8 Small Business Resolutions for 2023

2023 is almost here, have you been thinking about making New Year Resolutions for your business? In 2023 let’s make it a year of renewal, resolution and resilience by stopping what’s not working and starting what does.

 1. Hire a business mentor and a strategy coach. 

Stop thinking you have all the answers. Start by hiring a qualified mentor, coach, consultant. If you did, your business would be further along in your business. I don't know about you but if I am going to ask for business advice, I would not ask someone who knows nothing about being a successful business owner. You friends and family may mean well however, business is business, and, in the end, your well-meaning friends will not be there to pay your bills. Do yourself a favor, save yourself from the agony of disappointment, wasting money and business failure hire a reputable mentor and / or a business coach that you know.

2. Re-evaluate the Business Plan 

Stop moving blindly through your business without a vision of where your business is headed. Start by taking a hard look at your business plan to see if it still reflects what you are doing in your business. If it does not then now might be a good time to re-evaluate where you are going with your business, or your change the plan for your business. If you don't have a business plan now is a good time to create one. 

3. Eliminate Unnecessary Expenses

Stop paying too much. Start to review your business expenses, negotiate with vendors, suppliers, shop around for the best prices.  Shop fixed expenses too. For example, move your office to home, change staff to virtual, phone plans, insurance all need to be re-evaluated. Talk with others in your field that have more experience than you do and ask for advice, connection and resources. 

4. Evaluate Your Marketing Efforts and Adjust Accordingly

Stop marketing to where your customers and potential customers are not. Start evaluating what you are doing and looking for ways to improve your marketing. Look at what's working and what's not. Make it a priority to explore channels you've ignored in the past. Speak with a mentor, consultant or business coach who can help get you on the right track. Join networking groups once or twice a month that provide fresh business contacts, resources, are inclusive and inspiring. 

5. Stand by Your Word - Integrity 

Stop saying you can deliver on a promise when you cannot. Start being in integrity. Integrity is standing by your word. Doing what you say you will, when and how you said you would do it. This applies to your business too. The quickest way to enhance your business reputation, attract new customers, improve employee loyalty is to have integrity in every action you take. Businesses with high integrity have the highest bottom line and financial performance.

6. Become Process Oriented with Follow-up

Stop “ghosting” your clients, customers and those who can bring you business. Start a  process which is a way of doing things to solve a problem. For example, follow up. Create a check list, get an app, software program that helps you keep track of why you need to return phone calls, emails and text messages and to remind you of your next step. By putting into place, a procedure, a system / process in you will feel more confident and act in a more deliberate way following up with clients, customers and even your friends. Whether it’s on purpose or accidental poor follow up is a sign of bad business management. Plus, you will be seen as the business professional you are. 

7. Create a New Revenue Stream

Stop depending on one source of income. Start by adding more ways to generate income. One of the biggest mistakes a small business makes is having only one way to make money. The problem with only one way is if the demand for that item goes away, so does your business. A smart move would be to have several streams of income, a new product, services, channel of delivery or territory. The more streams of income your business has the more resilient and able to endure financial difficulties as they occur. 

8. Celebrate More 

Stop ignoring your accomplishments. Start celebrating the small and the big wins. Why? Little wins add up to big wins. Acknowledging and commemorating the little victories will help you to maintain inspiration and guarantee your resolutions will stay in the forefront of your business. 

May 2023 like every year bring lessons learned from 2022, erase what needs to be left in the past, bring forward a fresh start, a newness, and a breath of fresh air of magical inspiration to your business into the 2023 new year. 

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