It was since school days that we were taught to make resolutions for the new year. From physical growth to mental growth, we had all the topics covered when we made plans for the new year. But now as adults, professionals, and business owners, we must go a step forward while we make resolutions for the new year. Our resolutions must consist of goals for health, wealth, growth, development, and social work. Let’s have a look at a few important new year’s resolutions for business owners in 2021:

1. Better communication

Most of us are subject matter experts with issues in communication skills. We know things but are unable to explain them to our employees and customers. This creates a lot of problems in day-to-day life including some major business losses. In the new year 2021, let us aim to have better communication at work. By learning how to communicate better with co-workers you can have more productivity from your team members.

2. Setting up business review strategy

Most business professionals are pro when it comes to running their own businesses. However, a bigger fish to grab is to review the business plan. Reviewing the business plan on a quarterly, half-yearly, and yearly basis gives a clear idea of where we are heading in business and how we need to develop.

3. Manage your Marketing

It is extremely important to plan your marketing strategies based on competitor research. The competitive market analysis helps you to understand the benchmarks, weaknesses, strengths, areas of development, etc. The business plans should be based on the inferences of market research. 

If you have an in-house team or have outsourced the marketing resources, managing the marketing effort is necessary. Because the marketing field is very vast and different things suit different business models, tracking marketing efforts is an analysis done for the business’s sake. If the tracking of efforts, resources, and cash used for marketing are done right, marketing efforts can bring wonders to your business.

4. Improve After-Sales service

After-sales service includes a number of functions, the important one being customer service. If you manage to improve your customer service experience, your customers are going to be happier than ever and that’s going to generate repeat sales. In short, if you increase customer service, you increase your sales and hence the business.

5. Know that “Change is the only constant”

The last decade witnessed several reformations in terms of technological development. This in turn changed business models, business systems, etc. It is high time that small and medium businesses should get ready for digital transformation 2021. Change isn’t easy. But it is necessary and you ought to stand up for it if you want your business to survive. In 2021, digital transformation management is the area you might want to look at on priority. 

6. Brand Management

Most business professionals think about today and not tomorrow. A business person having a futuristic business mindset invests in the brand building rather than just high sales volumes. If you build your brand name in the market, not just your customers know you, but there will be generations of your customers that will remember you and search for you.

In order to build a strong brand identity, building a brand story is necessary. The brand story talks about the journey your business went through and how it took turns from time to time. If you manage to impress your audience with your brand story, your brand building is successful.

7. Manage your Cash

Cash flow management is probably the toughest area of any kind of business. Because all functions of a business are based on money, managing cash on a regular basis is necessary for facing all the ups and downs of the business.

How did you find the list of business resolutions 2021? Which one do you look forward to taking up from today onwards?

Story By: Mrudula Deodhar