With every new year comes resolutions centered on self improvement. The mantra “new year, new you” can be seen on social media pages, blogs and heard from people wanting to leave old ideas and habits behind for a new way of thinking. As you make resolutions to be a better you, don’t forget your business may need some fine tuning, too. Create resolutions that will allow you to evaluate specific areas of your business to determine growth potential. For most entrepreneurs, our businesses are an extension of who we are. We are sharing new year’s resolutions that focus on your business while you focus on you.
Stop giving away unnecessary discounts.
One of the biggest challenges small business owners face is pricing their products and services. Because this can be an intimidating feat, especially for women, business owners often underprice, causing the devaluation of their product offerings. It becomes more challenging to do future pricing based on actual value when your starting point is too low. When doing promotions, rather than reducing your prices, provide more value and justification for current prices or even increased prices. Too many price cuts reduce profits. Price also impacts product perception. Know your worth and the worth of your business. Don’t undervalue what you offer.
Evaluate your branding.
Look at your branding to determine what changes, if any, should be made. Do you need a brand overhaul as it relates to your visuals, brand communication, social media marketing and brand identity or will a simple makeover do? Look at your graphic design, messaging to your target audience, social media presence and more to ensure consistency and appeal.
Often in small business, we pride ourselves in being a one woman show. We do the accounting, social media management, marketing, operations, sales and more. That will only work only for a short time before you will become overwhelmed resulting in quality reduction. There may also be some legalities to consider. This year evaluate your business operations to determine where you need the most help. We recommend starting with accounting and law to make sure you are compliant in all areas. Then look into hiring help with day to day operations including production. Look at your budget and research the most cost effective way to hire a team. Consider unpaid options such as internships. Contact college and university programs as well as websites such as http://www.internships.com.
Evaluate. Create. Innovate.
Spend time evaluating your products and services to determine areas of improvement as well as opportunities for company growth. Now is a good time to conduct surveys to find out what your customers like and dislike about your products and services and what they wish you offered.
Position your brand to be a leader and disruptor in your industry. Research the market and competitors to determine what new products and services you can develop or redesign.