkedIn, Instagram — and make a start.

You don’t have to do it yourself, and it’s worth talking to your team to find someone who is willing and able to take on the job of managing your social media. And remember just being able to text with two thumbs doesn’t make them a social media guru.

And when we’re talking social media content, there is nothing worse than a big splash followed by deafening silence.

Do a quick search for a content calendar, there are plenty of free templates online. I suggest you pull out a calendar or spreadsheet and develop a content strategy to document when, where and what you will talk about, and who is responsible for the developing and posting content.

It’s all about having a work plan for digital, just like any other part of your business.

Your website should be on the resolution list too. How long has it been since you updated your site? Is it mobile friendly? And most important of all — is the content dated or no longer relevant? This year is the time to fix it, pronto.

With the trend to online purchasing, it will also be worth looking at your online strategy as part of a review of your business plan. Your customers are likely to be on mobile, so you probably need to be as well.

Resolve to plan and strategise regularly in 2018. Set aside time to think about what is or isn’t working, adjust your goals and set new ones. Bring the team together and encourage them to put their ideas and advice forward. You may be surprised at how sensible and really useful their suggestions can be.

So what now? Well, take those resolutions and put together a simple, doable action plan and in the words of a famous shoe brand, ‘just do it!’ Leigh McClusky is managing director, McCo Group