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5 New Year Resolutions for Small Businesses


 
The new year is right around the corner, and with it comes much excitement, hope and many resolutions. Now is the perfect time to plan to make sure your business goals and expectations are met. Here are five New Year Resolutions to consider as you look to 2017:
 
1. Don’t Fail to Plan 
Be sure to produce a budget for the coming year, considering the company’s goals, plans and objectives. After finalizing the budget, share the prior year’s financial performance, projected goals and budget information with the company staff and other stakeholders. Make sure all parties are on board with the new plan, and that they are prepared to help the company achieve its goals. It’s always more productive to have outside interested parties aware of your plans so that they can be proactive, rather than reactive.
 
2. Review Relationships 
It’s a good idea to take stock of the relationships surrounding your company, from key customers and suppliers to third party providers. Meet with your CPA, banker and attorney so that they can be proactive in how they support your business. Too often, small businesses ask for help at the end of the year when problems could have been solved or solutions could have been created if the CPA, banker or attorney had been part of the process from the beginning. Also, make sure customers are meeting sales expectations, paying as agreed and achieving the expected profit margins. Review and compare vendors to others in the market to ensure your company is getting the best deals and quality support. Evaluate other third parties to ensure they are committed to the relationship, and that your company is receiving the appropriate services and attention it deserves. Over time, if not given the proper attention, relationships can dilute and complacency can set in.
 
3. Manage Cash Flow
This should be at the top of the list for every small business. It’s important to make sure you have enough money at the end of each month to pay all the expenses you’ve incurred. Plan ahead and project your cash flow so you are prepared for any losses.

4. Create Goodwill
Seek strategic opportunities to give back to the community and play an active role in its development. A strong community promotes a healthy business environment and, generally, individuals and businesses like to do business with responsible members of the local community. Seek a school, sports team or charity to support. Encourage your employees to participate in local events, chambers and boards.
 
5. Constantly Evaluate 
Establish a routine system of evaluating company performance, not just in sales goals, but also in expense controls, asset efficiency and employee/stakeholder performance. Once all parties are aware of their goals and responsibilities, each must contribute their part. A consistent evaluation of their performance and the overall company performance is essential to ensure everyone is performing their best.

Since its founding in 2005, Paragon Bank has maintained a solid focus on the community and customer service. For more than 10 years, Paragon has delivered innovative products and financial expertise, convenience, and a deep understanding of what both businesses and individuals need from a bank, in order to provide solutions that make a difference. In the areas of business or personal banking, lending options or wealth management, Paragon delivers cutting edge technology, an experienced team and the most service-oriented staff of any community bank.
 
For more information about Paragon Bank, please call (901) 273-2900 or visit us online at www.bankparagon.com


Posted: 12/8/2016 10:14:09 AM | with 0 comments
Filed under: 2017, Bank, Big, Business, Goals, Ideas, New, Paragon, Resolutions, Small, Year




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SMALL BUSINESS
Your business may be small, but that doesn't mean that your impact can't be huge! The Greater Memphis Chamber's Small Business Council serves to encourage, support, recognize and be a resource to small- and medium-sized businesses in the Memphis area. Here, our talented panel of contributors will present big ideas that could make a huge difference to your small business. And don't be afraid to ask questions ... no matter how small.

CONTRIBUTORS
VOSS GRAHAM
Sales & Small Business Ownership
Voss W. Graham is CEO and Senior Business Advisor for InnerActive Consulting Group Inc. He is known by his clients as "a knowledgeable partner who helps our team achieve business growth." He provides practical experience as a small business owner for over 29 years, yet is often engaged with Fortune 500 companies in the development of their people and business strategies.

OBSIDIAN PUBLIC RELATIONS
Public Relations
Several professionals and strategists from the local Obsidian Public Relations firm provide excellent advice on everything from research to media relations to event planning. They believe that all companies, no matter how big or small the company or its budget, should have a public relations plan driving how they manage their relationships with key stakeholders. Public relations is an integral part of doing business the right way.

JOEL MYERS
Human Resources
Joel Myers is a career Human Resources professional, with over 40 years in the field including 26 years in consulting.

TOM PEASE
Small Business Advice
Tom Pease is a small business owner of an office equipment dealership called e/Doc Systems, Inc. He has also owned a full-line Kawasaki dealership as well as a document shop. He used 30+ years of experience in owning a business to author two books, including: Going Out of Business by Design: Why 70% of Small Businesses Fail and Small Business Survival 101. He also has published 85 columns in The Memphis Daily News as the Small Business Advisor.

LORI TURNER-WILSON
Marketing & Public Relations
Lori Turner-Wilson is CEO and Founder of RedRover Company, a sales development, marketing and PR consulting firm. Lori works with companies large and small, from start-ups to mature organizations, to help them improve the productivity of their sales force and the return on their marketing investment. Lori writes a weekly syndicated column for the Daily News, Memphis News, Nashville Ledger, and Desoto Times, among others, titled “Guerrilla Sales & Marketing,” for which she won a 2011 Summit International Award and 2012 International Communicator Award.

INFERNO
Design and Digital Strategy
Founded in 1999, inferno provides brand development, advertising, public relations, design and digital marketing services to clients across a broad spectrum of industries. Headquartered in Memphis with a satellite office in Kalamazoo, Michigan, the award-winning firm produces results-driven work by passionately combining strategic thinking, creativity and culture to ensure the success of its clients. For more information, visit www.creativeinferno.com.

FISHER PHILLIPS LLP
Labor & Employment Law
Fisher Phillips attorneys are ready to help you take a stand: in court, with employees and unions, or with competitors. Fisher Phillips has the experience and resolve to back you up. That's why some of the savviest employers come to the firm to handle their toughest labor and employment cases. The firm has 350 attorneys in 32 offices, including Memphis. For more information, visit www.fisherphillips.com.

PARAGON BANK
Finance
Since its founding in 2005, Paragon Bank has maintained a solid focus on the community and customer service. For more than 10 years, Paragon has delivered innovative products and financial expertise, convenience, and a deep understanding of what both businesses and individuals need from a ban, in order to provide solutions that make a difference. In the areas of business or personal banking, lending options or wealth management, Paragon delivers cutting edge technology, an experienced team and the most service-oriented staff of any community bank.



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