2009 Business Resolutions: Plan Ahead, Cut Costs, and Go Digital.
Christmas is over and another new year is underway. As the 2008 economy has been rough for many businesses and an uncertain bottom exists, making a few New Year resolutions for the business certainly wouldn’t hurt. If you are still wondering how your business can leverage its available resources in 2009, its not too late to develop a game plan. Below, I have outlined 3 resolutions that your business could consider undertake to start out 2009 on the right foot.
Business Resolution #1
Develop a marketing plan- Sounds simple enough, but many businesses don’t take the time to determine how they will promote themselves in the long run. Although it is easy to get buried in operational issues and deadlines, this should never be an excuse for not strategically looking forward. Start by setting a date and a time where key stakeholders can discuss the overall direction of the company. Don’t be surprised as this meeting can typically take an entire day. So a weekend or off-site meeting may be required to get everyone on the same page.
Business Resolution #2
Reduce Unnecessary Costs- As we will soon feel the pinch from holiday spending, reviewing and removing unnecessary business expenses can greatly improve cash flow. Perhaps your frivolous spending habits aren’t as bad as Google , but no one can escape some of the little luxuries that we have all come to enjoy such as bottled water, gourmet coffee, and snacks. However, as you probably have guessed, these cuts alone are likely not enough to get struggling companies back in the black. If you are in need of heavier cuts, here are a couple of key expenses you may want to visit:
- Renew Your Lease: Seek to renegotiate, remove unnecessary warehouse space, or move to a smaller facility. If you own, consider refinancing at a lower rate or longer terms.
- Reduce the Workforce: It’s never easy to cut jobs, but times of economic distress does make it easier rationalize. Seek to reduce your labor force by determining which jobs could be outsourced or reassigned to other employees.
- Hold off on Capital: Seems like a day doesn’t goes without someone asking for some sort of upgrade, whether it be a new computer hard drive or a van. Many of these can be held back or possibly sold if they are no longer required.
Business Resolution #3
Embrace the digital era- It’s no mystery that more consumers and businesses are choosing to consume the Internet than ever before. In addition, if 2009 online marketing predictions aren’t proof enough, a look back at the 2008 presidential election tells us that we are just beginning to scratch the surface with the possibilities of online communication. However, I’m not suggesting that you should blow your entire marketing budget on Internet media, but if you have been considering a new website or haven’t included the Internet in your media plan in previous years, make 2009 the year to get started.
Summary
As we all know, it’s easier to make resolutions than to actually keep them. Additionally, many of the common personal resolutions like quitting smoking, losing weight, or spending more time with family actually fail. Interestingly, these all affect your quality life or even the length of it the sooner you do them. In the same regard, your business’s health should be treated no differently and is just as vulnerable as your personal health. So, perhaps the above resolutions are not perfect for your business, but I’m sure you can think of a few that would improve the long term performance of your company…that you can stick to.

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