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Checklist: 5 New Year’s resolutions for every small business owner

If you’re looking to improve and grow your business in 2019, here are five New Year resolutions to consider implementing.

1. Learn new things

Learning new things can give you a fresh perspective, improve your skills and knowledge, and help you to introduce new elements to your business.

For small business owners, learning may include things like:

  • Speaking to a business coach or an industry mentor to identify areas to develop professionally.
  • Undertaking online learning to up-skill in a subject aligned to your business. For example, learn to code for free with Codecademy or do a free HubSpot Academy certification on sales and marketing.
  • Attending industry-related conferences and events. They may be general, such as one hosted by the Council of Small Business Australia, or more specific, such as Make Nice, an annual ‘un-conference’ for creative women.
  • Undertaking recognised study to expand your business services. For example, the owner of a gardening business may study landscape gardening and design to further improve their business offering and capture a new share of the market.

2. Make your business more efficient

There is a range of tools and technologies that can make you more efficient and save your business time and money in 2019.

Examples include:

  • Trello and Slack for team communication and collaboration. Tools like these makes it easier to communicate with your team in real time to ensure nothing slips through the cracks.
  • Accounting software, like Xero, QuickBooks and Wave, to streamline accounts and invoicing. This gives you more time to spend growing your business rather than working on admin tasks.
  • Cloud computing, such as DropBox, iCloud Drive and Microsoft OneDrive, for easy online storage and accessibility. Make it a 2019 resolution to order and file all your business documents for easy access.

3. Focus on your business’s online marketing

According to Deloitte’s Connected Small Businesses 2017 report, take-up of digital tools is accelerating among small businesses in Australia. Small businesses that have ‘advanced’ levels of digital engagement compared to those that have a ‘basic’ level are:

  • 50% more likely to be growing revenue
  • Earning 60% more revenue per employee

Previous research by Deloitte Access Economics also shows that these digitally advanced businesses are:

  • 8 times more likely to be creating jobs.
  • 7 times more likely to be exporting.
  • More than 14 times more likely to be innovating by offering new products or services

So why not make 2019 the year you build your online presence? You can improve your digital marketing skills by undertaking online courses offered through Google Digital Garage. Courses include: ‘Getting started with analytics’, ‘Help people nearby find you online’, ‘Plan your online business strategy’ and ‘Make the most of video’.

4. Master the art of delegation

Small business owners oversee many business functions. However, to increase your productivity, make your more workload more manageable, and free up time to focus on growing the business, knowing how to delegate is essential.

This may involve:

  • Training your team so you can entrust them with more responsibilities
  • Outsourcing tasks that don’t make the best use of your time (i.e. bookkeeping)
  • Exploring apps and software that will make business functions less administrative.

5. Become more financially savvy

Having a sound understanding of what’s happening financially within your business is central to its success. If you’ve had moments where you’ve felt out of your depth, the Australian Tax Office (ATO) offer free face-to-face small business workshops and webinars on tax basics, payroll and record keeping for small business.

Consult and work with a financial team, such as an accountant, bookkeeper or financial advisor, who you trust, understands your business, and can clearly explain everything to you.

If you’re looking to grow your business in 2019, find out how Prospa can give you the finance you need to take the next steps.

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The information in this post is provided for general information only and does not take into account your personal situation. Nothing contained in this post constitutes advice or an endorsement or recommendation of any kind by Prospa. Any links to third party websites are strictly for informational purposes only. You should consider whether the information is appropriate to your needs, and where appropriate, seek professional advice from financial, legal and taxation advisors. Although every effort has been made to verify the accuracy of the information as at the date of publication, Prospa, its officers, employees and agents disclaim all liability (except for any liability which by law cannot be excluded), for any error, inaccuracy, or omission from the information for any reason, including due to the passage of time, or any loss or damage suffered by any person directly or indirectly through relying on this information.

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