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New Year’s Resolutions for Small Businesses
Judi Mellon

If you’ve been too busy running your business, get 2012 off to a good start with some resolutions that fit this new economy.

1. Business Plan.  Every start-up and existing business needs one. Most of its value comes from the thought process you go through while writing it.  It will give you the focus you need to create success.  Learn more about business plans at the Idaho Small Business Development Center (Click here) Statewide Idaho SBDC Website and click the following link to sign up for the next NxLevel Business Planning Course to be held in Twin Falls starting Feb 21, 2012. (Click here) NxLevel Business Planning Course for Entrepreneurs

2. P&L, Cash flow and Balance Sheet.  You need accurate and detailed financials for the IRS, and maybe your bank will require them, but mostly because you need them to understand your business.  Being able to accurately track your revenue and expenses will allow you to determine which of your products or services are generating how much profit.  If you don’t have a good accounting software package already, resolve to invest in one.

3. Knowing revenue sources & controlling expenses.  In calm waters every ship has a good captain, but in times like these you need to focus carefully on your revenue and expenses.  Resolve to look for new revenue opportunities and to review every dollar you spend to identify potential savings.

4. Social Media.  Social media is an inexpensive way to promote your business.  Facebook, LinkedIn and Twitter allow you to promote your business cost-effectively.  Take a low-cost workshop on social media or ask your kid to teach you.  Social Media has surpassed pornography on the web. Facebook is the third largest country in the world. Resolve to check these out.

5.Network!  Often for the cost of a breakfast or lunch you have an effective way to meet dozens of potential new customers.  The Magic Valley has a large number of networking opportunities and groups focused on marketing, real estate, green issues, professions, community service and many other topics, along with the Chamber of Commerce.  Effective networking establishes relationships with people; it’s not just handing out and collecting business cards. 

6. Set 3 clear, realistic goals for 2012.  Goals focus your activities, energize and motivate you to persist and achieve. 

Good luck with your resolutions and best wishes for a successful New Year!  We are here to help at Small Business Development Center 208-732-6450.

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