Get 2010 off to a flying start

Jan 4 2010 Carole White, TEDCO

THIS is a great time to review a business and to make sure it is as fit as it can be to compete in the New Year.

Here are 10 New Year’s resolutions to get your business off to a flying start in 2010:

1. Give your business a health check: Review the health of your business and identify potential issues and opportunities.

2. Review your cash cashflow: Dramatic changes in turnover such as Christmas bonuses and low productivity, can all have an impact on cashflow, make sure you have a strategy in place to boost this.

3. Motivate your staff: Staff can take a while to get motivated again after a long break. So set clear goals for the year ahead to help your employees stay focused.

4. Keep up to date with your taxes: Deadlines are looming. File your tax returns early so you don’t have a last minute panic.

5. Promote your business regularly and consistently: Too often the task of promoting a small business slips to the bottom of the to-do list. If you want to attract new customers, you have to make promotion a priority. Take the time to create a marketing plan for your business.

6. Join a new business organisation or networking group: There's nothing like talking to other business people for sparking new ideas, refining old ones, and making contacts. Making the effort to be a part of a group will revitalise your business.

7. Set realistic goals: Set achievable goals, rather than unrealistic pipe dreams that are so far out of reach they only lead to frustration.

8. Drop what's not working for you and move on: You may have spent a great deal of time and money last year on a product or demographic that wasn’t compatible with your business. Now is the time to change this, don’t invest a lot of energy into trying to make the unworkable workable. Move on. Something better will turn up.

9. Make business planning a weekly event: A business plan takes stock of your strengths and weaknesses as well as your competition and finances, keeping track of this on a weekly basis will make you feel more focused and relaxed.

10. Learn something new: The New Year is a great excuse to introduce something new to your business whether it is a product to sell or an initiative such as contributing to a charity, it can keep your business fresh and exciting.

All actions taken to promote your products or services should be continuously monitored in order to establish the most effective method for you to achieve more business. But if you apply these New Year's resolutions throughout the year, your business will flourish.

If you require any further support or advice please call TEDCO on 0191 428 3535, e-mail enquire@tedco.org or visit us at www.tedco.org.

Carole White is business support manager, TEDCO