As 2015 winds to a close, small businesses are adding the finishing touches to their financial reports and gearing up their business for the fiscal year ahead. Every business has room to improve, and there are a variety of ways that you can enhance the customer experience of your company in the coming year. Here are the top New Year’s resolutions that every small business should implement.
Increase Your Employee Retention
For small businesses that are battling a low profit margin, employee retention is critical to conserving company funds. Even a minimum wage employee can cost about $3,500 to hire and train. By creating a pleasant work environment, providing growth potential to employees, and routinely commending staff for a job well done, you can enhance the work experience of your staff and improve employee retention.
Decrease Your Overhead Costs
A lot of businesses are spending too much money on overhead costs. There are a lot of ways to cut overhead expenses and increase the profit margin of your business. Switching to energy efficient lighting and appliances can dramatically reduce energy costs, while perfecting your employee scheduling can minimize wasteful payroll costs. Another way to decrease overhead expenses is by accessing the lowest available prices on all products needed to operate your business. Scour the web in search of the best wholesale prices on a variety of office supplies, employee uniforms, and cleaning materials, so you can increase your profit margin in the coming year.
Create a Company App
Apps are becoming increasingly popular among the general public, and they have the ability to simplify daily living, while saving people money. Many businesses offer mobile apps that connect customers with their company, while providing increased incentive to patronize their store. If your business doesn’t already have a mobile app, consider creating one in the coming year. By offering updates, promotions, coupons, and online shopping through the mobile app, you can provide more value to your customers and increase their engagement with your company.
Expand Your Product Offerings
By expanding product offerings, you can reach new clients and increase sales. Even small additions, such as offering candy or gum by the front register, has the potential to surge your sales and profits. With wholesale prices on a variety of bulk candy and treats, you can increase sales, without increasing overhead.
Be Practical
While every business has room for growth, the rate of growth is impacted by countless variables beyond your control. Focus on improving the aspects of your business you can control, without stressing about the things you can’t. The U.S. economy is expected to moderately improve in 2016 but overall purchasing power is expected to stagnate. The goals of your business should always be in line with the fluctuations of your industry and the local economy.
This year, you have the opportunity to strengthen your business model, streamline efficiency, increase profit margins, and widen your customer base. By establishing New Year’s resolutions now, you’ll have goals to strive for throughout the new year, allowing you to maximize your business success in 2016. With a variety of bulk office supplies and other wholesale goods, you can gain a successful start to the new year and stay ahead of your 2016 budget goals. Click here to explore a variety of wholesale office supplies.