Promises, they say, are meant to be broken. This probably explains why 88% of 3,000 people surveyed didn’t follow through with their New Year’s resolutions, according to psychology professor Richard Wiseman of the University of Hertfordshire in the United Kingdom. Experts say this can be attributed to unrealistic goals (35%), a lack of monitoring (33%), or the subjects forgot what they promised to do (23%).
Tips for small-business success
In a way, small businesses are like failed resolutions because many of them don’t last. The US Small Business Administration said about one-fifth of business startups fail in the first year, and half of them do so in the next five years. Most of the time, this is because of financial problems, lack of a business plan, and insufficient market research, among others.
To make sure that your company starts 2019 with a bang, here are some resolutions you should keep courtesy of Capstone IT, your trusted managed IT services provider in the Rochester–Buffalo area. We are confident that these realistic goals will help your small business succeed and keep it running for years.
1. Check your cash flow
Starting a business is no joke. You need enough money to put up a company and keep it afloat. It’s normal to spend a lot of cash when you’re starting since you have to pay for office space (unless you work at home), incorporation fees, equipment, utilities, your website, and the salaries of your staff, to name a few.
However, if your expenses always exceed your revenue or existing cash, that shows you have a cash flow problem. Poor cash flow management skills is one of the reasons why 82% of small businesses fail, while 79% of companies don’t have enough money to begin with, according to US Bank.
Managing your cash flow is a great way to start the New Year since this will help you adjust to the ups and downs of the market, and create the capital your business needs. Most companies need a year or more to take off, so one thing you can do to save cash is outsource specific work processes to flat-fee service providers. Cloud IT, for example, gives top-tier solutions without large capital outlays.
2. Create a good website
Considering that over two billion people around the world are online, there’s no reason why your company shouldn’t have an online presence. Digital marketing is critical for promoting your business and telling people about your products and services.
Create a professional and well-designed website, so customers can find you via Google, see what you offer, know how they will benefit from your company, and order your products. Don’t forget to ensure your address, contact numbers, and hours of operation are consistent across all social media platforms and customer review websites. This will make it easier for clients to reach you.
If you want to stand out from competitors, take advantage of Capstone IT’s website design and development services. We’ll design, optimize, and update your website regularly to make it a cut above the rest.
3. Secure company assets
Think you’re immune to cybercriminals because you have a small business? Think again! According to Verizon’s 2018 Data Breach Investigations Report, 58% of malware attack victims are small businesses. The Ponemon Institute added that small companies that have experienced a cyberattack in the past 12 months have increased from 55% in 2016 to 61% in 2017.
Why are small firms being targeted? Researchers say that hackers don’t care about the size of the company as long as they can steal money or sensitive information they can sell on the dark web. If your critical files are compromised, that could spell the end of your business.
To prevent cybercriminals and outsiders from stealing your precious data, consult the friendly experts of Capstone IT. Our comprehensive and affordable network and data security services will keep your organization safe from fraudsters, malware, and other threats. Make Christmas merry and bright and start the New Year right. Consult us today for the right technology solutions at prices you’ll love!