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New Year’s Resolutions that Will Level Up Business Results in 2020

January is a time when people are focused on new beginnings. Not only are we starting a New Year, but the beginning of 2020 is a new decade as well. Now that the holidays are over, many turn their attention to weight loss goals, home organization, budgeting, and more. What are your New Year’s resolutions for this year? As you are evaluating your personal goals, it is a great time also to consider what you should be doing to improve your business in the new year.

As an entrepreneur or small business owner, you are likely a goal-oriented person. So, setting resolutions is probably a familiar and common practice for you. As you are choosing your goals for 2020, consider the activities that will leverage your business results as much as possible. Not only do you need to consider how you can improve your profits and manage spending, but it’s also important that you identify specific areas of your business where you need better systems to support growth in the future.

Here are a few resolutions you might consider for your small business this year:

Resolution #1: Delegate and Outsource More

There’s no question that running a small business can be a time-demanding task. Many business owners feel like their attention is spread thin as they are trying to keep up with all of the responsibilities. Not only do you need to be working on product development, but other necessary tasks include marketing, customer support, employee management, taxes and accounting, invoicing, cash flow management, and more.

How often do you feel overwhelmed because you have a never-ending to-do list? If you feel like you can’t keep up, then it’s a sign that you need to invest in better support. There’s no reason why you should be flying solo on everything. A variety of resources and service providers can be valuable assets to improve your systems and give you more flexibility with time.

Make a list of the tasks that you have a hard time accomplishing, either due to time constraints or skill set. Then, identify the services that can be used to take care of these tasks. Hiring the right outsourcing team or service provider can be a valuable way to reduce your stress, optimize your results, and ensure that you aren’t spreading yourself too thin.

You might choose to hire one provider to start, such as an outsourced accounting team, so you don’t have to work on financial reports, payroll, and invoicing. Or, select a few specific providers so you can build a team that is a perfect fit for your individual needs.

Resolution #2: Optimize Business Promotion

Marketing your business is something that can’t be run on autopilot. Even if you find something that is working to bring in new customers, there are often opportunities to tweak the campaign so you can increase the number of sales while managing your costs at the same time.

The start of a New Year is a great time to evaluate the effectiveness of your marketing campaign. Did you have a positive Return on Investment (ROI) from your marketing spend in 2019? What were the most profitable campaigns?

This exercise can help you identify areas of opportunity where you should be focusing your marketing budget. Then, you can use this information to identify specific ways to adjust your efforts in 2020. Consider these details as you are choosing marketing-specific goals for the year.

Resolution #3: Weekly Business Planning

It’s easy to let the weeks pass by without deliberately evaluating how you should be growing your business. But, if you want the company to grow, then you need to be proactively engaged in this planning process. Business planning gives you a formal structure to evaluate the current success of your company and identify areas that need more support.

Start each week with a focus on what is working and what didn’t work. Then, you can set new directions for the week. This week-by-week process might seem small in the moment, but the cumulative effect of 52 planning sessions will make a big difference over the course of the year. Rather than waiting to evaluate your business success at the end of the year, implement a system that uses weekly reviews.

This process creates the structure that you need so you are always reviewing, evaluating, and adjusting for the future. Additionally, it is an effective way to identify expensive mistakes as early as possible, keeping you on track with the things that matter most of your company.

Resolution #4: Business Relationships

Building strong business relationships can be a powerful way to support your company. For example, look for networking groups where you can talk to other business people. These conversations can spark new ideas and help you look outside of the box in the systems you are creating. You might be able to find a local group that is dedicated to your specific industry or type of business. Or, if you don’t have local networking groups, then look for online groups and forums where business discussions are held.

Also, consider how other business relationships can be developed, such as communication with your vendors, marketing team, accountant, and more. Building trust with these providers is essential to ensuring that the services are the right fit for the needs of your business. Plus, two-way communication will help in determining the effectiveness of the current plan and the ongoing results that are received.

Resolution #5: Let Go of What’s Not Working

Just because you’ve had the same systems or practices in place for years, doesn’t necessarily mean that those things are still serving the needs of your business. Now is the time to consider what is working and what needs to be improved. The New Year is a great opportunity to let go of the things that are no longer serving your company.

