Three Simple Financial Resolution Ideas
for the Small Business Owner in 2017
Let the New Year be a chance to think about your business goals
As 2017 begins, you’ve most likely set resolutions for your personal life – like getting organized, or eating healthier. But, have you thought about your resolutions as a business owner or decision maker? We know that the success of your business is important to you, and this success takes ongoing commitment and strategy.
Are you integrating new technology? Facing increasing regulations? Unsure of the upcoming financial environment? Start by understanding what you need and want to achieve – and set your resolutions to help you accomplish that. Here are a few resolutions that can help get you centered as we enter the new calendar year.
Get Started with Three Simple Resolutions.
It’s said that a journey begins with a simple step, and when it comes to developing the right resolutions for you and your business, simpler is sometimes better, to help you stay focused. But, if you’re unsure of where to begin, check out these three simple resolution ideas that every business can adapt in the New Year to achieve business goals.
Use Your Resources More Efficiently.
Resources can mean different things to different businesses – from equipment on your plant floor, to your employees, to your banking partner. Whether that’s providing training for your administrative employee to help you with social media, understanding whether to remodel your space or purchase a new one, or understanding how to build a relationship with your banker to help you expand your products or services – resolve to understand how to get smarter about these assets to use them more efficiently.
Set a Realistic Budget – And Stick To It.
When it comes to owning a business, planning can be the hardest part. And while we all set goals to allow ourselves to aim high, one thing a business owner can do to avoid budget challenges is setting over-lofty goals for a budget – only to find that it was more fantasy than fact. In 2017, commit to setting a realistic budget, and stick to it. The key may be finding the right partner who can help you to understand all aspects of a budget – from cash flow, to the right money management tools, to services like merchant card services – that can help you successfully set your accurate budget.
Look at 2017 – and Beyond.
72 percent of small businesses are confident in their futures (National Small Business Association, 2017). Yet, many of these businesses aren’t looking at the future beyond the next 12 months. It’s critical to set a plan for the long-term to protect your business from the ups and downs of the business cycle. It’s about not being complacent. While things may be good with your business financially, look beyond the short-term to take things from good to great. Accomplish this resolution by understanding the steps you need to take to help your business succeed – including the moves you need to make now to strengthen your future or the right insurance coverage to protect your business long-term.
Don’t Let Your Resolutions Get Left Behind.
Set goals and stick to them. And setting realistic goals that matter can help you and your business make the jump from resolution to reality. By setting simple, achievable resolutions that begin at New Year’s, it’ll be easy to stay committed and achieve your goals. We’ve said it before – as a business owner, you’re a jack of all trades, but you don’t have to set your resolutions – or achieve them – alone.
Start with your business plan and identify the areas you want to focus on in the year ahead – whether it’s these three areas, or not – and identify how you’ll get there. More importantly, identify who will help you get there.
Identifying the right partners to help you establish and execute your financial New Year’s resolutions will not only hold you accountable, but will also set you up for the best potential success that you can have as we enter 2017. The best way to accomplish your business resolutions is to get started with your partners.
Set Your Resolutions with Citizens Bank.
Businesses like yours in southeastern Wisconsin have been partnering with Citizens Bank for 125 years to help them set and accomplish their financial resolutions.
Focus on finding someone who can be a long-term trusted advisor and get started by contacting your business banker today.