5 New Year's Resolutions for Small Business Owners

With 2024 finally upon us, it's time for you and your business to embrace the mantra of "new year, new me." In this article we will be highlighting 5 New Year's resolutions that you can implement to help take your small business and personal life to the next level. From spending time with family to growing your network, these tips are guaranteed to help you make 2024 your best year yet!

1. Commit Yourself to Being Organized

Organization is key to running a thriving business. Yet, we're all guilty of letting our chaos run wild, but no more! It's time to take charge, and what better year to do it than 2024? Get ready to conquer the business world through organization!

There are several straightfoward ways that you can achieve your organization goals. First, you can use the oldest trick in the book; the calendar. Whether you use a physical calendar or an online one, the simple act of writing all of your tasks in one place will help you remember exactly what needs to be done and when you need to make it happen.

Another way to achieve organization stardom is by planning. Especially when it comes to your social media marketing efforts, planning ahead is a sure fire way to meet all of your deadlines, stress free. It's good practise to plan your social media posts at least one month in advance. You can do this by using social media scheduling tools like Canva or Hootsuite. If you don't have room in your budget for an online tool, you can simply create a spreadsheet to help you plan ahead.

While on the topic of planning, using the Ivy Lee method is guaranteed to skyrocket your organization prowess. The Ivy Lee method prescribes users to write down the 6 most important tasks that they want to achieve for the following day, written in order of importance. Before you move onto the next task, you must first cross off the one prior until all critical activities from that day are completed. Using this method provides yourself with a roadmap for being most productive.

2. Reach Out to Past Clients

In business, there is nothing more important than maintaining relationships. Regardless of the industry that you're in, customer relationship management is essential for your success. If this is something that your business has been neglecting, there is no better time than right now to rekindle your past relationships.

This can be achieved by reaching out to past clients via email, a phone call, or even visiting them in person if your business relationship permits. No matter how you choose to revisit your customers, make it less about getting another sale, and more about strengthen the relationship. People are far more likely to work with those that they trust. So, by going the extra mile to improve your past client relationships, you are increasing the likelihood that these people will buy your product or service in the future.

3. Grow Your Network

Keeping with the theme of relationship building, it is crucial for you as an entrepreneur to grow your professional network. Author, Porter Gale explains, "Your Network Is Your Net Worth." So, take the time this year to create as many new contacts as possible.

A great place to start is right here, on LinkedIn. Start everyday by connecting with 25 new people on the app. They can be people that you admire, others in your industry or an industry you want to explore, or people that share your past experiences like school or employment. If you do this simple task everyday, you'll be mind blown by how extensive your network will become.

Connecting online is great, but there is nothing better than actually going out and meeting professionals in person. Thankfully the Business Centre can help you do just that at our International Women's Day Guelph-Wellington 2024 celebration! Join us for this magical evening at The Grand Guelph Banquet & Event Centre on Wednesday, March 6th! There, you will discover a marketplace of incredible women entrepreneurs, networking opportunities with like-minded individuals, a plethora of appetizer and desserts stations, and live, interactive activities. Don't miss out on this amazing opportunity to expand your network and support some incredible women in your community. Click here to purchase your tickets today!

4. Analyze Your Data

Welcome to the era of big data, where every click and tap speaks volumes about your customers, giving you a backstage pass to their likes and dislikes. The secret is knowing which data can help your business capitalize this year!

Peeking at your customer's buying patterns each month is like having a crystal ball! It's the perfect way to stock up on the right items at the right time. You'll know exactly how much to order and when to order it. And for all my e-commerce entrepreneurs out there, it's essential for you to monitor your store data so that you can optimize your website in a way that maximizes conversion and order size.

If you're aiming for success in 2024, don't forget to check in on your social media pages as well! No matter the platforms that you use, you'll able to explore your page analytics to determine what types of post are performing best, what time of day your target audience frequents the most, the demographics that engage with your content, and so much more. Using all of this data, you will be able to cultivate a social media strategy geared directly towards your target audience, increasing the efficiency and lowering the cost of your digital marketing.

5. Save Some Time for Those you Love

We know that being an entrepreneur can be extremely stressful and occupy nearly all of your time. That being said, it's so important for you to dedicate even a small portion of each day to spending time with those you love. Burnout for small business owners is something that happens all too often. So, make sure that you are giving your brain a break and allowing yourself to enjoy some time with your loved ones this year!

So, who's ready to make 2024 their year? After learning about our 5 incredible New Year's resolutions for entrepreneurs, you and your business can do just that! This year, be sure to make new connections, revisit some old friends, dive into your data, get organized, and most importantly, don't forget to cherish your loved ones. With these tricks up your sleeve, you'll be sure to make 2024 your most memorable year yet!

Written By: Matteo Furfaro

Work Cited:

Stephanie. (2021, August 20). 16 New Year’s resolutions for entrepreneurs. Business Phone Numbers & Phone System Features. https://talkroute.com/16-new-years-resolutions-for-entrepreneurs/