Six key accounting resolutions every business should make
4. Technology Requirements
With the rapid pace of technological advancement, it is often an area of small business that can be overlooked. Many a small business owner will take the attitude of “If it isn’t broken, why fix it”. Sadly, this can result in so many lost opportunities to advance your business productivity. Not only does improving your technology add to your internal processes, it will allow your business to communicate with the rest of the small business world in a seamless manner.
Discuss this issue with key staff members and you’ll be surprised at the responses you get. If they ask for a new piece of hardware or software, it will only be to advance their ability to do their job more efficiently. If technology is not your strength, don’t avoid this issue. Get involved with an IT company that knows your industry and can advise on a plan to move forward. If cash flow does not permit large scale expenditure, then speak to your finance broker about leasing options at the same time; there can be no excuses for not acting.
5. Marketing and Social Media
Australia has been one of the most advance countries in the take up of new mobile technology. By 2015 only 18 percent of new computer sales will be desktop computers, the balance will consist of laptop computers, notebooks and tablets such as the iPad.
The explosion in smart phone usage, with more than half of all mobile phones in use being smart phones, means the world has never been smaller or more connected. Facebook, Twitter and Google+ have all put the world in the palm of our hands.
If you haven’t yet formulated a social/mobile media strategy then you are already falling behind. So many opportunities are out there for savvy business owners, but the time to act is now. For small business operators this process is often neglected as it can take a great deal of time to implement and manage. Ongoing management is the key to keeping your social media policy relevant. Marketing experts abound in the marketplace so there is no excuse for not acting and engaging their services.
Be prepared
The year ahead is paved with opportunities for small businesses to thrive and succeed but 2012 will also present its own challenges that cannot be foreseen or planned for. These can and will consist of economic challenges as a result of both local and international forces. Unforeseeable environmental challenges that can impact on you, your suppliers or your customer base. The Queensland floods of 2011 are a classic example of an isolated environmental disaster that had an impact on the entire nation. Personal issues for a small business owner can often be the most challenging, as there is no other business partner to take up the slack should you suffer from poor health or other family related stresses.
Whatever the next twelve months has in line for you and your small business, be rest assured that you do not need to face these challenges alone. Support networks exist to assist you in any and all aspects of your small business, no matter your location or industry. The engine room of our economy needs to keep pumping to keep the adverse international forces currently in play from affecting our secure and relatively stress free way of life. Remember, that we all want small business to excel in 2012 and it needs to be a team effort.