It’s been a tough couple of years (that’s right, it’s been a couple of years since we rang in 2020—time sure flies when you’re having a pandemic). Take a moment to pat yourself on the back, you’ve made it through yet another very weird 365 days, and you probably learned a lot about yourself and your business.
For instance, you might have picked up an unexpected hobby (or an unexpected pet). And you might have learned that your business does really well online, despite your initial doubts, or that your team is actually more productive working from home.
Whatever the case, you’re coming out of 2021 as a stronger, scrappier, and more resilient business owner. As you look ahead to the new year, add these 10 business resolutions to your list for a successful and prosperous 2022.
1. Start outsourcing
As a small business owner, you’re used to wearing multiple hats. You’re the CEO, CMO, and CFO all in one. But that’s not exactly a sustainable system, and business owners who have “been there, done that,” say they wish they had asked for more help early on.
No matter where you are in your business journey, learning to be comfortable with outsourcing is a good resolution to make. After all, your time is valuable, and if you’re spending the majority of it on administrative tasks or tasks that drain your energy your business will suffer. If you’re not sure where to start, seasoned business owners recommend getting help with financial systems like expense tracking, invoicing, and payroll.
2. Build a (better) website
Nearly 9 out of 10 small businesses say online revenue is important for business growth in 2022. And they’re not just ecommerce businesses. 74% of brick and mortar businesses say online revenue is important.
If the pandemic taught us anything, it’s that you need an online presence to succeed in today’s landscape. Consumers need to be able to find and support your business online. Building a website can be intimidating, but modern tools make it easy. If you have a website already, use the new year as an excuse to update and optimize. If you’re not quite ready to launch your own domain, ecommerce sites like Etsy, eBay, and Amazon make it easy to start selling online.
3. Build a cash reserve
A recent JP Morgan study found that 25% of small businesses have fewer than 13 cash buffer days in their cash reserve. In other words, when these businesses hit a rough patch (say, a global pandemic) they can only sustain themselves for about two weeks before closing down… permanently. Yelp data indicates that nearly 100,000 businesses closed permanently as a result of the pandemic.
Ideally, you should have enough money in your business cash reserve to cover expenses for three to six months—without having to get a loan or building credit card debt. This reserve serves as a life raft when unexpected circumstances threaten to sink your business. Of course, saving that amount of money doesn’t happen overnight. Resolve to set aside a small amount each month until you reach your goal, and treat those savings as non-negotiable.
4. Save the planet
That sounds like a big ask, but small businesses represent 90% of businesses globally, which means you have a critical role to play in combating the negative impacts of climate change. And building a sustainable company isn’t just good for the planet, it’s good for your business. Today’s consumers care about supporting businesses that care about the environment.
Something as simple as switching to LED lightbulbs, investing in sustainable packaging options, and reducing paper use can contribute to the important process of rebuilding our planet for future generations. Plus, reducing energy use and improving efficiency actually saves money for your business and builds your bottom line. It’s a win/win.
5. Invest in digital technology
Almost all small business owners say digital technology will play an important role in their businesses over the next 12 months. More than half say they’ll become even more reliant on digital technology in 2022 than they were the year before. And they’re on to something.
Today’s technology allows business owners to automate and streamline processes that previously required a lot of manual data entry and labor; things like invoicing, inventory management, time tracking, payroll, bookkeeping, and more. Automating these processes not only saves time but lowers the risk of manual errors. In fact, 80% of small businesses believe they’re more likely to succeed if they invest in technology this year. Look for menial or repetitive tasks that don’t require a human touch or mental energy and invest in digital technology that can do those tasks for you.
6. Build your network
In today’s world of standing six feet apart and conducting business online, it’s easy to feel a bit secluded. But networking still plays an important role in building a successful business. Networking with small business owners in your area or industry is a great way to get to know your community, form strategic partnerships, and even build business leads.
Sure, you can network the old fashioned way by attending a business networking meetup or working from a designated networking or co-working space. Or you can join an online business organization or networking group to expand your network without leaving your living room. Look for professional organizations that cater to your business type or industry.
7. Prioritize employees
Nearly two years into the pandemic the US unemployment rate has finally dropped to pre-pandemic levels, but businesses are still struggling to restaff their teams. More than 1 in 2 small business owners say it's getting harder to hire skilled workers. Another 42% say it's getting harder to retain the skilled workers they already have.
To combat this, business owners are offering more enticing benefits, hiring younger workers, and relaxing their experience requirements to increase the pool of eligible applicants. Almost 1 in 2 plan to increase pay for existing workers or offer larger bonuses.
As you look ahead to the new year, remember that employees who feel recognized, appreciated, and respected are more productive (and more loyal) than those who say they’re simply satisfied at work.
8. Invest in your wellbeing
If you’ve been feeling closer to the end of your rope than usual, you’re not alone. Lest you forget, the past two years have contributed to a global rise in depression, anxiety, and stress. We’ve all experienced some form of trauma at the hands of COVID-19, so give yourself some slack.
For a healthier, happier you in 2022, don’t forget to add yourself to your prioritization list. Put time on your calendar to read a book, learn something new, meditate, give back to your community, or whatever it is that refills your cup. Remember, when you run on empty your business does too.
9. Create balance between work and life
For small businesses owners, separating work from life has always been a struggle. But the line between work and life all but disappeared when your kitchen table became your home office. We all know the benefits of establishing strong boundaries between work and life (less stress, better mental health, more family time, etc), but building those boundaries can be easier said than done.
If you’re operating from home, dedicating a space for work can help your brain separate work and life. And creating and communicating clear working hours benefits you and your entire team. Beyond that, things like outsourcing administrative tasks, automating manual processes, and investing in yourself and your employees will improve work/life balance automatically (see #1, 5, 7, and 8).
10. Reconsider brick and mortar
As of August 2021, nearly half of small business owners said they had remote workers, according to a recent QuickBooks survey. More than a third said they expected their remote workforce to grow. On top of that, nearly 4 in 5 brick and mortar businesses say online revenue is vital to their success. They’re among the 75% of small businesses that made significant changes, like moving online, at the onset of the pandemic.
If your office space or brick and mortar store spends more time gathering dust than hosting meetings or serving consumers, it might be time to consider whether or not it’s still a worthwhile investment for your business in 2022—or if that money might be better spent elsewhere.
Cheers to the next 365 days
Whether you commit to the resolutions on this list or not, resolve to be flexible, adaptable, and open minded in 2022. We’re all still learning to navigate this “new normal” we occupy, and while we hope the next year is a little less, well…weird—we’re ready for it.
