As the calendar flips to January and another new year begins, a new year brings hope and new possibilities. Now is the perfect time to reevaluate your business and establish goals for 2024.

With that in mind, here are some New Year’s Resolutions for Small Business Owners in 2024

Don’t Cut Back on Your Marketing

Research has repeatedly shown that companies that maintain their marketing expenditures during recessions emerge stronger once the tough times are over.

Find and Retain Good People

Owners of young, growing companies are often tempted to do everything themselves, but eventually find that route is not sustainable over the long haul. Thus, small business owners should make recruiting talent a priority in 2024.

Update Your Business Plan

A business plan is not just a document written at the startup phase. Rather, a business plan provides a roadmap for your company to stay on track to reach both long-term and short-term goals. Revisit your business plan periodically and consider it a living document that is meant to be continuously updated. The beginning of the year is a good time to take a look at your business plan and determine if any changes should be made to it or to the way you are conducting your business in 2024.

Focus on Networking

While it may not have immediate effects, networking is a useful tool in growing your business. Making and keeping connections throughout the year can benefit you and your business later down the road. Set a goal of making and connecting with at least one new contact each month. Building relationships with people in your network could be what takes your company to the next level in 2024.

Apply Technology to Streamline Processes

Use technology to make your company more efficient. There may be aspects of your business that can be automated to make things run much smoother and keep better track of your expenses. Automating processes can save time and money.

Focus on Yourself

It is important to focus on what’s important outside of work. Spending time with family, building in down time, and focusing on health are as important as reaching sales goals.