2024 New Year’s resolutions for your small business

New Year's resolutions — they're great until it comes time to follow through on them. But for the sake of this article, we're not going to worry about promises to get more exercise, eat healthier, or learn another language (though we wish you luck if those are your resolutions for the New Year). Instead, let's take a look at potential business resolutions you may want to keep in mind as we wrap up 2023 and welcome 2024.

Work smarter

This one can be tricky when you have your routine down to a science. It can also be challenging if you're a small-business owner who wears many hats. However, taking a hard look at what you're doing and asking if all of it's necessary could help you have a far more efficient 2024.

Make a list of your daily and weekly tasks. And, if you have a staff, do the same for their responsibilities. Much of it's likely essential — but surely there are things you and others are doing that could be cut, or at the very least, reconsidered.

Maybe weekdays are stuffed with meetings which means essential work spills into the weekend. Or perhaps you find yourself managing multiple spreadsheets when one software solution can take that off your plate entirely. Either way, completing this exercise could open the door to resolutions you never even considered.

Update your business plan

When was the last time you reviewed your business plan? Dust it off before 2023 comes to a close and give it a thorough review. Pay close attention to your goals, performance metrics and financial projections. Ask yourself how you're doing in those areas and, if necessary, consider pivoting.

After you complete this exercise, your business plan should contain any new strategies, goals or changes in direction. This living document should reflect the current state of your business and serve as a roadmap for the year ahead.

Finally, to ensure it's followed, share it with any team members so you're all on the same page and working towards a common vision.

Reexamine how you're reaching customers

Are you using social media to attract and engage with customers? When was the last time you checked in on the social platforms you use? In a time when Twitter can become X overnight, it's worth running through them and questioning which accounts are still effective and which should be shut down.

Of course, some household names remain giants in the social media space. As of October 2023, Facebook is No. 1 with 3 billion monthly active users, followed by YouTube with 2.5 billion, according to Search Engine Journal. But not far behind with 1.2 billion monthly active users is the relatively newer TikTok. Is it time for your business to fire up a TikTok account? That's a good question to ask when reviewing your existing social platforms.

Network better

It's common for folks to want to meet new people or make more friends as a New Year's resolution. Well, the business version of that is to network more. (And maybe some of those new contacts will turn into new friends.)

LinkedIn is alive with professional activity, so if you haven't built a profile for your business or yourself, add that to your to-do list. In addition, if you haven't attended trade shows or events in your industry, see what's available, as recommended by the U.S. Chamber of Commerce.

Prioritize work-life balance

Running a small business can be all-consuming, so really strive to find a balance between work and personal life in the New Year. Make it a resolution to prioritize your well-being by setting clear boundaries for work hours.

Go one step further and schedule vacations and downtime for 2024 just as you would schedule important business meetings. The more rested and rejuvenated you are, the more likely to make sound decisions and lead your business to success.

Baby steps into the New Year

New Year's resolutions are hard, we know. And nobody can predict what the New Year has in store for your small business. But simply taking one or more of the steps above may be the motivation you need to follow through on the most important resolution — making sure your business thrives in 2024.

Also, don't hesitate to reach out to the Law Offices of Donald Hudspeth, P.C. for even more advice. Whether in 2022 or 2023, we're ready to lend a hand.

Categorised in: Starting a Business in Arizona

This post was written by