Now that 2020 is officially here, the opportunity of a new year and a new decade lies ahead. Any business can benefit from making a few resolutions to improve in a new year, no matter how successful the previous year was. If your business goals could use a shake-up but you’re not sure what to include, we hope the suggestions below will provide some inspiration.
Update Equipment and Invest in Skills Training for Yourself and Employees
It’s challenging to run a successful business when you’re using outdated equipment. While business equipment such as computers can get expensive, your company will fall further behind the competition and your employees may grow frustrated enough to quit when they must use outdated equipment all day. Equipment financing may be an option for large-ticket items such as new vehicles or machinery if you need them. It’s always a good idea to know all finance options like bank loans, lines of credit, or a commercial credit card.
Everyone in your company can benefit from learning new skills and improving the ones they already have. You might be surprised at what a difference teaching everyone to use QuickBooks can make or how much easier it is for teams to collaborate when you begin using cloud-based programs. If you don’t already, consider adding a tuition reimbursement program for employees who willingly seek more education to help them advance in your company.
Do You Know If Your Customers Are Happy?
It’s a common mistake among business owners to assume their customers are happy simply because they haven’t complained. The truth is that unhappy customers usually leave quietly without giving a reason. Unfortunately, they’re often eager to share their poor experience with others but not the business itself.
At the very least, check in with your customers often to make sure your products or services meet their needs. Some ways you can do this include formal surveys, via social media, or just talking to your customers in person. Don’t hesitate to act on their feedback, whether you agree with it or not. After all, it can be up to 25 times more expensive to find new customers than to keep the ones you already have.
Learn to Delegate in 2020
It can almost feel wrong to some small business owners to give up control to employees while they focus on the larger picture. If you can relate, know that the time comes for every business owner when this must happen. There just isn’t enough time in the day for you to manage hiring, payroll, customer service, accounting, marketing, and the dozens of other daily tasks involved with running a business. Trust that you hired the right teams for these jobs and allow them to complete them while you keep growing the business.
Delegating can also mean outsourcing tasks that have become too time-consuming to complete in-house. We invite you to contact Chicagoland CPAs today to learn more about how we can help you in this regard.