Start the New Year Off Right for a Small Business

As you go into the New Year with your small business, you may find yourself feeling energized and ready to make 2021 your year! There were likely some hard lessons learned in 2020. But you made it through, and now your company has the potential to grow and thrive. What can you do for your small business to make sure that you start the New Year off right?

Looking Back to Find Fresh Ideas for the New Year

How can you look back on 2020 and turn your experiences into even better results for your small business in 2021? With great analysis and dedication, take a look at these ideas on how your past unexpected adventures can serve great benefits for your small business:

  • Contact Existing Customers: Get in touch with your existing clientele to find out what your business is doing right. What keeps them coming back to your website or store? Is it the friendly employees? Is it the cleanliness? Is it the store layout and modern style? Is it the quality of the products? When you find out why people stay loyal to your small business, you can emphasize those areas of your business to attract new customers.
  • Survey Previous Customers: It’s not easy to hear criticism on your small business, but it helps know why customers are not returning. When you reach out to people who only have one purchase from your company, you can discover why they didn’t return. Maybe the reason is that they loved the product so much, they never needed a replacement or a reason to return. But other reasons could be helpful to know: was it too busy, was the interface complicated, was the product defective, did they have a terrible customer service experience? These things would be vital to know so you can move forward in improving your small business.
  • Look at your ROI on Marketing Strategies: Write out the numbers of how much money you invested in marketing, and find out which marketing strategy brought in the most business. You can find out how people heard of your business through a short exit survey. Or you can send out coupons through email, social media, and the mail, and see which coupons are used the most. If you can pinpoint where your marketing paid off the most, you can put more money into that investment.
  • Review Your Small Business Sources of Success: What is the source of success in your small business? Maybe you initially set out to start a headband business, and you discovered that your greatest strength was in the design prints and fabric choices. With those strengths, the sky is the limit, and your small business can expand into designing workout clothing or athleisure. Maybe your strength is building a community and connecting with customers. Then you can put your efforts into growing your social media following and obtaining loyal customers that will get behind all of your business ventures.
  • Celebrate the Best Performing Months: When you look back at 2020, which months were your best sales months? 2020 was a unique year, but you can learn at what point during the pandemic that your company found its footing with tweaked safety procedures and a big move to online sales. How can you continue that growth into the New Year?
  • Glean from What Worked and Move On from What Didn’t: Do not be afraid to admit failure on an idea and move on from it. You don’t have to stay loyal to your ideas if they are sucking money from the business. If an innovative marketing strategy didn’t work for your business, cut it loose. This will relieve you from unneeded stress and a more significant loss from holding on too long.

Collecting and analyzing data in your small business can work toward your benefit. If you are in over your head with an accounting system, then eliminate the stress and find a team you can trust to do your small business accounting. One of an entrepreneur’s best characteristics is recognizing what’s failing early and making the change to minimize your losses.

Looking Ahead and Start the New Year with a Bang

Whether your business barely made it through 2020 or had the best year yet, every small business owner has pros and cons to look back and learn from over the course of a year. Take what you have learned, and now look to the future. How are you going to make the New Year the best year yet for your small business?

  1. Make New Connections

The small business world is a small community of people who are willing to help one another. Meet new people. Get to know other small business owners in your city and share ideas and tips. When you have friends in the industry, you will likely get referral customers from other small business owners. The people who shop small usually like to support small businesses in general, so become a part of that small business network in your community.

  1. Learn Something New

As your industry is growing and changing, stay at the forefront of the changes. Technology is a huge part of small businesses these days. If you have avoided dipping your toes into social media, delay no longer! Create your small business accounts on social media and post consistently. This way of connecting with your customers will help you keep personal relationships with your clients, especially if you are an online-only business.

If your small business is a service business, then learn new services to offer your customers. If you have a hair salon, stay on top of recent up-and-coming trends. If you have a dog-walking service, implement new procedures to offer contactless pickup and dropoff during the pandemic. This may include a simple tracking device on the dog, so the owner knows where you are. New changes are essential and show that your company is innovative and creative.

  1. Don’t Be Afraid of Implementing Significant Changes

It can be overwhelming to decide to revamp a process that your small business has used for years. But if there is a better way, then the change is necessary. Whether you need to reorganize your accounting system or need a brand new website interface, make the changes that keep your company current and modern. Leaping into significant changes for your small business in the New Year can result in huge profits or savings.

  1. Dream Big

Think back to what your main goal was before you started your small business. If you have always wanted to run your own music school and are currently teaching lessons out of your home, what needs to change to go to the next level? Often, it takes an investment of money to get the big results that you dream about for a thriving small business in the New Year. Save up and work toward that dream, and don’t lose sight of it.

  1. Set Lofty Goals

Usually, we are talking about attainable, small goals that will keep you motivated. Those goals are important too. But if you want 2021 to be your big year, then keeping your eye on the big end goal is what is going to get you to hit the ground running. Do you have a goal to double your small business team by the end of 2021? What about a goal to delegate the day-to-day business dealings so that you can focus on growing the business?

If you are looking to achieve big goals, it may be time to get an investor. Finding an investor in the New Year is a lofty goal. If your business is a 3-person small business, it may be time to bring in more money so that you can find a manufacturer, invest in ample inventory, and be prepared for tremendous growth. If you have found your small business at this point, don’t shy away from it. Dive in and see what can happen for your small business in the New Year.

You can jump into 2021 with a positive outlook for your small business. Stick with the things that work and run with your big ideas to achieve even bigger goals. Keeping this idea of growth and unlimited heights at the forefront of your mind will help your small business move in the right direction for the New Year.

Contact Small Business Accountants for Help

This New Year could finally be the year that you let the professionals focus on your accounting system so that you can focus on growing the business. When you hire experienced accountants, you will quickly see your investment return when you have a team handling your money that knows how to save. Your business can only benefit from an organized and strict accounting strategy, including bookkeeping, taxes, and payroll services.

Our team at Easier Accounting has an extensive understanding of small business accounting. If you require a revamped accounting system for 2021, then contact our team for help. We can set you up an accounting system focused on saving your business money and time. Call Easier Accounting to schedule your appointment at (888) 620-0770.

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