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3 New Year’s Resolutions For Small Business Owners

Earlier this week, we blogged about the importance of finding ways to better your business in the new year. In other words, there are a number of New Year’s Resolutions that small and medium-sized business owners should make to make 2017 their most successful year yet. The planning for these resolutions should already be in motion. But, to be fair, the new year hasn’t started yet. So let’s figure out some New Year’s Resolutions that you can make to start 2017 off right.

Here are three:

1. I will ramp up my efforts on social media. Here’s some news that should come as a surprise to no one: social media are regularly used to connect with people all over the world. And while you may have this knowledge, you may not yet have been putting it into practice. In 2017, make sure to establish social media profiles and use them to connect with members of your target audience.

“A social media strategy is fundamental to staying competitive,” insists Sarah Adams of The Globe and Mail, “Plus having a social media presence is an investment in your brand. While social media as a marketing tool is not a new trend, the way business owners are using social networks is changing. Facebook, Twitter, Google and LinkedIn all offer robust advertising options that are cost effective and allow for very specific targeting.”

2. I will manage my cash flow better. “Even businesses with healthy growth and strong sales run the risk of owing more than they can pay in a given month,” warns Lisa Stevens on, “Fortunately, spending some time preparing a cash flow projection can help you identify potential cash shortfalls…To keep your projections on track, create a rolling 12-month plan that you can update at the end of each month. Look for ways to reduce expenses and increase revenues.”

3. I will take advantage of mobile technology. A lot of people across Canada use their smartphones and tablets more often than they do desktop computers. Naturally, mobile devices don’t tie people down to specific locations. They can go just about anywhere with their devices, surf the internet and browse products online. Your company website needs to be mobile friendly so that it can satisfy the curiosity of online users everywhere. This will help you to transition more website visitors into paying customers.

Adams points out that entrepreneurs should take things a step further by investing in mobile payment technology. That way, you’ll be able to accept payments using your own mobile devices. What this does is eliminates the need for people to have to visit your physical store location in order to make purchases from you. Going mobile will help you to generate sales anywhere at any time!

“New mobile payment technology is a game changer for businesses because it now means they can make sales anywhere – the craft fair, farmer’s market, a pop-up store or even at a customer’s home,” says Adams, “Any entrepreneur can use technology that they already own (like a smart phone or tablet) as a transaction terminal, allowing them to accept credit, debit or mobile payment on the spot.”

To follow through on the above mentioned New Year’s Resolutions, you may need to secure some extra working capital. Synergy Merchants is here to help with that! For more information on our merchant cash advance program or to speak with one of our licensed funding specialists to get a free, no obligation quote, simply call Synergy Merchants at 1-877-718-2026 or email us at Happy holidays!

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