5 Things Small Business Owners Should Do in 2018

5 Things Small Business Owners Should Do in 2018

The beginning of every year presents great opportunities for re-evaluation and planning for a small business. With thinning resources and orders that need to be fulfilled, most small businesses can benefit from a fresh injection of capital, new goals, and new processes. From applying for government grants for small businesses to making pricing changes, there are many things you should do in 2018 to keep your business competitive and solvent in 2018.

1. Keep Tabs on Your Finances

Having your accounts in order is perhaps one of the most important best practices that a small business can adhere to. Perform regular reconciliation of your accounts, preferably weekly, to ensure that you are in control of your finances on a continual basis. Always keeping your numbers before you will help you monitor your business finances in real time. You will also be able to flag down any issues that could be negatively affecting your operations and proactively make the necessary changes. Waiting to fix issues at the end of the year may be too late.

2. Get Organized Early On

A small business may not have complicated or detailed processes. However, don’t take this to mean you don’t need a system to help you organize your processes and activities. Before you know it, the few processes in your small business will snowball into a beehive of activities. Have a system in place that will help you organize, and maybe even automate, some of your repetitive or routine processes.

3. Apply for Grants

If you’re struggling to pay your bills or come up with the cash for that new marketing strategy you want to take public, consider applying for government grants for small businesses. This extra capital can help you drive business growth and take on new activities that can boost your revenue.

4. Establish Your 2018 Staffing Needs

One of the things you will have to decide on is whether to hire new staff or not. If you are on a shoestring budget, hiring new staff may be too strenuous on your business. However, you can get more or less the same results by contracting freelancers whenever you need an extra hand.

5. Determine the Right Pricing Strategy

While you may be tempted to outprice the competition by offering rock-bottom prices, this strategy may back-fire since most clients will be more interested in the quality of products or the services you offer. A lower price is always secondary to quality services and products. Rather than compete on price, focus on improving the quality of your services, and the price issue will sort itself out.

If you’re having trouble closing deals or you’re struggling to pay your overhead costs, now may be the time to take another look at your pricing strategy.

The year 2018 is turning out to be a great year for small businesses with an eye on providing quality services and products at the most competitive prices. Increasingly, businesses are being proactive and also thinking outside the box to keep their expenses under control and widen their profit margins.

Doug

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