Kitchen Table Economics

Small Business New Year’s Resolutions

2020 is coming to a close–and what an unprecedented year it has been for small businesses. A new year means a new set of resolutions to help your small business succeed during the coming months. With approved COVID vaccines and a new round of Paycheck Protection Program funding, small businesses and all Americans have great hope for 2021. Below are a few ideas to help build a list of resolutions for your business.
  1. Continue to grow your network
    The past year taught us the importance of the little things, including human connection. For small businesses connecting with customers, other business leaders, or trade experts is essential for a business to flourish. Make one of your 2021 resolutions to build a new connection each week or month.

  1. Does your business plan need a refresh?
    A business plan is essential for getting a company off the ground. It provides an organized roadmap for entrepreneurs. But it’s vital to revisit your business plan every so often to ensure you’re meeting your targets and setting new goals. The new year is the perfect time to conduct market research, or a competitor analysis, and update your financial status. Business plans might seem elementary, but they are a tool all owners should continue to utilize as their business grows and adapts to the current environment.

  1. Set realistic goals for your business
    As you update your roadmap for success in 2021, set realistic goals for you, your employees and your business to reach (or exceed). Setting lofty goals are usually unattainable and can often lead to frustration. Setting realistic goals that can be achieved will motivate you and your employees to continue to prosper during the new year. And remember, as targets are reached, new goals can be set throughout the year!

  1. Build a presence online
    2020 also taught us the importance of having an online presence. When the pandemic outbreak began in the United States, and many small businesses had to shut their doors temporarily, some were left without a virtual solution to continue to sell their products. In fact, less than 64 percent of small businesses have a website. Did you know that 70 to 80 percent of consumers search a business online before visiting or making a purchase? If your business doesn’t yet have an online presence, make this a top priority for 2021.

  1. Provide tools for employees
    Providing educational tools on public policy issues including taxes, the economy, healthcare, and more will empower your employees as they navigate the year ahead. Every individual has the right to think for themselves and make decisions based on that information. As an employer, make a resolution to help guide your employees with this in mind; it will contribute to their success.

As you decide what your business resolutions look like for 2021, we wish you, your families and employees a prosperous and safe New Year!