New Year’s resolutions for businesses

Every year, people pick up bad habits, do the wrong things and put their lives off track. The same, of course, is true of businesses. Just like individuals, groups of people also collectively make mistakes and need to correct the errors of their ways.

Fortunately, this post is here to help. We list some new year resolutions for businesses so that they can make 2023 their most wholesome, profitable and productive year yet.

Spend More Time With Customers

Just as regular people need to spend more time with their grandparents, businesses need to catch up with their customers. Rather than leaving them to fend for themselves after conversion, firms should offer them ongoing care and guidance. This way, they can ensure they maximise benefits and keep the relationship strong. Remember, 85 per cent of customers want to experience proactive contact and communication from brands they buy from.

Improve Your Live Chat

Web live chat software has come a long way in recent years. These days, solutions are more than simply chat boxes: they are AI-infused, information display tools that convert prospects into lifelong customers.

Take Click4Assistance’s Live Chat and smartCast solutions. These let reps display education and instructional materials, offer live payment gateways, and promote products, right in the chat window. Live Chat also includes ghost-typing functionality, showing you what website visitors are writing before clicking send, allowing a single agent to respond to multiple queries more easily.

Manage Your Cash Flow More Effectively

Just as regular people need to watch their spending, businesses need to monitor their cash flow. Failing to do so can result in an inability to pay employees, suppliers and creditors, causing the business to fall apart quickly.

According to figures, 80 percent of firms fail because of poor cash flow forecasting. In other words, viable enterprises don’t succeed because management spends money at the wrong times.

Improving cash flow in 2023 requires:

• Chasing up unpaid accounts
• Using accounting tools to forecast week-by-week cash availability
• Proactively borrowing or maintaining lines of credit to cover periodic cash shortfalls

Delegating Responsibility More

Trying to do everything yourself in business feels safe, but it actually puts you at a tremendous disadvantage against the competition. Less gets done, and the leadership, particularly the CEO, feels too stressed to move the firm forwards strategically.

That’s why it's essential to delegate more responsibility. You want to feel like you have a real team of people behind you who have your back. Managers and workers should be able to operate independently, without having to come to you for instructions repeatedly.

Outsource More

Your final new year’s resolution should be to outsource more. Many enterprises wind up believing they have to do everything themselves to be safe and keep costs down. However, these habits make their enterprises inefficient and end up costing more long-term.

Therefore, take a closer look at whether you need to keep all your operations in-house. If you can do something cheaper by outsourcing, take advantage.