Throughout 2012, the economy has been a source of frustration for many small-business owners who had hoped that this was the year their firm would be able to take the leap to the next level. While it may not have been possible during 2012, findings from the most recent Citibank Small Business Pulse survey revealed some of the leading ways firm owners plan to improve their companies in the upcoming year.

Learn about the latest industry trends
Remaining competitive in the small-business environment require firm owners to understand what is going on in their enterprise's sector at all times. According to the survey, 88 percent of respondents said they always have their finger on the pulse of their industry, while also keeping an eye on how their business market is changing. One example of something small-firm owners did to stay ahead in 2012 was investing in budgeting software to help manage their companies' finances.    

"Many business owners focus on their skills and industry knowledge," said Jerome Byers, head of Citibank Small Business. "To find truly new business ideas, often the best sources are from other industries and markets. When seeking new answers, all business owners are your peers."

Establish strong relationships with clients
All small-business owners must remind their staff that the client comes first in every situation. Keeping this in mind will not only help companies get ahead, but it will also aid in customer retention efforts down the road. The research revealed 67 percent of respondents are planning to increase the time they spend with their clients to maintain a positive relationship land encourage customers to continue doing business with the firm.

"Small businesses thrive on deep customer relationships," Byers notes. "Face time isn't just client service. Those relationships contribute to staying educated about your market and can be the source of ideas. A conversation today can be part of your business plan tomorrow."

Be ready to adjust at all times
The most successful business owners are the ones who are always trying to improve their firms. Whether it be hiring contractors to get work done faster or improving processes at their company, ensuring that the firm is running at productively as possible will often be a deciding factor if the business will be able to sustain positive sales numbers in the upcoming year.

"Small-business owners don't stop when the clock strikes 5:00," said Byers. "But it's also important to know when an outside resource can do something better and faster and offer new ideas and approaches based on their experience."

Innovative ideas to improve the firm can come from anywhere, according to an Inc. magazine article, and when they arise it is not by accident. The magazine said in order for firms to have a culture of innovation, they must employ a passionate staff. Business owners are willing to take risks to make ideas work and the company as a whole isn't afraid of failure. These traits will often help propel businesses to higher levels of success.

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