Small business resolutions for 2019

| January 4, 2019

Use the New Year as an opportunity to take time out to think about your business. If you have a banker or accountant, organise a meeting and use them to help you develop a plan for the year ahead.

1. Make time for you and your business – our research found that over a third of small businesses are compromising their wellbeing, with the top three sacrifices being their personal finances, their health, and their connection with others. Being in your best health mentally, physically and emotionally will help your business thrive, particularly when it comes to making decisions and innovating. Learn to say ‘no’ to avoid spreading yourself too thin.

By stepping back to focus on your strategy and the future of your business, you may discover new sources of competition, new channels to distribute products or reinvent your product or service for a new market.

2. Set your sights on innovation – businesses that saw the strongest revenue growth in 2018 were those that are ‘innovation active’, or putting effort into improvements and/or introducing new products and services. Highly digitalised small businesses are 50% more likely to be growing in revenue and earn 60% more revenue per employee than those with only basic digital engagement. If you don’t already have online, mobile and social channels to engage with customers, look at implementing this.

One way to ensure efficiencies across your business is to embrace digital invoicing. Using online invoicing tools can reduce a significant amount of work, boost productivity, and give back precious time that can be spent on growing and running your business. Westpac Biz Invoice is a new tool which enables users to send and manage invoices directly through their Westpac online banking app.

3. Diversify and access new markets – successful businesses have a larger share of international customers, with more than one in five of their customers based overseas. Small businesses who can take steps to seize on export markets, enhance their products or services, or diversify their product or service offering to reach new customers may discover new sources of revenue and be in a strong position to future-proof their business.