02 24 2015

New Year's Resolutions for Businesses

02 24 2015

Tips To Help You Follow Through On Business Resolutions

For companies that are finding it difficult to maintain their business resolutions as the year progresses, one of the best ways to further one’s goals is to obtain a merchant cash advance. Because many small businesses struggle with having enough funding to move forward on major projects and initiatives, outside sources of income can be a great help.

But even if a business is successful in supplementing their current working capital, if the firm isn’t capable of sticking with their original New Year’s resolutions, then the additional money may be going to waste. That’s because achieving small business goals, such as increasing clientele, amassing a larger social media presence or providing more payment options for customers, comes down to having the fortitude to overcome temporary obstacles and to keep sight of what is to be accomplished.

Here are four ways to follow through on business resolutions:

  1. Think big, but start small

    While the ultimate goal of every business is to become successful to a greater degree than they were previously, it’s important to have a plan in place that recognizes the value of short term ideas. For instance, expanding services to obtain more customers is too broad of a goal to realize any time soon. A better approach would be to find ways to improve current services, and then build from there.

    Further, once it’s clear that there is room in the budget to invest in new machinery and workers are capable of providing additional services proficiently and on time, then moving toward larger goals is more feasible.

    Focus on one area of interest where expansion is more likely, and then grow from there. It’s vital that big plans don’t overshoot financial means or get in the way of actual day to day operations.

  1. Create benchmarks

    One way to ensure that long and short term goals are aligning is to set standards prior to embarking on achieving those goals. Without a framework in place, it can be hard to accurately measure just how far a business has come and whether they are moving on pace.

    Setting monthly or quarterly benchmarks could be a good way to conceptualize where a business is falling behind and where improvement is still needed. A resolution is only as productive as the work that is being put in to maintain it.

  1. Review and update frequently

    The only way to ensure that resolutions are successful is to revisit them frequently and to see how things are playing out in the real world. Companies can sometimes make the mistake of having plans on paper, but never being able to see them materialize in full.

    With a New Year’s resolution, setting yearly goals is important, but only inasmuch as they pertain to actual working conditions. For example, increasing revenue by 15 percent in the new year is an ambitious promise to make, but if a company is in the midst of a slumping economy or lackluster consumer demand, then this goal should be reviewed and scaled back to factor in these issues.

    Setting lofty goals is important, but being realistic and forthcoming is even more so.

  1. Include the work of others

    Perhaps the most efficient way to stick to business resolutions is to have everyone in the company involved. Without the help and time of others, resolutions can fall flat. In addition, workers need to know they are part of something larger and vital to the overall success of the company.

    While goals based on numbers are fine, creating objectives for workers is crucial as well. Create a plan that rewards the work of those who complete tasks ahead of schedule and tie the progress of the company to incentives for workers.

Following through with yearly resolutions isn’t always the easiest, but keeping a steady hand at the wheel is important at all times. Don’t rely on external factors like interest rates, job growth or new technology to be the basis of business plans. These things can change rapidly and may not impact companies in the way that was originally drawn up in initial resolutions.

Rather, deal with things that work and can actively promote future business expansion, such as equipment financing or a business cash advance from National Funding.

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