10 new year’s resolutions for business owners in 2022

We’ve finally said goodbye to 2021, which was another challenging year for many, especially for business owners. But as the saying goes, there is light at the end of the tunnel, and we hope that in 2022 we’re able to leave the pandemic behind and ease back to our normal lives.

Now’s the time to get back on track and kick off 2022 with a bang. Not sure what resolutions should be on your list this year? We’ve compiled 10 New Year’s resolutions for business to help set you up for success in 2022!

 

1.  Manage cash flow more effectively

January can leave many businesses suffering from a New Year’s hangover due to the slide into silly season, office shut-downs and staff leave. If your business has drastic ebbs and flows in cash flow, concentrating on this resolution is a priority.

Cash flow is the lifeblood of any business. Even businesses with healthy growth and strong sales run the risk of owing more than they can pay in any given month. The key to successful cash management is to monitor all the elements of the working capital cycle. The faster the cycle turns, the faster your trading activity converts into available cash. Introducing relatively small changes to your financial management practices can result in significant improvements to cash flow and reduced reliance on banks and suppliers.  You can learn more about what drives your business’s cash flow here.

 

2.  Promote your business regularly and consistently

Business owners wear many hats and you might not have “marketing” at the top of your to-do list.  Whether you’re just starting out, or have been in business for years, attracting new customers (and reaching out to your existing ones) needs to be a priority.

If you have time, you can create your own marketing plan using this free template.  Or, if your funds allow it, hire a marketing expert to help manage a strategy for you.

To get you started, read our article on 20 low-cost ways to market your business here. Also, check out these new resources for business that will help make content creation a breeze.

 

3.  Make business planning and strategy a priority

Running a business can be chaotic and it’s easy to be trapped into focusing only on the day-to-day operations.  If you want to grow or future-proof your business, planning is vital.  When was the last time you took a step back and considered your original vision or updated your business plan?

Strategic Planning allows you to take a step back and think about which parts of your business are working and which aren’t.  Making strategy a priority in 2022 will help you stay on track by giving you actionable goals and objectives for the year.  Once you have a plan, commit to reviewing it monthly or quarterly.  Not only will this help you avoid costly mistakes and stay purposeful, but you’ll also feel more focused and relaxed by knowing you’re in control.

 

4.  Get control of your debtors

Does your business routinely wait on late payments?  Good debtor management is critical to ensuring your business has sufficient working capital to meet expenditure requirements, reinvest and grow.  Essentially, if your business isn’t collecting cash quickly, then you are funding the customer’s business as well as your own.

This year, consider making changes to your debtor management process to reduce the likelihood of dealing with late payers.  Keep the cash flowing through your business by setting aside time each week to follow up any money that you’re owed.  While most cloud-based accounting systems can send out automatic reminders for you, setting aside time each week for follow up phone calls will yield better results.

Consistency is the key when chasing up debts.  If your customers know you won’t follow up early, or won’t follow up consistently, they may take advantage of your inaction.  Read more about getting control of your debtors here.

 

5.  Expand your network

When you’re swamped with work and trying to check off your must-do list, it can be difficult to visualise adding anything that won’t have an immediate impact on your business to your already overpacked schedule. This is why you should add expanding your network to your list of New Year’s resolutions for 2022.

Aim to make a new connection at least once a month to improve the odds of finding a new business lead, learning valuable industry updates, or creating a strong professional relationship. The more you network, the more results you’ll see. Schedule networking on your calendar like any other to-do to ensure it becomes a priority and not an afterthought. LinkedIn is a great place to start!

 

6.  Incorporate tech tools to make your business life easier

Technology makes our lives easier every day and the same can be said for your business. Are you using it to its full potential for your business? We’ve compiled a list of new tools and resources for business that can make content creation, hiring and marketing tasks a lot simpler for you in 2022

 

7.  Build or refresh your website

If your business doesn’t already have a website, now is the time to invest in building one. For those who do have a website, it’s a good idea to review it and potentially consider giving it a refresh. A website for your business is a must in 2022, with everything making the move to the online world thanks to the pandemic. A good business website can do wonders for sales, audience growth, brand recognition, and customer service.

Even if you don’t sell products on an ecommerce website, a good business website can at the very least allow new customers or clients to find you via search engines, share examples of your work, and provide contact information to anyone who may want to work with you. Squarespace is a great starting place for those who have never built a website before, with lots of free templates available.

 

8.  Avoid burnout

It’s no secret that many business owners work themselves to the ground. Burnout is not good for you, your business, or your personal life. Setting clear boundaries, knowing when to take a break, and learning when to ask for help are all ways you can avoid burnout. We all have different thresholds for how much we can work and varying ways of coping with stress, just make sure you’re running your business in a way that is good for you.

 

9.  Plan for uncertainty

If COVID-19 taught us anything, is that the only certainty is uncertainty!  Planning for uncertainty can be a scary thought for business owners, but it is important to do so to help lessen the blow from a financial and business perspective if another pandemic is to hit…here’s hoping we left them behind in 2021!

 

10.  Listen to your customers and employees

Is there something your customers have been asking about or is there feedback that you constantly hear? Look into how you can bring that good or service to them or how you can tweak your business to meet your customer’s needs.

The same applies for your employees. Listen to them: ask them what works, what doesn’t, and how you could make their job better and easier in 2022.

 

We wish you and your business a successful 2022!

Achieving a healthy business is like maintaining a good relationship – you have to keep working on it. January is the perfect time to re-evaluate your business priorities and start fresh. Even if you only make good on a few of these resolutions, you’ll be ahead of the game and be making positive change in your business. Here’s to 2022!

 

Further help:

You can find out more about working with Marsh & Partners here. As your Absolute.Account.Ability partner we’re on a mission to make your business life better. We’ll help you set goals for your business, devise an Action Plan to make them happen and meet with you regularly to ensure you stay on track.

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