Article | May 19, 2021
Entrepreneurs who plan to go into business with one or more other individuals may not realize there are several variations of partnerships to consider. In this article, I’ll describe the different types of partnerships and what needs to be done to start and maintain them.
Business owners should keep in mind that there are legal and tax-related issues to consider when choosing a business entity type. So before deciding, it's wise to consult an attorney and accountant or tax advisor for guidance.
Article | May 19, 2021
The Setting Every Community Up for Retirement Enhancement Act (SECURE) is part of the government’s spending bill that includes numerous provisions intended to strengthen retirement security across the country. It is designed to open up opportunities to segments of the workforce that was previously not covered in retirement plans. In addition, the bill attempts to bring more flexibility to selecting retirement plans for small businesses in particular. The bill is part of a larger government spending package, signed into law in December 2019. The reforms could make saving for retirement easier and more accessible to many Americans. It particularly increases access to tax advantages for young families and prevents older Americans from outliving their assets.
Article | May 19, 2021
2020 was a year of unprecedented incidents to the world as well as businesses. Now when the year is winding down, it is a time to get back on track with a bang. It is time for reassessment, better preparations, new opportunities, intelligent business strategies, and reshaped small business resolutions for the year 2021 and beyond to fight against new business challenges.
2020 had been the toughest for business owners, and 2021 is more demanding and challenging, especially for small businesses. However, small business owners must consider external and internal factors when planning for the upcoming years with a new set of contemporary small business goals.
You have come a long way despite the setbacks and challenges thrown at you by unforeseeable circumstances, and you have gained a new set of experiences.
Are you ready to return to business with a bang and build a more substantial business in 2021? If so, here are a few small business resolutions for 2021 to help your company thrive in the fiscal year.
Review your business goals and plan
A good business plan acts as a roadmap for business success. Hence, it is vital to review your business plan and goals at the start of every financial year. Then, keep this as your primary fiscal year 2021 budget resolution.
Evaluation of your business plan helps you assess your last year's progress, failures and helps you to focus on the areas that need your attention. With every passing year, small business goals keep changing as per the current situation and try to adapt to the new changing business trends. Therefore, your plan needs to reflect the latest goals that small business owners plan to accomplish.
It is essential to review and update your business plan focusing on the latest financial goals and marketing ideas to grow and taste success in 2021. Reviewing and updating a business plan is one of the first considerations of small business resolutions.
Make online presence
As the world has become more digitalized, the need for a small business to have an online presence has become essential. Having a website proved to be an asset for small business owners during the COVID-19 crisis because it allowed them to connect and stay in touch with their customers. Establishing an online presence makes your business visible, reachable and allows businesses to engage with customers.
Establishing an online presence is one of the most popular and requested small business resolutions. Having an online presence entails developing a website as well as posting and engaging on social media accounts.
Once your small business has an online presence, create content about your products, services, and offerings through your blogs and social media platforms.
Re-evaluate your financial situation
Botched financial management can cost you a big deal; that is why it is necessary to re-evaluate your financial situation every year to plan your business finance according to the current situation. Re-evaluating your finances is one of the intrinsic small business resolutions for the systematic workflow of the business.
Here are few financial resolutions:
• You can identify areas for improvement by reviewing your spending each month.
• Pay down high-interest credit card debt.
• Securing a flexible source of financing that provides you with quick access to the funds you require to grow.
• Invest more money in the future of your company (short-term and long-term goals).
Tune up your customer service
Exceptional customer service is critical for modern and digitalized businesses of the future. According to the report, customers are more likely to become repeat customers due to the company's excellent customer service.
Small businesses may provide excellent customer service, but it is necessary to improve it constantly. Therefore, small business goals must consider 2020 mistakes and attempt to avoid them in the future.
It is predicted that soon, customer service will be more important than price, product, or service in a customer's decision. Therefore, ensure that your customer does not have a negative experience; negative experiences leave a long-term imprint on the customer's memory. As a result, your business may suffer severe consequences.
