10 New Year’s resolutions for your small business

10 New Year’s resolutions for your small business

(WHNT) — Scaling and sustainability will continue to be the main focus for any small business owner.

There are many ways to achieve revenue growth, attracting top talent, instilling a healthy culture, delighting customers, and so much more. 

Here are 10 business New Year’s resolutions that you may want to consider for a successful 2024.

  1. Continue building a strong digital footprint  – Aside from having a website, ensure you build a solid content marketing strategy that will help you create valuable content pieces that will drive engagement and sales. Read BBB’s tips on improving your website.
  2. Promote your business consistently  – Rather than waiting for the holidays to push larger promotions, find ways that you can creatively promote your business throughout the year. This ensures that you stay top of mind for your target customers. 62% of consumers share online deals with friends, exposing your brand to a broader audience. Check out BBB’s tips on how you can expand your current offerings for growth.
  3. Personalize the entire buyer journey – The days of communicating “at” your target audience, hoping they will buy from you, are now a thing of the past. Know that 71% of consumers feel frustrated when a shopping experience is impersonal. Therefore, personalize the buyer journey by offering products/services based on your customers’ purchase behavior and complementary items they can also consider. 
  4. Embrace an effective technology stack – From social media to email marketing, know that every piece of technology you leverage to communicate with your customers must effectively impact your business goals. More specifically, here are five tips your business can start using today. 
  5. Reduce costs – Save money wherever you can do so without compromising quality. According to the US Bureau of Labor Statistics, roughly one-third of small businesses fail because the owner runs out of money. Reducing cost doesn’t mean that you focus merely on just overhead. There are various ways you can cut back spending while pushing for growth. Here’s how small businesses can cut costs without sacrificing growth.
  6. Have a positive workplace culture – Your employees are the lifeblood of your company. Every day, they contribute to the success of your business by supporting its mission. However, the most crucial role that your employees play is in shaping your firm’s culture. From the quality of the people you hire to the loyalty of your consumers, corporate culture is critical to practically every facet of your business’s long-term success. In fact, according to a study by Duke University, more than 94% of executives stated that a distinct business culture is important to business success
  7. Push customer reviews – Reputation can mean everything, especially for a small business owner trying to attract and retain customers. Approximately 81% of consumers say they must trust a brand before buying a product or service. You want to tell customers that your business is trustworthy, ethical, and transparent – and what better way to illustrate that story than through online customer reviews? Check out Power of Customer Reviews on Small Businesses to see how BBB ensures accuracy and transparency with its review program.
  8. Exercise transparency – Operating with transparency builds relationships that turn curious browsers into buyers and buyers into raving fans. Approximately 85% of Americans report standing by a business during a brand crisis if the company has a transparent history. Always be transparent, from admitting missteps and correcting them to inviting your customers to engage with you online and through social media. Authentic interaction with your clients goes a long way to building customer trust.
  9. Be purpose-driven – By understanding what is most important to your customers, you can leverage their values within your company collateral, which can further illustrate that you’re not just a “for-profit” company, but you care about your community. In other words, you are a purpose-driven company pushing for a larger impact than just making sales. According to a Cone/Porter Novelli study, 66% of consumers are willing to switch from their regular product to a new one from a purpose-driven company.  Share moments on social media, and don’t be shy to show how your brand is committed to helping make a difference. 
  10. Establish trust – Building trust is crucial to earning your customers’ trust. When making a purchase, buyers have many options at their disposal. Customers have been able to be more attentive when picking which brands to support as a result of this accessibility. The best method to increase client loyalty and assure your company’s success is to build a company based on trust and integrity. Giving your business a step up over the competition is always something to desire; aiming for BBB Accreditation is a valuable way to do this. Accreditation requires the utmost trustworthiness, customer respect, and integrity, which can help your business stand out – especially during a pandemic. See the BBB Advantage.

As small business owners venture into 2024, know that keeping your customers top of mind by aligning your growth initiatives to personalize the purchase journey will foster revenue while building more awareness for your business.

Trust and transparency matter more now than ever before. In a market saturated with companies competing for customers, BBB Accreditation gives consumers confidence that they are dealing with an ethical and vetted business.

Take the next step by adding trust and becoming BBB Accredited.

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