Small businesses are pressured to be agile, lean, nimble, effective, and more efficient than ever before. To help keep up with the pace and ensure that small business success is sustainable over the long run, here are some of the things we’ve learned working with thousands of small businesses and their owners over the past decade.
The end of the year is fast approaching, so it’s time to start thinking about your business goals for 2023.
If you’re a small business owner, there are a few things to remember when planning for the end of 2022 and the start of 2023. Here are eight tips to help you make the most of the next few months.
1. Review Your Finances and Set a Budget
It’s no secret budgets help to track finances and control spending, which is important for all companies, especially small businesses. As such, take a close look at your income and expenses for the past year and use that information to create a budget for Q4 and the new year. This will help you make better financial decisions and avoid overspending.
2. Set Realistic Goals
In addition to setting a budget, it’s also important to establish and maintain realistic goals. If they’re too lofty, you’re setting yourself up for disappointment. Figure out what you realistically can and want to achieve between now and the end of the year. And, be sure to consider what trajectory that will put you and your business on for the start of 2023.
3. Focus on Marketing Efforts
Marketing is essential in the business world, but especially so for small businesses. Make sure you’re putting enough time and effort into your marketing efforts and reviewing metrics to determine if you’re reaching your target audience. If you need help, plenty of resources are available, including marketing consultants and online courses.
4. Streamline Operations
Take a close look at your overall operations and see if there are any areas where you can streamline things. This could involve automating tasks, outsourcing others, or simply making your processes more efficient. Take some time to evaluate your standard operating procedures, both big and small, which should include everything from employee onboarding procedures to how documents are signed.
5. Train and Invest in Your Employees
Your employees are valuable assets, so make sure you’re investing in their development. Offer training opportunities and encourage your workforce to take advantage. As Verne Harnish states in his book, Scaling Up, “People join companies. They leave managers.” Continuously invest in your managers and give them autonomy to develop their teams. This will not only help them be better employees, but it will also allow them to feel more invested in your business.
6. Invest in New Technology
Technology can help your business in many ways, making it worth investing in. This could involve anything from new software to new hardware. Start by analyzing where your employees are being slowed down. Then, prioritize seeking solutions to ease these challenges. Make sure you do your research and choose the right technology for your needs.
7. Focus on Customer Service
Make sure your customers are happy by offering excellent customer service. This includes responding to customer inquiries and complaints in a timely manner, offering refunds or exchanges when necessary, and following up after purchases.
8. Plan for the Future
Finally, make sure you’re planning for the future. For example, saving for retirement, setting up a succession plan, and creating a budget for the long term are all worthwhile ideas. By planning ahead, you can ensure your business will be in good shape for years to come.
Find three more tips you need to know as a small business owner.
Set Your Small Business Up for Success
Following these tips, you can set your small business up for success as we close Q4 and head into the new year. Above all else, focus on one or two of these tips and fully execute them to see the impact on your business. Even just a few small changes and strategic thinking can set you up for a great year.
