Business new year resolutions. Have you heard of it? Sure, we have our personal ones. But why not treat your business with the same respect? Business new year resolutions are a good way to assess the state of your business and make the most of the upcoming year.
Curious to know where to start? Feel like you’ve already got a good thing going? Check out these 7 ATM business new year resolutions just to make sure.
1. Make Financial Projections
Making financial projections is an important part of any business. An ATM business is no different. Reviewing each year’s finances sets you up for success in the upcoming years. It allows you to make relevant decisions for your business and set realistic goals.
For example, you want to consider your cash needs. Did you have enough this year to run your business? Will you need more next year? Less?
Additionally, consider your revenue goals for next year. Did you hit your revenue goals this year? If you didn’t, what do you need to adjust?
Finally, what expenses do you predict for the upcoming year? Are you prepared to cover them?
Making financial projections allows you to make strategic decisions and have clear expectations for the year ahead.
2. Plan Strategically
Once you have your financial projections in place, what’s your plan for implementation? What will you do to reach your goals? If you want to scale your business, you might consider investing in more machines or building some relationships with location owners.
If you want to increase revenue, you might want to revisit your surcharge fee. Is it still competitive? Is it still reasonable for your customer-base? Spending and market trends change all of the time. So make sure your surcharge continues to match your target audience’s needs to bring in as many transactions as you can.
Maybe there are more opportunities in the business that you might be interested in. Do you want to outsource vaulting? Or start vaulting yourself? Do you want to try a new role in the ATM business? You could switch from independent ATM deployer (IAD) to ATM seller. Or maybe you want to do both!
You might also think about developments in the market. Cryptocurrency and cannabis might present new business opportunities for you this year. And maybe you want to explore other businesses in your area that are experiencing a high cash need. What new businesses started in your town recently that you could approach?
All of these are factors you should consider for the new year. This is the best time of year to be thinking about your ATM business new year resolutions that set you up for a lucrative upcoming year.
3. Market Yourself
If you decide that you do want to scale your business or make more revenue or explore some new opportunities this new year, you might need to do some marketing. If you haven’t done so yet, you might start on social media. Create a business page or account and advertise the service(s) you offer and the pain points your business helps solve.
You can do the same on ATM business fliers and business cards. ATM business fliers are great ways to leave behind information for location owners who don’t have time for a meeting with you or who want time to think about an offer. ATM business cards are handy when unexpected opportunities come your way. Keep some on you for when people inquire about your business!
And, depending on the size of your business, you might consider creating a website. What people do you want to reach, and what is the most accessible way for them to find you? If your marketing could use improvements, make this one of your ATM business new year resolutions!
4. Use More Technology
It’s never too late to start using more technology. So often it makes our lives easier—and our businesses. Think about your current ATM equipment. Is it becoming outdated? Do you need to invest in newer machines? This could prevent you having to worry about repairs or unexpectedly being out of order. However, newer, shinier machines bring in more traffic than older, dingy machines.
There are other things you can do, though, to improve an older machine without springing for a new one. You might add new and improved features or improve existing ones. For example, you could add a topper to your machine that displays relevant messages to patrons. Toppers also draw users’ attention which means more business for you!
You could also upgrade your keyboard to one that is lighted. This is visually pleasing to customers and helps them conduct their transactions in dimly lit locations like bars and restaurants. Screens can be upgraded, too. Bigger ones draw more attention, and ones where customers can see themselves make them feel more secure using your machine.
If you struggled with internet service this year, you might want to consider purchasing a wireless device. This gives you more control over your connection and service without having to coordinate with the location’s internet service provider (ISP). More reliable internet service means that you are able to provide more reliable ATM service which could improve your business this coming year.
5. Update Security
Speaking of using more technology and implementing updates and upgrades, you will want to think about improving your security, too.
It can be overwhelming (and expensive) to spring for every feature available for ATM machines when you are just getting started. Purchasing an ATM machine itself is a financial commitment even without all of the add-ons.
So, if you’ve been in business for a while, have made some revenue, and feel more comfortable, it might be time to improve your ATM security. Security cameras, GPS trackers, and online monitoring are great ways to protect your assets and your customers. You also want to update your software to protect against software hacks that can cause your machine to malfunction.
There are other security measures you can implement, too. For example, think about switching up your vaulting schedule to be less predictable. Or, if you hire out any of your business processes, get rid of anyone you don’t trust. Alternatively, if you are wanting to work less in your business, hire people you do trust to take over the parts of the business you no longer enjoy.
Still haven’t purchased ATM insurance? Could you benefit from peace of mind? Are you in a better position to add the expense? It’s something to think about as you prepare your business for the new year.
6. Get Business Processes Down on Paper
To really have an organized business, it’s a good idea to document your business processes and practices. Get all parties and their responsibilities down on paper. Revisit, review, and update any contracts you have with location owners or third party partners.
The new year is a good time to make sure all of your ATM business processes are running smoothly and that you are comfortable with them. If they aren’t, you will need to get your business back on track. Make sure that each person involved in your business knows the processes and adheres to the practices you have laid out.
7. Clean Up
Finally, make sure your business is clean going into the new year. Clean the area around your ATM machine. Sweep, dust, polish, and sanitize. If any stickers are peeling, replace them! A clean machine is more attractive to passersby and puts you a step above the competition. Plus, it’s just a good way to enter the new year: fresh!
What Are Your ATM Business New Year Resolutions?
Now that you’ve seen 7 of our ATM business new year resolutions suggestions, it’s time to make your own list. What goals do you have for your business this year? What changes do you need to make? Is there anything you want to start doing? Stop doing?
And if things are going great, keep up the good work! What do you need to keep doing? And how can you prepare for obstacles you might have luckily avoided in the past?
It’s never too late to be prepared. There is always room for improvement. Remember that as trends and markets change, so should your business. Pay attention to who your customers are and what their needs are. That’s where you will find the most success.
This new year, those of us at ATM Depot wish you nothing less than prosperity!