Share This Info:  

5 New Years Resolutions Every Small Business Owner Should Make

New Years For Owners Of Small Businesses

As a small business owner, the beginning of a new year is a great time to review your business from the past year.  It is a time to reflect on your successes and determine what made you so successful so you can mimic the same actions in the New Year.  It is also a time to evaluate your short falls and determine why they didn't work out so you can avoid doing the same thing in the future.

In my experience, there are typically five areas that small businesses can focus on to improve their business in the upcoming year.  Many small business owners need to be reminded to re-focus their efforts in these areas to ensure the success of their business.  While most know these functions are important to the business, they often get pushed to the back burner with day to day operations taking precedence.

Resolution #1 -- Get Your Internal Systems and Procedures in Place

In a small business it is easy to let systems and procedures slide especially when you only have a handful of employees and everyone knows what they need to do.  The problem with doing this is that it leaves room for error.  It also leaves you, the business owner, at risk for employee theft and mismanagement of your business.

If you do not already, create a clear plan for internal systems and procedures.  Document these plans in a manual of some kind and be sure to include the consequences of what will happen if the proper procedures are not followed.  Have your employees read and sign off that they have read and understand what is expected.  While this may seem a bit harsh or unnecessary, it will be helpful in the long term if anything should ever go wrong and it will also be extremely beneficial when the time comes to sell your business.  Investors want to know there is a plan in place that will allow the business to run once you are no longer working in it.   
Resolution #2 -- Make Sure Your Finances Are in Order

Tax time will be rolling around before you know it.  If you haven't been keeping the best track of your financial situation, this will be the point where you'll be able to see in black and white how your business has performed over the past year.  Even if you are happy with your bottom line, I encourage you to take a good luck at your finances and see if there are ways you can improve.  I recommend talking with your Account and determining if there are ways you can cut expenses or minimize the amount of taxes you are paying.  These are two things right off the top that can help improve your bottom line next year at this time.   

Resolution #3 -- Re-focus on Customer Service

Most small business owners are great at customer service.  They are vested in their business and understand how important loyal customers are.  But, just because you deliver good customer service, it does not mean your staff always does!  While leading by example is a good start, with the New Year, take a step back and evaluate how your employees are doing.  Ask some of your loyal customers or do an anonymous survey.   Take what you get from that feedback, good or bad, and turn it into a positive for your company.  Reward good customer service and work to improve those who are lacking.

Resolution #4 -- Re-focus on Your Marketing

Marketing is one of the biggest functions to get pushed to the side in a small business.  The owner often tries to take care of it themselves and when the demands of the business compete for the owner's time, the day to day business operation always wins.  With that said, in the New Year, resolve to re-focus on your marketing.  Make sure you are doing what you can within your budget to stay in front of your target customers.  If you cannot devote the time to doing this, hire someone who can.  Even if your business is doing well, you should never stop marketing and advertising as there will likely come a time when things slow down and having laid the ground work with strong marketing efforts will help you pick back up.  

Resolution #5 -- Think About Your Exit Strategy

While you may not be thinking about selling your business, it is always important to think about your exit strategy for when the time comes.  Thinking about it now can help you lay the foundation for what needs to be done later.  The New Year is the perfect time to strategize about what your exit strategy may look like and get to work on creating a business that can sustain itself without you so it is attractive to potential investors when the time comes for you to move on.

Peter Siegel, MBAAbout: Peter Siegel, MBA is the Founder & Advisor (ProBuy & ProSell Programs) at (established 1994, 8000+ California businesses for sale, 500 new & refreshed postings/posts daily) and the BizBenNetwork - working with potential business buyers, business sellers, brokers, agents, investors, & advisors). Reach him direct at 925-785-3118 to discuss strategies regarding buying, selling, (or financing a puchase of) small to mid-sized businesses.

Categories: BizBen Blog Contributor, Buying A Business, How To Buy A Business

Comments Regarding This Blog Post

These are all great points. In the restaurant business, January, came sometimes be thought of as being during the "January Blues" because the holidays are over and people are tightening their financial belts. This may be a good time to do lunch specials and other promotions to get people into the door and get them into the habit of coming back, as well as restructuring labor costs from the busy holiday season.

