How does your vision board look this year? Have you set your business goals for the new year? No one ever said that running a small business would come with small challenges. Small businesses can be time consuming and demanding as large scale enterprises.
We want to make sure that your small business thrives this year. Hence, the following are four (4) business resolutions that you can make and keep in 2022 to help your business grow.
1. Business Structure: Your choice of business structure affects how you run your business and and how you raise money. Starting as a sole proprietor or partnership means accepting total financial and legal responsibility. However, if you decide to form a corporation or limited liability company, you’ll separate the business’s liability from the owner.
According to the findings in the 2021 Fate Institute report, the informality of most businesses in Nigeria is very high with 44% of businesses unregistered. For small businesses to grow and access funds, there has to be credibility and adopting a business structure is one way to succeed.
2. Hire Employees
Hiring your first employee can be another new year resolution for you. You have to know if you’d need full-time or part-time assistance. Determine the pay, benefits, the requirements and the skills needed for the role.
Create your employee handbook and include your enterprise’s policies, procedures, and expectations of your employees.
3. Marketing strategy
The world of business and consumers is an ever changing one. You have to be in tune with the latest marketing trends for your niche. The new year is the time to revamp your marketing priorities and strategize reaching today’s consumers.
Check all your channels to make sure they are in order. Consumers have no patience for boring social media posts, websites and emails. Imagine a website with poor design or one that takes hours to load. Make it a goal to update your business website for easy accessibility across all devices, including desktop and mobile. You can get the best templates on website builder, StartWeb Africa
4. Own your business
You can protect your business by trademarking. This protects the registered owner from infringement of words, phrases, symbols, and designs (or any combination). Businesses typically trademark company names, logos, fabric designs, apparel designs, etc.
Let us know which of these you’d be attempting first this new year!