Evaluate various aspects of your business to identify the things that you need to let go of. For example, it might not be worth the continued development and marketing of certain products that aren’t selling well. Instead of trying to make these products work, it’s best to let them go and dedicate those funds and efforts to the items that are performing great in the marketplace.

Look for anything that is making your work life harder, and let go of the old mindset that is keeping you stuck in that place. If the relationship with a vendor isn’t going well, then identify other options in the industry and be willing to let go of that old vender. If a technique isn’t supporting the overall goals of your company, then stop using it. You shouldn’t be investing time or money to try to make something work when there are more efficient and effective methods that can be implemented instead.

Resolution #6: Prioritize Self Care

One common trend among business owners is that their personal self-care often falls to the backburner. When you are juggling business priorities, it’s easy to let these tasks cut into your sleeping habits, hobbies, family time, and more. Consider setting a resolution this year to prioritize self-care, which will give you the opportunity to create more work-life balance.

Don’t underestimate the power that selfcare can bring to your business efforts. When you are healthy and have a strong, clear mind, then you will show up more effectively in your business tasks. It’s easy to rationalize and argue that your personal care doesn’t matter in business results. But, the truth is that developing your mind is one of the most effective ways that you can build a solid foundation to ensure that you are focusing on the right things within your company.

Selfcare looks different for every person. As you are structuring a system for your personal care habits, consider small, daily tasks that will support your physical health (diet, exercise, sleep, etc.), mental health (personal development, reading, etc.), and mental health (relaxation, meditation, etc.). Experiment to find the system that works best for you. Then, prioritize these tasks in the morning before you dive into work tasks for the day.

Resolution #7: Improve Financial Systems

Accounting and financial tracking are key to creating a strong foundation for your business. Do you have an effective accounting system, or are you scraping by with a DIY process? Without a good system, you are likely missing out because of gaps or holes in the tracking and recording processes.

Without accurate financial reports, every other aspect of your business will suffer. If you want to build a stronger foundation for your company, then now is the time to invest in better accounting systems. The most effective way to get started is by hiring an outsourced accounting team. Not only will a provider give you proven techniques that can be implemented in your business efforts. But these outsourced accounting services are also helpful to free up your schedule since you don’t have to spend your limited time on bookkeeping tasks.

Easier Accounting is here to help. For more information about how you can improve your accounting system this year, call us: (888) 620-0770.

New Year’s Resolutions for a Business

The end of December is usually the time when people set goals and intentions for the New Year. The ending of a year can be a symbolic time to let go of old habits and implement new practices that will set you up for success. What are your New Year’s resolutions this year?

It is common for people to have personal goals, such as weight loss, organization, relationships, and more. People want to improve and grow each year, and these goals can help you achieve the growth that is needed.

At the same time, business owners have the unique opportunity to set company resolutions as well. As you are determining your personal goals, don’t overlook this chance to identify new goals for your business efforts.

Reflection and Forward Motion

There are two important aspects that need to be addressed as you are identifying your New Year’s resolutions. First, you need to start by reflecting on the things that happened in 2018. Identifying your current position will give you the reference point to know where you are starting. Look at 2018 with transparency and an open mind. This reflection will help you see the things that are working and the areas of improvement.

While it is easy to focus on the areas of improvement and build goals around these topics, don’t forget to identify the things that have been working. When you see the systems that are effective in your business, then you can set goals to build upon the successes and boost the progress of your company.

Next, you need to determine where you want to be in the future. It is important that you “put a stake in the road” so that you can see where you are headed. Identifying where you want to be in a few months and a few years is necessary. This vision will help you identify goals that will lead you to the overall success that you desire.

For example, if you are looking to improve your business profits by 5% this year, then you need to set business New Year’s resolutions that support this effort. These resolutions might be focused on decreasing spending, increasing receivables, and optimizing systems to improve productivity.