  Helpful Resources To Assist In Selling And Buying California Businesses
Elizabeth McGovern: Escrow Services - SF Bay Area

McGovern Escrow Services, Inc., is a leading independent escrow company. We are a trusted partner with our clients, assisting them through the tangled bulk sale & liquor license transfer process. We provide attentive, quality & innovative customer service. Phone Elizabeth McGovern at 415-735-3645.

Shalonda Chappel-Pilgram: Escrow Services - Southern CA

Escrow services to brokers & agents, owner/sellers, & buyers. Established 43 years. Extraordinary service. Experienced with handling difficult transactions. One stop for all your escrow needs: Bulk sales, lien searches, UCC searches, liquor license transfers, publishing & recording services.

Diane Boudreau-Tschetter: Escrow And Bulk Sale Services

California Business Escrow, Inc. is a full service independent escrow company serving all of California and has expertise in a wide range of escrows. Our team prides itself on providing an exceptional escrow experience. For more info phone Diane Boudreau-Tschetter at 888-383-3331 or 209-838-1100.

Willard Michlin, CPA, Certified Fraud Examiner, Due Diligence Services

Willard Michlin, CPA #106752, offers buyers step by step training & assistance in doing Due Diligence Services when they are thinking of making an offer, or are in process of investigating a business purchase. He helps to determine the actual net profit even when there is cash. Call 805-428-2063.

Brad Steinberg, Broker - Laundromat Specialists

PWS is the leading laundromat broker in California. Since 1968 PWS has brokered over 2,500 laundromat sales. With over 90 employees dedicated to the coin laundry industry, PWS has 18 licensed agents, a 3 person in-house finance department, 10 service technicians and a 20 person parts department.

Helen Yoo: Escrow & Bulk Sale Services - Southern California

New Century Escrow, Inc. is a fully licensed & bonded independent escrow company. Over 20 years combined experience in handling bulk escrow transactions. Multi-lingual staff that speaks your language, including Korean, Chinese, Vietnamese. Call Helen Yoo direct at 626-890-1151.

Janet Carrera - Escrow & Bulk Sale Services - SF Bay Area

Redwood Escrow Services, Inc. is a full service, licensed independent escrow company. We are EAFC Fidelity bonded, fully insured & licensed with the Department of Corporations. Committed to offering our clients the most comprehensive variety of escrow services available. Phone Janet at 510-247-0741.

Joe Sandbank, Esq. - Legal Services

I have provided legal counsel to business buyers, sellers and brokers for over 17 years. With prior experience as a business broker and SBA loan officer, Joe brings both a practical and legal approach to all aspects of the business acquisition process.

  Related Articles, Events, Blog Posts, Discussions, Videos, Interviews
Buyer Beware: Does A Company's Culture Effect The Sale Of A Small Business?

When purchasing a small to mid-szied CA business, there are a many items to evaluate. One area that is often overlooked is the business's office culture. Peter Siegel, MBA with BizBen discusses with business buyers the importance of understanding how the business "feels" on a day-to-day basis.

Thinking Of Selling My Business: What Factors Create Value And Drive Price?

There are a lot of misconceptions about what enhances the value of a business. The following factors in this Discussion Post on BizBen are aspects of a business that really drives its value and pricing. Business owners thinking of selling should check these out these factors before selling.

Unreported Income: Should Sellers Disclose Unreported Cash To Buyers?

Should owners who offer a business for sale reveal to prospective buyers any income that is not recorded in the books? This is a controversial topic with arguments both for and against. Most business sales intermediaries believe if you don't pay tax on it, you can't claim it. Some sellers disagree.

Buy A Business Or Start From Scratch? 5 Key Differences For Business Buyers

Some buyers believe it's better to start a business from scratch rather than buy an existing enterprise. While this may be good advice in some cases, usually it's not the best strategy. Here are five tips to help a buyer make the right decision from from Peter Siegel, MBA (BizBen Director).

Before Buying A California Business, 10 Questions You Should Ask Yourself

Before buying a business, all serious business buyers should ask themselves some key questions about possible buying a small California business, franchise, or opportunity - from Peter Siegel, MBA (Business Purchase Financing Expert, ProBuy & ProSell Program Advisor with BizBen) at 925-785-3118.

