Some people are bracing themselves for a 2024 full of uncertainty. But nothing in life is ever guaranteed. There will always be uncertainty, so don’t let it keep you from success this year.
From protecting yourself with the right insurance products like commercial car insurance and cyber insurance to knowing your customers and tracking your goals, you can start the year right and continue through to end it strong.
Tip #1: Protect Yourself With the Right Insurance Products
Insurance is like a foundation. If you have the right kind of insurance for your business needs, you can build with confidence, knowing things won’t crumble following a disaster or unexpected accident.
Insurance can help pay your employees, cover lawsuit costs, and rebuild after damage. Most small businesses don’t have the resources to pay for those things out-of-pocket. That’s why insurance can make the difference in staying in business or not.
You should consider business, cyber insurance, and commercial car insurance coverages. Every small company needs business insurance, and most also need cyber insurance. You’ll need commercial car insurance if you or an employee drive a vehicle for company purposes.
Tip #2: Build Your Emergency Savings
Like insurance, emergency savings helps you recover following the unexpected. You could have a surprising invoice show up, a project could cost a lot more than you planned, or you could experience a slow sales month.
These events don’t have to suspend your business if you’ve prepared an emergency fund to help you ride the low spots in the waves of success. An emergency fund will help you get on top of your finances.
Tip #3: Know Your Customers
Your customers and your audience are the most important component of your success. Without customers, you don’t have a business. So, get to know them. Use surveys and questionnaires to understand their age, interests, income, and more.
Build your profile so you can market your products or services better. The better you know your customers, the more you’ll be able to anticipate their needs and provide exactly what they hadn’t realized they were looking for.
Tip #4: Make Goals and Track Them
Goals give your business a roadmap. Tracking those goals keeps you on the right route. You should make short-term and long-term goals, develop a plan to reach those goals, and set measurable indicators of your success.
You should track your progress monthly, quarterly, and annually. If you start falling behind, tweak your goals. You created them so you can change them to meet your reality. But don’t let a period of lack of success keep you from pushing for your next goal.
Tip #5: Make Your Business Personable
In a world of automation, you have the opportunity to provide a personalized experience for your customers. Many people are turning to small businesses because they desire to speak to and interact with humans. Don’t shy away from this aspect of your business that makes you special.
Send a thank-you message or note. Greet customers by name. Customize products and services when it makes sense. Be human.
These five resolutions can help you build a stable and sustainable business that customers will love and trust.