New Year’s Resolutions to Consider for 2019

If you are a small business owner and you need help setting your goals for the New Year, then we would like to offer a few suggestions to support your efforts. Here are some business New Year’s resolutions that you might consider:

  • Improve Work-Life Balance: It is easy to get wrapped up in business tasks, causing your family to be neglected. Instead of spending all of your waking time in the office, you need to find balance in the activities of the week. While it is important to keep up with business responsibilities, you shouldn’t overlook the most important reason why you are building a business: to have more freedom and spend more time with the people that you love. Set a goal to optimize your schedule so that you can improve your work-life balance in the New Year.
  • Delegate Busy Work: In the beginning, many new business owners carry a full range of responsibilities. Not only are you focused on business development, but you are also involved in employee hiring and management, inventory stocking, marketing, customer service, and more. It’s easy to see how your schedule quickly fills up with business-related activities! If you want to enjoy 2019, then set a goal to delegate some of the busy work. You are overseeing the workings of the company, which means that you shouldn’t be spending your precious time on tasks that can be outsourced to others. Assign internal employees to take over tasks such as filing or bookkeeping. Or, look for outsourced services to support with these tasks, such as an accounting and bookkeeping service.
  • Improve Business Promotions: If you feel like you are stuck in a rut when it comes to bringing in new customers, then it’s time to add a fresh twist to your promotion and marketing efforts. You want your business to grow, which means that you need to bring in more customers and increase the sales that happen with current customers. Create a marketing plan that boosts repeat sales and helps you promote your business more effectively throughout the year.
  • Implement an Online Marketing Campaign: The internet has become an essential part of business marketing and promotions. If you don’t have a business presence online, then right now is the time to start with your website and social media profiles. Even though it might seem a little overwhelming, a little bit of effort can go a long way to help you connect with the right customers. Most business owners don’t have the time or knowledge to implement an effective online marketing campaign. So, the best strategy is to hire a company that understands your industry and offers the services that will support your needs.
  • Hire a Business Coach: Many people start a small business or entrepreneur efforts without experience or education with business topics. While you can offer products and make a few sales, your overall progress will be hindered if you don’t know how to change your current situation. Hiring a business coach can be one of the most effective things that you can do to bring in a fresh perspective for your company. Find someone who understands your industry and can offer solid advice to improve your results. Then, take accountability so that you implement the recommendations that are offered by your coach.
  • Find Local Networking Groups: It can be helpful to have local connections in the business industry. Networking groups and business organizations offer opportunities for you to find new clients and make business-to-business connections. Attend these events and gatherings with a sincere intention to meet new people without pushing your product or service too much. Build the relationships first, and then the business growth will naturally follow.
  • Improve Cash Flow Management: Cash flow will make-or-break your company. Even if you have a great inventory and money coming in, you won’t be successful if you are spending more than you are earning. If you can’t create enough capital to invest back into the company, then you need to make a few changes with the day-to-day finances of the business.
  • Boost Productivity: Not only do you need to evaluate your own productivity, but you should also look at strategies that can be implemented to improve employee productivity as well. It is surprising to see how a few small changes can have a domino effective to improve overall results in the company. Look for ways that you can improve internal systems to support employees and management in productivity improvements.

Setting the Right Business Goals

The most important thing that you can do is make sure that your New Year’s resolutions align with the vision that you are holding for your business. You need to consider the possibilities that could happen in the future. Observe the things that are happening in the industry, and then choose proactive goals so that you are staying ahead of your competition.

When you are setting new goals, make sure that these resolutions are measurable, achievable, and relevant:

  • Measurable: Most business owners have the intention to increase profits. But setting a goal to “increase business revenue” isn’t clear enough to help you determine whether the goal was reached. Put a number on the goal and make sure that you can measure the progress. For example, you might set the goal that you want to increase revenue by $24,000 this year, which means that you need an average increase in monthly profits that is at least $2,000. Identify your numbers, then find the action steps that need to happen so that you can hit the desired milestones.
  • Achievable: You might love the idea of hitting $1 million in sales this year. But, it’s a stretch to hit that number if you barely made it to $100,000 in 2018. Instead of setting an impossible goal, look for ways that you can implement incremental steps that will move your business in the right direction. Consider your current progress and identify a stretch goal that can be reached if you put in the effort that is needed.
  • Relevant: How does your goal line up with your overall mission and vision for your company? Relevancy means that you are choosing the New Year’s resolutions that align with the long-term results that you are trying to achieve. For example, a good example is to connect with 50 new customers each month, which will help to increase revenue and build your warm market for the future. The goal should make sense for your company and improve the business in some way.

