It’s not uncommon for people to make New Year’s resolutions to accomplish personal goals. What’s rare is for businesses to
create impactful resolutions
at the start of the year to achieve business goals.
A new year is the perfect time to reflect on your past learnings and set objectives that can help you grow your business.
But what sort of goals should you set for your business?
The National Federation of Independent Business (NFIB) has collected data and created a
checklist
for businesses to improve their operations this year.
Small Business Checklist for 2018
Spend Time on Accounting
Data reveals 42 percent of small businesses spend four hours or more on just tax compliance. In 2018, businesses must therefore prioritize reviewing tax changes and their long-term financial plan.
Increase Social Media Marketing Efforts
Despite the growing popularity of social media as a marketing and promotional tool, many businesses (24 percent) don’t use it today. This year, businesses must resolve to use at least a couple of social platforms and leverage them for free marketing. Using analytics tools to track relevance and engagement should also be high on businesses’ agendas.
Make Strategic Comparisons
Businesses operate in a highly competitive landscape today. Not surprisingly, many businesses (19 percent) fail because they are outcompeted. To address this challenge, businesses should focus on using a SWOT analysis to stay ahead of competition.
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