Uncover Hidden Problems In Due Diligence When You Buy A Small Business

Most everyone who's decided to buy a small business in California knows the importance of due diligence. That involves close examination of a business prior to removing contingencies. But not everyone knows how to uncover problems that are not obvious. Here are five of the most common hidden issues.

How Many Listings Is Too Many For One Broker To Handle? Is It 5? 10? 20?

Peter Siegel, MBA in this Vlog/Podcast discusses how many listings is too many for one business broker to handle at one time. Is it 5 is it 20? I recently had a coaching call with one of my BizBen broker clients who asked that question this week. There are many factors that go into the answer.

Selling A Business Without Getting Sued: 5 Tips For Business Sellers/Brokers

How do I sell my business without getting sued, isn't a subject just for discussions with lawyers. A seller can take some precautions to reduce potential legal problems. Peter Siegel, MBA Founder Of BizBen and BizBen's ProSell Program discusses this topic for business owners/sellers and brokers.

See All News, Tips And Events

Business Purchase Financing SBA Loans
Michael Brewer, ABC License Consultant
Chris Lazurik Business Broker
Joe Sandbank
Google Plus You Tube
Vlogs and Podcasts

Auto Related
Business Services
Children Related
Communication Related
Computer, Internet Related
Construction Related
Entertainment Related
Financial Services
Health, Beauty Related
Home Improvement Related
Maintenance Related
Manufacturing Related
Media, Publishing Related
Pet Related
Photography/Video Related
Real Estate Services
Restaurant, Food Related
Retail Related
Service Related
Sports Related
Transportation Related
Travel Related
Wholesale Related

Auto Body Shops
Auto Repair Shops
Bars, Sports Bars
Cafe Restaurants
Car Washes
Cleaning Services
Clothing, Apparel Stores
Coffee Shops
Convenience Stores
Deli Restaurants
Discount, Dollar Stores
Dry Cleaners
eCommerce Websites
Fast Food Restaurants
Florists, Flower Shops
Full Service Restaurants
Gas Stations
Gift Shops
Gyms, Fitness Facilities
Home Health Agencies
Ice Cream Shops
Juice, Smoothie Shops
Liquor Stores
Markets, Marts
Pizza Restaurants
Postal, Shipping Stores
Preschools, Day Care
Print Shops
Salons, Beauty Shops
Sandwich Shops
Smog Test Only Shops
Smoke Shops
Spas, Med Spas
Sushi Restaurants
Tire Shops
Towing Services
Vending Routes
Wireless, Cellular Shops
Yogurt Shops

Contra Costa
Del Norte
El Dorado
Los Angeles
San Benito
San Bernardino
San Diego
San Francisco
San Joaquin
San Luis Obis
San Mateo
Santa Barbara
Santa Clara
Santa Cruz

0 to $99,999
$100,000 to $249,999
$250,000 to $499,999
$500,000 to $999,999
$1 million to $2 million
over $2 million

BizBen - Where California Deals Get Done! 925-785-3118
7172 Regional Street #364 · Dublin, CA. 94568
BizBen · Copyright © 1994 - 2019, All Rights Reserved

               Vlogs and Podcasts  
Join Us On Social Media - Content Updated Daily
Sign Up Today - For Our FREE BizBen Weekly Email Newsletter
Includes The Best Info On Buying, Selling, Valuing, Financing California Businesses:
Articles, Blog Posts, Podcasts, Videos/Vlogs, Discussions, Q&A, Workshops, Webinars,
Resources. Watch For An Email Confirmation After Signing Up Above. Thank you.
Clost Login

Please confirm your registration by clicking the link we've sent to .

If you can't see it, please check your junk mail folder.

If you have any problems registering, or need assistance with your new BizBen User Account please phone BizBen Customer Support at 888-212-4747.

First Name:*
Last Name:*
Email Address:*
Confirm Email:*
Create Password:*
Confirm Password:*

You Are A:

Email Address:

500 New & Refreshed Detailed Postings Daily
Over 2500 Resources Available On BizBen
Since 1994. Where California Deals Get Done!
Absentee Run Small Businesses - Is That Really A Possibility For Buyers?...
Read More News
Absentee Run Businesses - A Myth Or Reality When Buying A Small CA Busin...
Read More News