19-12-2007
5 New Year business resolutions for 2008
1. Update your business plan
When you were just a start-up, your business plan would have been your most important source of guidance, both financial and otherwise. But have you even looked at it since your first year? Most businesses don’t, but in fact it makes sense to update your plan at least once a year. Particularly if your type of business is prone to cash flow problems, planning out for the year ahead can be a very useful exercise.
2. Start looking into expansion options
Could 2008 be the year your business takes off? If you had a long term vision for your company when you started it, maybe it’s time to make a plan of action. First decide on the best way to expand your operations and then research your finance options. You might qualify for a bank loan, or an invoice finance facility.
3. Renew your business insurance
If your business insurance is up for renewal in January or February, take a short time to review your policy and see if it is still relevant. As businesses develop so do their insurance needs and if you had to make a claim in the future you could find yourself not covered.
A company like Simply Business can give you tailored quotes to choose from in minutes, which you can talk through with our experienced UK Contact Centre staff. You can buy your cover now, ready for it to start whenever your existing policy ends.
4. Revamp your website and online marketing
Your business may have a website, but is it working as hard as it should be? Used and marketed correctly, a good website can generate valuable sales or leads. Here are some suggestions to get a plan started:
- Review your content. Include examples or images of your work. Post up news and articles. Include your business address, telephone number and email.
- Review your design. Is the site easy to navigate? Can newcomers to the site find the information they need easily and quickly?
- What type of online marketing can you afford? Pay-per-click on Google, msn or Yahoo can be affordable and cost-effective.
5. Improve your work-life balance
Running a business requires a considerable amount of dedication and sacrifice. It can therefore be difficult to maintain a balance between your working life and personal life, which can eventually lead to health issues and stress on your family relationships.
Taking a step back can also help you see your business from a more objective viewpoint, allowing you to more easily identify areas that need improvement.
To start with, decide on just one small change that will make a difference. Set yourself the goal of leaving work on time at least three times a week, or take that foreign holiday you’ve been thinking about.
Resolve to make 2008 the year where you allow yourself to relax on the reigns of the business and try to get the balance back. It may involve extra planning or more delegation but it will be worth it in the long run.
