Small business owners are in agreement 2015 is going to be a good year for business! They have big expectations regarding where their business will go and have set strategic goals to get there. According to Capital One’s quarterly report, small businesses have resolutions to “attract and retain new customers, enhance advertising and marketing, reduce costs and expenses, and improve cash and financial management processes”. (source: Spark Business Barometer)
How can small businesses get from where they are to where they want to be this year? Experts agree the first step is identifying a resolution that you can realistically commit to all year round. “You have to be deliberate and strategic about setting goals and staying on track,” says Joseph Weintraub, Babson Coaching for Leadership and Teamwork Program (Source: Harvard Business Review). Best Selling Author and Financial Speaker Jim Yih agrees. In a recent post he writes, “in order for resolutions to work, they need to become longstanding habits in our daily routines.”
What can you change each day to make 2015 your most successful year yet? Some of it may come down to personal behavior and habits, however there are also strategic processes and tools you can implement at your company to set you up for success all year long.
If your goal is to reduce costs and expenses, like so many of those surveyed for the Capital One report, there are personal habits you can apply daily as well as more strategic decisions you can make to positively impact your daily business processes. For example on a personal level you could look to change behavior by booking flights in advance to cut travel costs, print on double sided paper to reduce stationary spend etc. On a more strategic level you could first calculate the time and money spent on things like cheque printing and distribution, software or hardware costs, keeping up with legislative requirements etc. then look for a better way to manage those expenses. This could be done by streamlining internal process, rolling out a new solution or partnering with a small business provider who specializes in payroll and can ultimately help you with your goal of reducing costs and expenses related to payroll and HR.
Whatever your small business goal is this year the Ceridian team wishes you success. Learn about what we can offer to help make your dreams a reality here.