Start 2020 with goals to improve your business and become a better leader.

The new year is a good time to reflect on performance, both for your business and yourself. Here are five resolutions that can help you improve your bottom line and your leadership skills.

Become a better communicator

As 2019 wraps up, give yourself a communications audit. Make a quick list of interactions over the last year that went well and those that would have benefited from better communication. In what areas do you need to improve? Giving employees feedback? Keeping customers informed? Reaching out on social media? Pick one area to focus on in the new year.

Learn to delegate

Many leaders face a difficult shift from doing to leading. The key to making this transition is learning how to delegate so that the work you do has even more impact. Jesse Sostrin, director of PwC’s Leadership Coaching Center of Excellence, says leaders need to understand the difference between being involved and being essential. To be more discerning about how you use your time, you need to practice saying “yes,” “no,’ and “yes, if.” Read more about Sostrin’s advice on delegating in Harvard Business Review. Understand and manage cash flow

Many business owners make plenty of money but face financial problems because they don’t understand cash flow. Make sure you understand the difference between cash flow and revenue.

The first step in managing cash flow is to monitor your cash flow regularly. Accounting software makes it simple to generate reports monthly, weekly or even daily. Get in the habit of using them to stay on top of cash flow.

To keep money flowing in, send invoices as soon as work is completed or products are delivered. Also have a good system in place for following up immediately on past-due accounts.

Take a close look at your recurring expenses, the ones that come in monthly, quarterly or annually. Are you paying for things you no longer need or use? Could you save money by renegotiating terms?

Give back to your community

Investing in your community doesn’t just mean donating dollars. You can give back to those who support your business by volunteering, mentoring and giving employees time off to volunteer. Many businesses find they get back much more than expected in terms of satisfaction, networking and reputation building.

If you’re afraid to start giving because it will invite more requests for aid, choose just one non-profit organization to support. When requests from other organizations come in, you can politely decline by explaining your policy about community support.

Network more

The best time to build a professional network is when you don’t need it. If you don’t know where to start, The Reluctant Networker’s articles and  videos are a good starting point, even if you hate self-promotion.

Make sure your LinkedIn profiles are up to date. Yes, that’s profiles with an “s.” You should have one for yourself and one for your company. Here are eight tips on mastering LinkedIn and examples of effective small business LinkedIn pages.

And, make sure you have a plan for making the most of trade shows and conventions. Here are 10 tips for getting more ROI at conferences.

Whichever resolutions you choose, have a plan for putting them into action. Remember, business resolutions are just like personal ones – you’ll take steps forward and backward. Don’t be discouraged! Track your progress and celebrate your advances throughout the year.

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