Chances are, you've thought about personal resolutions to make for 2023. But have you thought about resolutions for your small business? Here are 10 to consider.

1. Eliminate Unnecessary Expenses

Take the time to figure out what expenses you can reduce or eliminate. Negotiate with vendors, reduce supply expenses, and cut production costs if possible. Find cheaper or free alternatives to paid software. Shop around for new insurance options and get high-interest debt paid off, or get a lower interest loan and consolidate it

2. Give Your Website a Refresh

How long has it been since your website got a fresh update? Does it look outdated? Are you updating it regularly? Does it have the most current information? At the very least, make sure it has all of the information your customers need, and update it with fresh content. Consider having it redesigned completely with a nice modern look and feel.

3. Find Ways to Boost Efficiency

Increasing efficiency in your operations is one of the best ways to ensure success. Automate and streamline tasks when possible. Make sure the right team members are handling the right tasks. Ask them for ideas on how to make their jobs more efficient, since they likely have more insight into the minutia of day-to-day tasks. Consider outsourcing more mundane tasks so you can put your in-house people on more important work.

4. Evaluate Your Marketing Efforts and Adjust Accordingly

Look for ways to improve your marketing. Make it a priority to explore channels you've ignored in the past. Speak with a consultant who can help get you on the right track. Research ways to optimize your marketing on the channels you're already using. Figure out if you have the right-sized budget or if you need to allocate more (or less) money to marketing.

5. Commit to Creating a New Revenue Stream

Having multiple revenue streams can make your business more durable and able to withstand hardships as they arise. Use the new year as an opportunity to strategize a new revenue stream. Come up with a new product or service or find a new market. Keep up with market trends and look out for outside-the-box opportunities. Subletting office space may even be a worthwhile option.

6. Explore Financial Options That Will Help Your Business Grow

Talk to your bank about financing options that can help you grow your business. Look at loan and credit offerings that you're not utilizing, whether it's a business line of credit1, an equipment financing1 loan, or something else.1

7. Make New Connections

Networking is a great way to discover new business opportunities and develop valuable relationships. Spend more time on business networking. That may include using social media platforms, but try to also attend local events, industry conferences, etc. Meet other business professionals and find people with whom you can work or partner, or who can otherwise help your business.

8. Improve Customer Service

Poor customer service can keep customers from returning to your business. One of the best New Year's resolutions is to dedicate yourself to improving customer service within your company. Train your employees, ask your customers for feedback, and make sure you or other representatives are available to them through multiple channels.

9. Pad Your Emergency Fund

Start putting more money into your business emergency fund. If you don't have one, set up a business savings account for one right away. Add extra money to it when you can, such as when business is particularly good.

10. Plan to Take Some Time Off

Make sure to fit in some time off. Plan on vacations to step away and reduce the stress that comes with the pressure of running a business. Appoint someone to keep things running smoothly while you're away, and make sure your expectations are known to your team before you leave.

The new year is a great time to reflect on how you handle various aspects of your business. Come up with some resolutions that will help you continue to improve your operations and make 2023 a great year.

1. Subject to credit approval. Terms and conditions apply. See a banker for details.


The information provided is presented for general informational purposes only and does not constitute tax, legal or business advice. Any views expressed in this article may not necessarily be those of Nevada State Bank. Nevada State Bank is a division of Zions Bancorporation, N.A. Member FDIC