The problem with New Year resolutions is that they often fail. Entrepreneurs always try to conquer the unconquerable, but they should be realistic and reasonable when setting their company’s long-term goals. If they set realistic and achievable goals, the New Year resolutions will help them to gain wider perspective and achieve both professional and personal success. In this article, we have shared a New Year’s checklist that will help entrepreneurs to improve their company’s business and accelerate its development in the upcoming year.
Understand Your Finances
Many entrepreneurs think that they do not need to know anything about the financial side of their business just because they have an accountant. Familiarizing with the accounting basics will help you to run your company more efficiently. You should know how to:
- Make financial predictions by examining the future revenue and the costs;
- Recognize potentially bad debtors and avoid bad debt;
- Introduce austerity measures and cut your costs to the minimum;
- Determine your company’s financial goals and targets;
- Analyze your business’ progress and track your company’s finances;
- Improve your personal credit so that you can get higher business loans;
Insure Your Business and Protect Your Clients
Business insurance guarantees that your business will not be affected by physical disasters and sudden market changes. It can save it from liquidation and help you to stand back on your feet after heavy financial blows. There are several types of insurance you should consider. These include:
- Property insurance – protects your equipment and other property assets;
- Workers’ compensation insurance – protects you from employee injury claims;
- Liability insurance – protects your business from negligence claims;
- Business interruption insurance – protects your business from sudden interruptions caused by various catastrophic events;
You should also consider buying surety bonds. Surety protects your customers in case you fail to provide the desired service. A surety bond improves the company’s reputation and allows entrepreneurs to bid for the big government projects.
Optimize Your Company’s Website
Most entrepreneurs set up their websites even before they start offering products and services to consumers. Many of them also ignore it for a long period of time. Business websites need to be well-maintained and optimized with plenty of useful information. You should add good-quality content to your website on a daily basis and in only a few months you will see a huge visitor increase. Conversion rate is another important web analytic that can drastically increase your company’s revenue. Use Google Analytics to calculate your website’s conversion and try to adapt its content to your customers’ needs and wishes.
Review Your Business Plan
A business plan is yet another promotion tool that entrepreneurs tend to forget over time. In the first phase of your company’s development, you use it to attract investors and get various grants. This should not be the only purpose of your business plan. It should also serve as a reminder about your long-term business goals and a metric you can use for measuring your company’s development. After some time you should introduce some changes in your business plan and adapt it to your company’s state and the new market realities. This way you will be able to attract venture capital investors and develop your business at a much faster pace.
Improve Time Management
Most entrepreneurs complain about their chronic lack of time and think that they will conquer the world if their day would last just a little bit longer. That’s why in 2017 we should all focus on improving our productivity and time management. Well-organized 8 hour long working day gives you enough time to conduct all of your entrepreneurial tasks and have an hour-long lunch break. One way to improve your working day is to start using some of the advanced time management apps. Apps like: Timeful, Evernote and Focus Booster allow you to create calendars, to-do lists and run your entire business schedule from your mobile phone.
Focusing on day-to-day issues while running your company can disable you from seeing the wider picture. New Year period gives us an ideal opportunity to remember why we became entrepreneurs in the first place. Most of us wanted to make the world a better place by providing top-notch products and services. After we’ve done that we can raise your glass and give a toast to the productive and successful New Year.