According to Harvard Business Review, investing in new customers is up to 25 times more expensive than investing in existing ones.
Enhancing your customer service is an essential aspect of small business resolutions for the upcoming year and beyond.
Refresh your marketing strategy
Marketing happened to be the backbone of business strategies, especially for small businesses during the pandemic. However, every year, new marketing trends emerge, and small businesses should be aware of these business trends and adjust their marketing strategies accordingly. Therefore, refreshing your marketing strategy is one of the imperative small business resolutions.
Be inventive in your marketing strategies. Analyze the success and failures of your marketing efforts over the previous year and update your current marketing plan aptly.
However, make sure that your business objectives are specific, measurable, achievable, realistic, and time-bound. Email marketing is considered one of the best marketing tactics for small businesses. Besides, it is the primary channel for lead generation for 89% of marketers. It is consistently ranked as the single most effective tactic for meeting their awareness, acquisition, conversion, and retention goals.
Expand your network
It is vital to invest time to build your networks. Small business owners often ignore this aspect, but it is a pressing priority of 2021. Make connections with other entrepreneurs, meet your competitors, pay visits to your suppliers, and keep a record of everyone you know.
It is propitious to expand your network because it allows you to form relationships with others and encourage them to refer customers to you via viva voce. In addition, networking can lead to the discovery of new clients, opportunities, vendors, collaborators, service providers, and even new friends.
Below are few techniques that can help you to expand your business network:
• Take your current network to the next level.
• Locate networking events.
• Set objectives for the event.
• Maintain symbiotic relationships.
• Look for new faces.
Review your insurance coverage
Even if cash is tight or revenues are down, small businesses should not ignore their insurance needs. Small business insurance is one of the most essential components of safeguarding your livelihood, yourself, employees, and even customers. Hence, small business owners must have comprehensive insurance coverage and regularly review and update their coverage as their circumstances change.
Ascertain that you understand what is and is not covered. Furthermore, as your company grows, you should review your coverage regularly.
Few insurance agents will review your current policy and make recommendations based on your company's specific needs, as well as identify any discounts you may be eligible for.
Besides, once you have determined what type of policy or policies you require, you can compare prices from various insurance companies to find the best value.
Prioritize and upgrade company culture
The hallmark of any successful business lies in making the workplace great and healthy for work. So if your small business relies on the work of employees, focusing on prioritizing and upgrading your company culture as well as nurturing your employees, is an excellent resolution for 2021.
The previous year was stressful for both employees and employers, which can harm workplace productivity.
It is crucial to foster an inclusive and empowering work environment. Take a survey to find out what changes employees would like to see in terms of culture, and then create a company culture that reflects their needs. Employee satisfaction leads to productivity and innovation. In addition, employees are more motivated to take pride in their work and the company they work for when they feel safe, respected, and have a sense of ownership.
How to write resolutions for small businesses?
Examine all aspects of your small business from the previous year to create a solid list of resolutions for the coming year. Consider your successes and failures and work to alleviate them.
What is a resolution for a business?
In business, a resolution is a proposal made during a meeting of the company's shareholders or directors. It is discussed, and its approval represents an official confirmation of any action that the company will take. Resolutions are classified into four types: elective, extraordinary, unique, and ordinary.
Why should every business have a resolution?
Resolutions help to focus your efforts and energy on new goals and reaching new heights. In addition, resolutions enable business owners to understand where they can increase efficiency and grow over the coming year.
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"text": "Resolutions help to focus your efforts and energy on new goals and reaching new heights. In addition, resolutions enable business owners to understand where they can increase efficiency and grow over the coming year."
Article | May 19, 2021
The most remarkable aspect of the 21st century's technological revolution is how many of the technologies once considered beyond reach are accessible even to the general public. It would be an understatement to say that Artificial Intelligence and Machine Learning is changing how we did business. It is altering the decision-making strategies for enterprises, helping retail chains in finding the best routes in mobilizing their supply chain, etc. Artificial intelligence is helping businesses in ways unimagined.