A new year means new pressure to transform yourself and your goals. This includes small business owners. It's the month everyone's sharing their New Year's Resolutions for Small Businesses. Whether you're someone who always has a resolution or someone who is straying away from them entirely - it's a good time to reflect on your business goals.
Keep It Real
You could probably think up a thousand ways you want to grow or modify your business. From those thousand, it's important to focus on the most attainable items. Want to go viral on social media? Define it as a SMART goal; how can you make it a specific, measurable, attainable, relevant, and time-based goal?
I want to grow my Instagram engagement rate by 20% by July 2022 so people can find me online. I can do this through networking at my local business center and interacting with at least 5 accounts a week. Sounds much more like a realistic goal, and something you can keep track of.
We've crafted 5 starting point resolutions you can build your own custom SMART goal from:
Build your digital presence
Having your business searchable online is more important than ever. With the uncertainty of the COVID pandemic for almost two years now, people are fully shifted into the digital world. Make sure you're on Google My Business and find a social media platform that works best for your business model. Focus on making your presence strong on one platform rather than all of them.
Revisit your business plan
An ever-evolving business plan is key in proving your business model is strong. This doesn't mean completely changing your approach, but taking everything you've learned in the year and seeing if you could modify any part of it. Use our free, downloadable Business Model Canvas to visualize your business model. A great exercise for both emerging and established small businesses.
Find new money sources
Have you explored funding options for your small business? If not, now is a great time to start. If business loans sound like an intimidating process, Community Development Financial Institutions (CDFIs) like Business Impact NW are your best option. Whether you just started with less than 6 months in business, or have been established for over 2 years - we treat each business with compassion, with about 99% of our clients being persons that were ineligible for traditional bank loans. Learn more about our loans here.
Get ahead of taxes and bookkeeping
You probably know that taxes and bookkeeping are a large part of operating a business. Why not get a head start? Make it easy and hire an affordable tax professional to help you out this year. Especially with the modification from the IRS where businesses now have to report any activity over $600 in the year. (Down from the 2021 minimum of $20,000).
Join one of our free upcoming 'Grow with a Pro' sessions with a tax professional and get your questions answered. Ready to jump in to get a dedicated bookkeeper and tax coach? Sign up for just $40 to get personal support via TaxUSign.
What is your resolution for the new year? Let us know in the comments below!
About the author
Carolina is responsible for leading the Marketing and Communications department. She has a vast professional experience in marketing, market research and consulting, working with clients and organizations across many industries and in multiple Latin American countries. She earned her B.A. in Business Administration from Universidad Austral de Chile, a Master of Finance from Universidad de Chile, and a Certificate in Marketing from UC Berkeley. Outside of work she enjoys hiking, watching documentaries and volunteering.