Getting back to business: 7 resolutions for your business

As a business owner, you have probably set your own personal resolutions, so why not do the same for your business as you prepare for a better year ahead?

Here are 7 awesome resolutions so your small business can hit the ground running. 

  1. The time to delegate starts now! If you want something done right, do it yourself.” – the famous saying that we’ve all heard at some point in our lives and deludes us into doing more than we should be doing. As a business owner, there will always be many things to do - however delegation is a key learning and tool. Learn to delegate more than usual and let someone else do the tasks for a change. Not only is this a way to create a healthy work-life balance, you also get to expand the learnings and experience of your staff.
  2. Grow your black-book. The thought of networking may cause cold shivers as new business owner, but it has its benefits. Join a business organisation or networking group, talking to other business people can inspire new ideas, refine old ones, grow your contact list and open more doors for your business to grow. Don’t make your business an island in your industry of operations - get out there and join other entrepreneurs.
  3. Make a noise about your business! Your business is your pride and joy, why not be like every proud parent out there and talk about it? If you want to grow your customer base, you need to pick this task off of the ground and put it at the top of your ‘must-do’ list. No matter the size of your business, promote your business regularly and consistently – mostly if you’re a small business owner. Invest in a marketer, a marketing plan and watch your baby grow.
  4. Let it go! With lessons, comes learnings – learning to let go of what is not working is one way of growing. Not everything you start with will carry you through and workout as you had envisioned, there is nothing wrong with that. Drop the products, services, methods, equipment etc. that are no longer working for your business and move on to something better suited. Investing time and energy into something that is no longer beneficial is adding to your losses. Cut ties and move on - don’t just make do.
  5. Budget. Budgeting for your small business is an essential planning tool. By being aware of how much money you have and how much you could raise in the future, you can make calculated decisions on how to push your business forward. A small business budget helps you look at your estimated income and expenses over a period. The three main reasons why it is important to create a budget is so that you can plan for the future, manage your cash flow and secure financing from banks and lenders.
  6. You are a priority too. Your business may be your pride and joy, but remember that you are also the key to your business’ success. When planning your year, put time in your business calendar for you to relax, recharge and refresh yourself so as to remain effective. For a healthy work-life balance and for the success of your business, this is vital! All work and no play is not healthy for both you and your business. As you invest in your business, remember to invest in yourself too – if you won’t do it, then who will?
  7. Relook your insurance policy. Are you comprehensively covered? Is your new equipment covered – or has your business grown since you first purchased your insurance policy? MiWay's Business Insurance team understands that no business is like the next, thus the needs of businesses are different, and therefore offer tailored insurance for your needs. Make a point to relook your business insurance policy and get the right cover for your business.

Achieving a healthy work-life balance is like maintaining a good relationship; you have to keep working on it. But if you apply these New Year's resolutions throughout the year, you'll not only feel better about your business year, but have more energy to put into your business and make it the success you deserve! Here’s to a greater business year!

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