As another new year quickly approaches, it’s time for entrepreneurs to start thinking about resolutions for their small businesses. What goals should be set? More importantly, what specific steps must business owners take towards meeting them?
The past year saw many of the same challenges impacting businesses as in 2020. However, the University of Georgia’s Terry College of Business Economic Outlook for 2022 predicts Georgia’s economic recovery from the pandemic will continue at an above average pace compared to the rest of the country. This is primarily due to economic development incentives in the state, access to ports, and increased spending by consumers who have accumulated savings during the pandemic and are ready to buy your goods and services.
With this promising outlook, consider the following resolutions to help you stay on track and prepare for a 2022:
Re-evaluate your business plan
Developing a solid business plan isn’t the most exciting part of owning a small business but it’s one of the most important steps to set you up for success. A plan allows you to consider every aspect of running your business including marketing, managing, and financing. It will help you identify potential problems and help you better prepare for a range of scenarios—challenges and opportunities. Additionally, potential lenders will ask you for your business plan before considering a loan for your operation. Now is a great time to revisit and update your plan with the latest financials, goals, competitor research, marketing ideas, and more so your business will continue to grow in 2022.
Get/Keep your “house” in order
Small business owners are often focused on the daily operations of their business but should also ensure they’re keeping excellent records. The success of your business depends on creating and maintaining an effective record system, whether your business is a sole proprietorship, partnership corporation, or LLC. This includes employee information, payroll, tax forms, bank statements and insurance documents to name a few. You should also review your legal compliance and ensure your licenses and permits are current. As a mentor once shared with me, organized and diligently maintained financial records and business legal recognition make the difference between operating a business and having an expensive hobby.
Re-Evaluate Your Market
Are there needs in the marketplace that are not being met that your business can fill? Is there an opportunity to better define your competitive advantage (price, quality, efficiency, adaptation for a particular niche)? Are there new business activities that your business can begin to engage? The federal government is often dubbed the world’s largest customer. By law, the annual goal for federal contract spending with small business is 23 percent. Resources such as the Georgia Tech Procurement Assistance Center can help evaluate if you have goods and services that the public sector purchases. Another business growth activity is exporting. Ninety-five percent of the world’s customers and about two-thirds of its consumer purchasing power is outside the U.S. Improved, cheaper telecommunications and technology makes it possible for smaller businesses to sell abroad. The U.S. Export Assistance Center and UGA Small Business Center International Trade department can assist in exploring this possibility is a good fit for your business and help equip you to pursue it.
Harness Technology to Your Advantage
The pandemic dramatically boosted the use of online and digital services. Consider using e-commerce to widen your customer base. Start or revamp your social media presence to help boost your brand exposure and to make it easier to communicate with your customers. You can also use software to optimize your record keeping and project management.
Leverage SBA Resources
Over the past 20 months, you have heard about SBA COVID-19 relief programs. However, the SBA has continued to have a toolbox of standard programs and resources for small businesses. Working with the SBA, small business owners and entrepreneurs are empowered to succeed with access to capital and surety bonding, valuable counseling and education, government contracting assistance, and the right expertise for each stage of the business lifecycle. Take advantage of our free online learning platform that contains dozens of courses about planning, launching, managing, marketing, or expanding your business. You can get mentorship and counseling from our SBA Partner Network or register for a training course by visiting our website.
I encourage you to reflect on your business’ challenges and successes in 2021 and resolve to go beyond the past to take your business towards a more successful 2022.
Terri Denison is the district director for the U.S. Small Business Administration Georgia District. The SBA empowers entrepreneurs and small businesses with resources to start, grow, expand or recover.
