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New Year’s Resolutions for Business Owners

When it comes to your business, what are your goals for 2017? Are you hoping to improve customer satisfaction? Do you want to expand the products or services you offer? Maybe you just want to make more money (and really, who doesn’t?). Regardless of what your goals are, it’s important every new year to take a step back, take a deep breath, and plan ahead.

Here are some New Year’s business resolutions to help get you started.

1) Re-evaluate your existing business plan

A solid plan is the foundation of any successful business. And just like your business, your plan should be constantly growing and evolving. If you haven’t reviewed your business plan in a while, take some time to now. Have your products or services changed? Should you adjust your pricing based on competitors? Do you have an opportunity to expand that you didn’t have when first opening?

2) Evaluate your marketing campaigns

Are you spending too much money and time on email marketing campaigns that aren’t delivering the ROI you expected? Do you see that your competitors are all on social media, but your company isn’t? Take the time to think about where and how you’re spending your marketing budget to make sure you’re getting the biggest bang for your buck. This could be the year you take the leap and bring your industry into the 21st Century.

3) Take time to study your competition

Thanks to the internet, it’s never been easier to be a consumer. On the flip side, this means there’s infinitely more competition for a business owner. Find the biggest competitors in your area and learn what they’re doing right — then figure out how you can apply these strategies to your business plan. You should always be keeping your competitors close!

4) Set goals for your business

Setting goals is crucial to growing a successful business. Think about what you want to accomplish in both the short and long term to make sure your business is on the right track. Goals should be realistic, but it’s important to also have some “dream goals” to aspire to. Who would your ideal client be? Where do you want to be in 10 years?

5) Make staff evaluations a priority

If your business isn’t doing annual staff evaluations, you should definitely begin the process now. Not only is this a great opportunity to evaluate your employees, but it’s also a great way of getting honest feedback which can be invaluable to evolving “business as usual.”

6) Consider running a client survey

Want to know what you’re doing really well and what you could improve on? There’s no better way to do this than by asking the people who pay you for your services or product.

7) Begin prospecting for new clients

If you’re looking to grow your business in 2017, the first step is to figure out who new potential clients are. Take the time to research and make a list, and then create a plan of for approaching each one.

8) Work to strengthen your company’s corporate culture

Having happy employees is crucial to having a successful business. Things like a recurring staff potluck lunch, a group wellness competition, or even hosting a day where employees can volunteer together at local nonprofits can do wonders for boosting morale. Don’t forget to get feedback from your employees as you go!

9) Go green

Work to make your office more energy efficient and less wasteful in the new year. Does your office supply plastic cups when it could use reusable glasses and mugs? What about lights and computers — do your employees always turn them off at the end of the day or are they left on throughout the night?

10) Go over your insurance policy to make sure it’s up-to-date

This is a big one. As your business changes and grows, so will your insurance needs. Talk to your independent insurance agent before renewing your policy to make sure that everything still works for your unique business. Here are a few things to consider:

  • Is your business offering any new services or products compared to when you set up your insurance policy? If these changes impact the level of risk your business faces, your policy will need to be updated.
  • Are you making a lot more money? (We hope so!) Every year, you must inform your agent of your profitability, because this should be reflected on your policy.
  • Have you made any improvements to your office like installing a security system or new sprinklers? Make sure to discuss these changes with your agent to see if you qualify for any credits to your policy.
  • Have you hired any new employees? Your workers comp policy will need to be updated to reflect any changes in staffing.
  • What about commercial vehicles? Do you have any new vehicles or drivers working for your business?
  • Do you have enough cyber liability insurance in case your business is the target of a data breach?

No matter what your goals are for 2017, Boston Insurance is here to help you achieve them. Let us protect your business so you can focus on making it grow. Visit today to learn more about our business insurance offerings.

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