Business Tips for the New Year

As 2024 comes to a close, we asked seasoned business counselors to share their top tips for small business owners to carry into the new year. From budgeting strategies to staying ahead of industry trends, these insights offer practical, thought-provoking guidance to help businesses thrive in 2025. Remember, every piece of advice should be weighed against the unique needs and goals of your business, ensuring it aligns with your vision for the year ahead.

Strategic Planning and Goal Setting

Leigh Bost, Business Counselor, Asheville/Cullowhee 
“It is valuable to spend time planning for 2025–strategy, budgets, operations. Include a disaster/emergency plan for employees, power, and business interruptions. Buff up on your business insurance.”

Rachel Bridgers, General Business Counselor, Greenville
“In my opinion, the most important thing for businesses to do at the end of the year is to reflect on the year they’ve had and use that reflection to help plan for the upcoming year. 

In 2023, Jules Monroe shared the article “Seven Things Businesses Should Tackle Before 2024 Arrives” that included questions that every business should ask itself at the end of the year to prepare for the upcoming new year. I used the questions as an EOY touchpoint for my clients. I liked that strategy and this year, I used ChatGPT to identify some questions that our clients should consider while moving into 2025. 

• What were our top three successes this year, and what factors contributed to them?
• What challenges did we face, and what can we learn from them?
• Have our customer needs or preferences shifted, and how can we adapt?
• What goals do we want to set for next year, and are they SMART (Specific, Measurable, Achievable, Relevant, Time-bound)?
• Are there any operational processes we should refine or automate to improve efficiency?
• What are our current financial health indicators, and do we need to adjust our budget or cash flow management?
• How can we invest in our team’s growth and morale to maintain a motivated workforce?

Gene Holland, Interim Regional Director, Raleigh
“Have 1-3 tangible financial goals in mind for the new year, such as growing sales by x% or increasing gross margins by y%. These should be reasonable and attainable, even if a bit of a stretch.”

Qingyuan Zhang, International Business Counselor, Wilmington
“Watch for shifts in industry trends and plan accordingly.”

Customer Engagement and Feedback

Tyler Lumley, Business Launch Specialist, Greenville
“Endless pursuit of understanding your target customer.”

Shelley Kelly, General Business Counselor, Raleigh
“Talk to your customers. Learn how to improve your business using their feedback. When you do, they feel heard, they will inspire ideas you may not think of, and it promotes loyalty. Check in with them (there are a number of ways to do it) and let them know you care about their ideas and opinions and want to serve them even better in the future!”

Compliance and Financial Preparedness

Kevin Nicusanti, Equity Funding Specialist, Chapel Hill
“Upon starting a business, plan to cover at least one year of expenses before you launch the business. Sales forecasts are very unreliable and you’ll need to survive the rollercoaster of cash flow demands without being distracted by building the business.”

Moving Forward

While this isn’t an exhaustive list it is a strong starting point and a positive step forward into the new year for businesses wanting to get ahead of the game. Having tangible goals, talking to your customers, and taking time to reflect on the past year and plan for the next are all important pieces to supporting a successful start for your business in 2025.

If you enjoyed this list and would like more assistance in the new year, reach out to your regional office and set up an appointment with one of our experienced and dedicated counselors (just scroll down to the bottom of this screen!).

We hope to see you in the new year to help you make Your Business Better!