5 New Year's Resolutions for Bad Credit Business Owners
Whether there is snow on the ground outside of your windows, or a sandy beach, the end of the year is fast approaching and small businesses all over the US are planning for a successful and productive 2014. The holidays are naturally a time for reflection, but for business owners, they carry an added weight as a new fiscal year begins, with all the potential opportunity and potential for challenges that that presents. If one of the challenges faced by your small business was bad credit and the issues that accompany it, then the past year may have seemed especially tough, but because of that the first days of 2014 can seem twice as sweet. The tradition of creating a resolution to hold fast to in the New Year is one that small business owners can adapt to their work efforts. Here are five suggestions that bad credit business owners can commit to, or use as inspiration to create their own commitments in order to start off strong from the drop of the ball on.
1) Resolve to document your processes. The process of documenting the organizational structures of your enterprise and updating how you record the flow of responsibility in your organization serves two purposes. First, it will help in the event that you speak with investors or are looking for business partners or upper level management, and secondly, it will give you an idea of just who does what and why in your company, something that can help you identify where gaps in communication or losses in productivity occur.
2) Resolve to update your market research. When is the last time you reached out to and listened to your core client group? In the business world, you cannot rely on old research forever, you need to ensure that you have the most up to date information on your potential clients in order to mitigate lost advertising expenses and target deeper.
3) Resolve to strengthen your corporate culture. One of the ways you can passively boost your productivity in the office or on location is to strengthen the bonds of communication between your employees. Making time to promote effective employee relationships is a long term investment that pays off overtime when you have a positive office environment where effective communications are promoted.
4) Resolve to channel new business. You probably have a pet idea for marketing your business in the back of your mind that you’ve been too busy to try. Next year you should test it out, and see how much it can help your business grow. Utilizing a plethora of channels in order to attract new business is the best policy for small business owners, as the more you are able to put out your brand name and your message, the more likely it will be that you will appear in front of the people who are looking for your products or services.
5) Resolve to improve your self. When you are less stressed out and feel in control, that can effect the rest of your day in a positive way, and the energy you project will be picked up on by those you work with. Manage your stress by making little commitments that you can keep during the day in order to improve your overall health and well being.
These five resolutions are just a starting place for small business owners, but they are all essential ways that a small business, especially one where bad credit has created issues, can move into a productive rhythm as soon as business picks up again.
Photo Credit to Sarah Ackerman on Flickr