6 Resolutions For A Great 2008
 By Lee S. Shaffer

Ready to turn over a new leaf in the new year? Here are six resolutions that will help you run a more successful small business in 2008.

Resolution #1
Outsource And Delegate
You can’t do it all, especially if you want your small business to grow.

If you have employees, delegate some responsibilities. You’ll be surprised how much employees can do and how well they can do it. Give them the chance.

If you don’t have employees, find ways to outsource tasks such as bookkeeping and tax preparation. Pay for a virtual assistant who can help with administrative duties. You can find one at International Virtual Assistants Association.

Or offload those past-due collection efforts to a third party. As an AFS Member, you can take advantage of National Credit System, a low-cost and effective method for collecting on delinquent accounts. For one flat fee per account, NCS will take action on your behalf. And you can choose from three different programs to meet your needs.

Resolution #2
Market, Market, Market
Don’t let marketing and promoting your business get lost in the rush of day-to-day business.

Develop a marketing budget. Look for new ways to market to prospects. Create a marketing plan you can stick to. Find effective low-cost ways to promote your small business. Learn to ask for referrals.

Not sure what type of marketing will be best for your business? Get some ideas from the professionals at ProTalk®. AFS Members have unlimited access to the small-business consultants at ProTalk. And they’re just a mouse click or phone call away.

Resolution #3
Set Goals
You want your goals to be realistic. But, you want them to be a stretch, too. It’s the stretching that helps your business grow.

Set goals in every major area of your business, such as:

• Marketing

• Sales

• Revenues

• Profits

Write them down. Be as specific as possible by including deadlines and numbers. Keep track of your efforts to the reach the goal and your progress.

Resolution #4
Review Your Financials
Money matters to the success of your business. And to know how much of it you’re actually making, you need to keep a close eye on financials.

You don’t have to be a financial wizard to figure out the fiscal condition of your company. But, at minimum you should be able to identify and understand basic financial concepts such as:

• Cash flow

• Profit margins

• Receivables and payables

• Tax liabilities

You should also know how to read and make sense of a balance sheet as well as a profit and loss statement.

Totally clueless about financial matters? The certified public accountants at AFS ProTax can help. Through the AFS Web site, ProTax offers complete and confidential answers to your questions in one business day. And you have unlimited access to these professionals. They’ll explain – in plain English – the financial terms and concepts you need to understand.

Resolution #5
Save More Money
In any business, there will be the best of times and the worst of times.

Some months, sales will dwindle to a trickle, customers will leave, and expenses will balloon.

Other months will find you flush with cash. Don’t spend it all during the good times. Save some of that hard-earned money.

Put some aside in an emergency fund that will help get you through the lean months. Put some aside for making equipment purchases in the future. Put some aside for your retirement.

Resolution #6
Have More Fun
Entrepreneurs don’t start businesses so they can work 24/7 and stay stressed out. Yet many find themselves sacrificing their personal lives for their businesses.

That doesn’t play out well in the long haul. Without time for yourself, your family and your friends, your business will suffer.

Lack of R&R will stifle your creativity, drain your energy and lead to burnout. Your business can’t afford any of those. As a business owner, you need to be in tip-top shape.

The solution? Make time for yourself away from the office. Spend time with your family, not with your cell phone. Respond to your friends, not your e-mails. Make lunch dates with buddies, not with prospects. You’ll have more fun, and your business with thrive.

(Posted January 2008)

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