Setting New Year’s resolutions for your business can help you build momentum in the New Year and set your company up for success. If you are thinking about outsourcing options as one of your goals, then our team is here to assist. Easier Accounting specializes in small business finances. We offer a variety of services to support your financial goals and keep you on track throughout the year. Learn more by calling us at (888) 620-0770.

New Year’s Resolutions – Financial Goals for Your Business in 2018

The New Year is often considered an opportunity for a fresh start. People begin the year with the best intentions to improve their lives and overcome bad habits. Talk to anyone that you know, and most people will have a theme for the year or some sort of personal goal that they are focusing on.

Personal Goals Impact Business Results

Often, these goals are centered around health and fitness. For example, people set resolutions to exercise more and eat less to achieve their desired weight loss results. Or, these goals might be focused on overcoming addictive behaviors, improving sleep habits, or buying a new home.

As a business owner, these personal goals can be important to help you feel better about yourself. By improving your physical and mental health, you will be in a good place to improve your business as well. Many entrepreneurs know that their business results are directly related to their personal successes.

But, setting personal goals won’t be enough to maximize the business results that you desire. If you want to increase your income this year, then you need to be willing to put in the work. It all comes down to the daily, weekly, and monthly systems that are in place to manage your business finances, inventory, client management, and more.

Do you need help choosing the right resolutions for your company this year? Here are a few suggestions to help you start 2018 on the right foot:

Resolution #1: Put a Stronger Focus on Customer Service

The satisfaction of your customers is one of the most important things that will affect your business results. If you have happy customers, then they will continue coming back to your company when they are ready to buy again. It is easier to maintain a list of satisfied customers than it is always to generate new leads.

The business world is shifting from basic customer service to personalized relationships. Instead of a scripted phone call to handle a customer inquiry, customers want to know that the company has a vested interest in the outcome of the situation.

So, companies need to step up and show customers that they are putting in the effort to outshine the competition. A few small changes in your customer service systems can go a long way to help you create the life-long relationships that you need for business success.

Also, remember that many customers are turning to the internet to share their experience with others. If someone has a good interaction with your company, then it increases the likelihood that they will share a positive review online. On the other hand, a negative experience could be detrimental to your company because of the bad review that drives other potential customers away.

If you want to succeed in this social world, then you need to be willing to put in the work that will create a good environment for your clients and customers.

Resolution #2: Strengthen Your Online Presence

There is no doubt that the internet is now an integral part of the business world. As mentioned above, many customers turn to the internet when they are looking for a local company or service. If you put in the effort to create an online presence, then it is easier to bring in customers who are interested in the things that you are selling.

Not only do you need to maintain a social media presence, but you also need a website that outlines the products and services that are available. These tools can be used to feed people into your sales funnel, resulting in an increase in your sales for the year.

There are other ways that you can leverage the internet to improve your business results. Sometimes these tools aren’t about customer interactions. Instead, you can find tools that can be used for team management and financial tracking. The dynamic nature of the internet makes it easier than ever to oversee the company success from anywhere in the world. You can go on vacation and still view reports about sales numbers, cash flow, and more.

Resolution #3: Improve Financial Tracking

Business finances are often the details that people push to the backburner. When you are facing immediate needs, such as stocking shelves and inventory orders, then it is hard to find the motivation to tally receipts or enter expenses into the financial system.

Even though these boring tasks seem like busy work, they are essential to ensure that you are meeting requirements for taxes and financial reports. The details will have a big impact on the long-term results that you achieve in your company.

If you are stuck in the rut of procrastinating your business financials, then you need to set a goal to make it a priority this year. Keep track of the costs that are incurred every day. These expenses are important business write-offs so that you can minimize your tax burden.

At the same time, you need to look at cash flow projections to determine the anticipated costs that are coming up. These factors can help you make big financial decisions so that you can improve the overall results for your business. If you don’t know the current cash standing for the company, then you could be making the wrong decisions that can have a negative impact on your cash position in the future.

Resolution #4: Outsource the Busy Work

Do you feel overwhelmed as you are trying to find the time to keep up with the data entry and financial tracking? If you are already loaded down with too many responsibilities, then it could be beneficial to outsource some of the busy work.

