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7 Financial Resolutions That Every Small Business Should Make in 2016

New Yearق€™s Eve is a time that everyone strives to improve themselves. However, as a small business owner, this is even more important. What financial goals do you want to meet in 2016 for your small business? The start of January is a time to make the push to get your company to where you want it to be. Weق€™ve put together a list of suggestions for resolutions you should implement. Letق€™s take a look at seven business resolutions that all small businesses should make in the upcoming year.

1. آ Take Care of Your Employees

Taking care of your employees benefits everyone involved. As a small business owner, it is in your hands to make sure that your employees are well taken care of, which means giving them the best accommodations you can. However, this does not just benefit them, as you need to be generous with handing out various perks and benefits to keep your employee turnover rate down. For example, make 2016 the year that you give your employees affordable health benefits, foster team building activities, and provide bonuses. This will not only keep your employees around but will also increase their productivity, which spells financial benefits for you.

2. آ Donق€™t Be Afraid to Say No

Saying yes to every single opportunity and proposal without due consideration will result in work overload and very little time to focus on critical components of your small business. It is recommended that you budget a certain amount of time to certain tasks, such as building up your brand and expanding into new areas. Do not let yourself cut into these critical tasks with other less significant ones to avoid falling into the hole of putting too much on your plate. This will go a long way in pushing your business to new heights.

3. آ Put Your Energy Into Recurring Revenue

You may be ecstatic to find any means of income that you can. However, in the New Year, you should focus more on the kinds of customers that will contribute to your businessق€™s long-term financial health. Although you should also pay attention to one time customers, you should put the majority of your time and effort into gaining customers who have the capacity and the need to buy from you repeatedly and on a regular basis, as this is what will grow your company the most.

4. آ Get Help If You Need It

Your business will not be able to grow in the capacity that it needs to if you attempt to complete every little task by yourself. It is not easy to find genuinely good contractors and employees. However, taking the time to assemble a great team behind you will truly aid in growing your business. Thoroughly examine your entire operation to find the routine, basic tasks that are taking too much time out of your day. Additionally, be honest with yourself in determining the areas of growth that you would do well in finding experts to achieve.

5. آ Donق€™t Forget About Your Retirement

You may be banking on the fact that you will be able to sell your small business one day and make enough money to buy a nice home in a tropical location and live the rest of your days without a care in the world. Although this can be your goal, you should not fully rely on it. Instead, if you have not been already, each year you should save as much money as you can into a retirement account. At the very least you should be putting away the maximum amount that you can protect from your current taxes.

6. آ Keep Tabs on Your Financial Statements

With the stress of your workload, and even perhaps the desire to avoid any bad news as much as possible, you may not be too keen on analyzing your financial reports on a regular basis. However, when you do not look at your cash flow, aging accounts, profit and losses, and accounts payable and receivable, it is all too easy for something to slip under your nose and potentially bring down your company. Instead, to catch any problems early on you should spend 30 minutes every week looking through all your financials and ensuring that your small business is healthy.

7. آ Put Some Resources into Social Media

In this day and age, it is almost a requirement for a successful business to have a social media presence. The market today has become incredibly global, which means that it relies heavily on social media. Even as a small business owner, you can significantly increase your market share by investing in social media. Although the idea of this can seem like a daunting task, it does not have to be, especially if you are willing to pour some resources into hiring a social media expert to handle the dirty work for you.