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10 New Year Resolutions to Help Get Your Business in Shape for 2020

10 New Year Resolutions to Help Get Your Business in Shape for 2020

Many of us make New Year resolutions, but they are usually connected to working out, eating more salad or meditating for 10 minutes every day. However, if you want to improve your career in 2020, you can make a few business resolutions that will ensure your operation not only stays afloat but thrive, grow and bring you money.

Move your business

Sure, this might be a big decision, but it’s an important one. If you have any doubts about your current location, don’t hesitate to move your business somewhere better and more welcoming. For instance, Hong Kong has an amazing business climate—it welcomes foreigners, has the top-notch infrastructure and its economy is booming. Make 2020 a turning point for your business and move it to a better place.

Make more contacts

Working on your own is often smart, but this move will make you miss a lot of good contacts and networking opportunities. So make sure to meet more of your fellow businesspeople during the New Year—that’s one of the best resolutions out there. If you struggle with meeting people, you can always make the first steps online using Twitter, LinkedIn or any other social media platform. Once you see that there’s nothing to be scared of, you can hit some networking events and make face-to-face contacts.

Review your financials more often

You don’t have to wait for the end of the financial year to go through all those sales receipts and invoices. Make sure to do that more often in 2020 (don’t forget checking your bank account and adding up the figures) and you can share your findings with your accountant for a quick look, so they may give you an idea of what your tax bill might look like. If you struggle with financials, good software might be handy since it does most of the work automatically.

Set up an advisory board

Find a few trusted advisers, set up a board and get them to meet regularly to discuss better business paths, give you new product development tips and help you grow your business vision. An advisory board is a proven way to get outside advice for a very affordable price, yet still, fewer than 10% of small businesses decide to invest in such a helpful aid.

Invest in better marketing

If you want to reach a larger number of people with your services or products, you need smart marketing. It’s best to turn to the Internet and find your target audience in a quick and easy way with SEO. If you have no idea what SEO means, you can always find good search engine optimization in Hong Kong and get plenty of information and tips. This move will take your marketing strategies to a whole new level, boost your exposure and allow you to reach a bigger audience.

Tech up

Old school entrepreneurs might struggle with technology, but it can truly be super helpful if you want to grow your business. Using more technology will give you more opportunities to innovate, boost productivity and increase profit. You can let technology handle your finances, production planning, inventory, customer relations and human resources.

Consider alternative funding

Main banks are good, but they are not the only financing option. There are things like Angel investment, crowdfunding, asset-based funding, peer-to-peer lending and many more. If all of these confuse you, you can search for funding online platforms used to connect businesses with finance providers. It’s all done anonymously, quickly and over the internet, so it’s very easy and practical.

Prevent cyber attacks

Did you know that small businesses lose over $80,000 every year due to cybercrime? That number is really not a joke, so if your business has a digital part, make sure to invest in good security. There are many ways you can keep your business safe from cyber thieves—regular software updates, data backing up, anti-virus software installation and many more. If you’re not computer-savvy, you can hire a good cyber protection company that will make sure your data is safe but also teach you about threats and suspicious activity. It’s 2020 after all, high time to learn about those things!

Enter business awards

Do you dream about getting the recognition you deserve? Well, make a decision to enter one or two business awards in 2020. There are many awards out there made for different types and sizes of businesses. Many entrepreneurs think it’s too much hassle to enter, but it really isn’t. Plus, if you win, it can provide you with a huge confidence boost, good PR and many networking opportunities.

Become greener

Green practices will not only help the planet and save you some money, but they can also attract eco-conscious buyers and clients and ensure your company gets a positive image on the market. And becoming greener isn’t that hard: reduce your energy consumption, introduce recycling stations in offices or encourage alternative transportation modes.

Entrepreneurs can use their New Year’s resolutions to do something good for their businesses. It’s a great time to focus all your efforts and energy and take a step in the right direction—you will see your business grow, develop and achieve impossible.

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