Some business owners choose to hire employees who can take over these tasks. But, then you still carry the responsibility to make sure that the employees are performing the work correctly. Plus, you will need to bring on the added costs of salary, benefits, office space, and more.

A cheaper solution is to outsource the tasks to an outside team instead. For example, you can hire an accounting service to oversee the financial tracking and tax preparation details. These services might cost a little money and impact your overhead costs. But, they are cheaper compared to the cost of bringing on another employee.

It is hard to quantify the benefits that are gained from these outsourced accounting services. Not only will you have an easier time tracking cash flow and other business details. But, you will also be able to maximize tax write-offs. Calculate the savings that are available for your company, and you will likely see that it is worth the investment to hire these financial services.

Resolution #5: Commit to Simplification in the Workplace

One of the drawbacks of workplace initiatives is that these goals can complicate the processes that need to be followed in the workplace. Even though your intentions are good, you need to be careful so that employees aren’t overloaded with unreasonable expectations. Employees still need the time to focus on the core job duties, instead of getting distracted with other tasks to meet the required goals

So, as you are choosing goals for the year, look for ways that you can simplify the process for everyone involved. Outsourcing is a great example of simplification. You can assign the tasks to a professional team, and let go of the worry about how these tasks will be completed. In most situations, outsourcing is an effective way to simplify your business efforts and still achieve the results that you desire.

Also, consider simplification for your daily tracking. For example, if you are still keeping financial records by hand or in a spreadsheet, then you are missing out on the benefits that are available from a good accounting software program. There is no reason why you should be doing these calculations by hand if there are tools that can do the difficult work for you.

If you don’t already have a good financial tracking system, then right now is the perfect opportunity to talk to our team about the options that can be implemented. We are focused on streamlined business solutions. Hiring an accounting service means that you can simplify your business finances, and at the same time free up your responsibilities to focus on business growth.

We have proven systems that will transform your finances and help with your goals this year. There is no reason for you to re-invent the wheel when we already know the best systems in the industry. If you want to tap into this expertise, then contacting us is the best thing that you can do for your company.

Are you ready to make 2018 the best year yet? Our team here at Easier Accounting wants to support your business goals for the year. If your resolution is to improve your accounting and financial systems, then right now is the perfect time to call us. We will take care of the financial details so that you can grow your company to higher levels of success this year. Call to learn more: (888) 620-0770

New Year Bookkeeping Resolutions to Improve Business Finances in 2016

Now that 2016 is in full swing, it is the perfect time to consider your business goals for the year. Have you set resolutions to help your business grow and expand this year? Good financial tracking is essential for proper management of the cash flow throughout the year. If you are ready to make your business more profitable than ever, then you should set these resolutions:

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Use the Right Financial Tracking System

Getting the right financial tracking system in place is the foundation to bookkeeping success. If you don’t already have a good computer software in place, then you should talk with your small business bookkeeper about the best system that will meet the needs of your business.

Set a Budget and Stick to It

Do you know how much you are spending in business expenses every month? Make sure that you have a solid budget, and stick with your spending plan throughout the year. As a result, you will be more effective at managing cash flow, which can have a direct impact on the long-term success of your company.

Keep Business and Personal Spending Separate

Everyone knows that they are supposed to keep business and personal spending separate, but there are many situations where these finances get mixed together. Make it a point to use separate accounts for your spending, and you will find that it is much easier to use exclusive credit cards and checking accounts for business expenses.

Stay Ahead of Weekly Financial Tracking

It is hard to catch up on months of financial transactions, especially because you can forget the details as time goes by. Instead of procrastinating financial tracking, make sure that you keep up with the weekly transactions to keep things simple. If you don’t have time for these tasks throughout the week, then one of the best things that you can do is hire a business bookkeeper to help with the ongoing financial management.

Hire a Bookkeeper to Help

If you aren’t already taking advantage of the bookkeeping services that are available, then right now is the best time to get started! Here at Easier Bookkeeping, we offer a variety of full service bookkeeping options to make it easy for you to manage your business finances. If you are ready to maximize your business success in 2016, then we invite you to contact us right away for more information about the services that are available: (888) 620-0770

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