By Parween Mascari
When I started writing this article, I thought about all the personal New Year’s resolutions I have made in years past. In fact, I have made pretty much the same New Year’s resolutions each and every year for my entire adult life: spend less, save more, lose weight, work harder, put more time and effort into my job, pay off credit, read more, enjoy my life more, follow my passion, find my purpose, and think about my legacy. Well, this year I decided to write New Year’s resolutions for my small business, too. It turns out the resolutions I came up with for my business are pretty much the same as my personal resolutions: spend less, save more, trim the fat, work smarter, work harder, read more, etc. I hope this list of 10 things every small business owner should do in 2021 to help their business assists you in thinking about what you can do now and every day to create the best future for your small business.
1. Spend Less.
Cut the proverbial fat. Trim your expenses wherever you can without sacrificing quality or your brand. For me, this can become an emotional issue. But there is fat to be trimmed, and this is business—not a hobby. Additionally, are there savings in interest rates you can take advantage of or potential tax savings you are not aware of? Consider consulting a tax or financial professional for advice. You may have to make some tough choices but making them now will help you in the long run.
2. Work Smarter and Harder.
Be efficient with your time and resources. They are, after all, finite. Take advantage of easy tools like to-do-lists and reminders. Long car rides are perfect to reach out or return those calls you never seem to get to due to your hectic schedule as a small business owner—using Bluetooth of course. But work harder, too. Someone once told me, “If you want to be the boss, you have to pay the cost.” I love a good Netflix binge as much as the next guy, but I’m not trying to be that guy. There is always something that you can do to be productive at all times. Make it a point to be value added at all times, even if that means writing a thank you note or sending someone an article you think they might find interesting.
3. Work on Your Business, Not in Your Business.
When I belonged to a local BNI chapter, this was a common mantra. Many small business owners are too busy working in their business to work on their business. Learn to delegate those tasks that someone else can do so that you can concentrate on being an entrepreneur and being more strategic, making those important decisions and steering your small business where you want it to go.
4. Constantly educate yourself.
Are you keeping up with the trends in your industry? When is the last time you read an industry publication? Are you availing yourself of the numerous—and sometimes free—resources out there designed to help small business owners like yourself? Small business ownership is tough. It takes a village to raise a small business. Organizations like the Small Business Development Council and Small Business administration exist to assist small business owners. Learn about and take advantage of what they have to offer that may be useful to you in your small business.
5. Make use of your inner circle.
Everyone has that trusted circle of friends. They can be a great asset to your company. Utilize them, but also get out of your inner circle. Network. Network. Network. Don’t be afraid to ask for help when you need it. The relationships you make may be the single most important factor in growing your small business. Embrace diversity. It doesn’t help you to surround yourself only with people who look and think like you. Are there ways you can give back to your community and meet new friends and customers along the way?
6. Don’t Burn Bridges, and Act with Honesty and Integrity at all Times.
Especially in this age of social media where everyone is quick to become a keyboard warrior, remember that customer is still always right. Also remember that if you are always honest you won’t have to remember what you said and that integrity really is everything in the business world. Once trust is lost, it is incredibly difficult, if not impossible, to get back.
7. Take Care of Your Infrastructure.
Fix your plumbing. There are no shortcuts. There is no magic bullet. You must do the work. It’s not always sexy, but if you ignore a problem, it won’t go away. Fix it early and fix it right. It will save you a lot of headache later. And if it sounds too good to be true, it probably is. Do your research and don’t get taken advantage of by those offering a quick fix. Conversely, hire a professional with expertise when it is needed and that will save you in the long run.
8. YOLO.
You only live once. Breathe. Enjoy. And live your best life. This means you need to be courageous. I once told a very successful entrepreneur that I, too, was an entrepreneur like him—but I didn’t really like taking risks. He responded, “Well, then you are not an entrepreneur.” He was right. I had to learn to feel more comfortable taking risks because that is the only way to really grow your business. Don’t be afraid of failure because experiencing failure is really the only path to success.
9. Marketing. Marketing. Marketing.
There are so many tools out there available to you, many of which are free or low cost, that allow you to tell the story of your business to your customers and to the world. Website, email and social media are just a few. Don’t be afraid of new technology. It doesn’t have to be time consuming to reach out to your customers every day. Make a calendar and pre-schedule posts. And don’t ever underestimate the value of earned media. Offer to write an article for a local or statewide publication (wink, wink). It is a mistake to skimp on marketing in an effort to cut costs. A small business is nothing without customers.
10. Look Ahead.
Way ahead. Like into the future. Have a succession plan. Why are you doing what you are doing every day? It is more than likely to build something that future generations can benefit from and enjoy. But do your kids want to run your small business after you’re gone? More than likely not. Have you asked them? What happens to your small business without you? This is where you also need guidance of a professional to help you navigate coming up with a succession plan that works best for you as well as avoids adverse tax consequences. Talk to a lawyer who specializes in estate and succession planning. Don’t leave the future of your small business to chance. You’ve worked too hard for that.
About the Author
Parween Mascari is an entrepreneur, attorney and teacher. She is guided in all things by her mission of supporting and encouraging arts and culture, job creation, quality of life, hospitality and tourism, small business and entrepreneurship, philanthropy, downtown revitalization, community and economic development and the attraction, retention and recruitment of talent in the Mountain State. Mascari is a frequent speaker on networking, entrepreneurship, economic development, management and tourism. Her passion and purpose is to always be working on exciting projects with people who love West Virginia and are interested in moving West Virginia forward, whether that is a film project, a farm project, a magazine or a retail shop featuring West Virginia art and artisan-made goods. Mascari splits her time between Morgantown and Charleston. She also spends as much time as possible on the top of Snowshoe Mountain and at the West Virginia Market, one of the retail shops she owns specializing in high-quality local goods made in West Virginia by West Virginians.
