Resolutions every small business owner should make

It almost seems like yesterday that many of us were counting down 3…2…1… Happy 2023! Now almost one month into the New Year, many are making progress with their goals, or still fine-tuning their New Year’s Resolutions.

For some that means eating more fruits and vegetables, going to the gym, reading more, learning to cook… you name it. But, for small business owners and entrepreneurs, these resolutions may look a little different.

Ringing in the New Year presents the opportunity for new beginnings, new ideas, new strategies and the potential for growth.

From a business point of view, resolutions can be framed more as goals, and goal setting is one major way that small business owners and entrepreneurs in particular can plan, strategise and hold themselves accountable throughout the year.

Haven’t started planning for the year ahead? Not to worry, there’s still time to make 2023 one of the most successful and fulfilling years for your business, your employees and your customers.

Whether it’s opening a new location, diversifying your product offering or becoming more hip to new options of accepting digital payments like ‘Di Money App’, Lynk, – in order to really take advantage and make the most out of the new year, entrepreneurs must get clear and precise about what their goals are, but also about how to achieve them.

Lilieth Dilwoth, of Lily’s Beauty Barn, knows a thing or two about the entrepreneurial scene in Jamaica. For the past 10 years, Lily’s Beauty Barn, operating out of Shop 1 Savannah Plaza, has grown from strength to strength, making a name for itself in the local beauty industry.

Guided by the pillars of excellent customer service and teamwork, Lily’s Beauty Barn is a one-stop shop for beauty supplies – from hair care, skincare and nail care to cosmetics, in-house makeup services and a delivery service and supplier to other industry service providers and practitioners.

Having run a successful business for over a decade, Lilieth knows the value of planning ahead and setting smart goals and objectives for her business and her team.

“As a business owner, defining your goals can not only help you and your team to visualise success for your company, but it can help you to drill down on not only the ‘what’ but the ‘how, and really track your
company’s progress. Setting realistic goals really makes a huge difference for the performance, growth and success of your business and your team,” she shared.

So, from one entrepreneur to another, here are Lilieth’s top 5 tips for small business owners
planning for growth and success in 2023!

1. Digital, digital, digital

We live in the age of social media. It is so important to establish a strong, engaging and consistent presence there, especially when trying to reach a younger audience. That is a key channel to use to let people know about any and everything relating to your business – your service or product offering, specials, opening hours, participation in events or pop-ups.

Social media really is becoming the new Google, so staying on the cusp of Digital and maintaining your digital presence is key.

2. Branding is key

It is critical to be acutely aware of the fact that you operate in a space with other players in the market. In order to stand out and make a bold impression, branding is extremely important – from your logo, team uniforms, flyers, pull-up banners, graphics and all other collateral.

Also be mindful that your brand extends beyond the physical items and things people can see, touch and feel – your brand also has everything to do with customer service and the experience people have from the moment they walk through the door or call or Whatsapp or DM your business until their transaction is made. Everything counts.

3. Build your database

Your database of customers – your contacts, your tribe, your community, is one of the most important things you can build.

Be sure to collect contact information for the people who stop by your store or engage with you on social media or on your website. Add these persons to your contact list to receive emails, special offers, notices, catalogues and Whatsapp communications. This will outlast social media!

4. Ensure you are equipped with multiple payment methods

The reality is that people don’t always walk with cash or enough change, and that card machines can be unbelievably slow and unreliable. We always ensure that we can adequately facilitate both, and have recently also added Lynk as a payment method so that we can accept cashless payments digitally for
instant transactions that are safe, convenient and reliable.

Being able to provide multiple payment options ensures you don’t miss out on sales and shows your customers that you are flexible and efficient and that you respect their time!

5. Reassess your financial goals

The beginning of a new year is a good time to look back on the previous year and see how you either met or fell short of your financial goals.

Focus on the strengths of your business and turn your resources toward growing in those areas. Depending on how your year went, you might be feeling confident to take more risks in the new year. Reviewing your budget and identifying where you can cut back on expenses can free up resources to put toward new ventures.