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New Year’s Resolutions for Business Owners

The new year always brings a sense of a clean slate and the opportunity to start afresh. While some people avoid making drastic promises they are inclined to break, it’s not a bad idea to consider some resolutions that could improve your business operations in the new year. 

If you want to make commitments that will actually make you a better, more profitable business owner, these might be some resolutions worth considering:

Know Your Numbers

If you’ve ever watched an episode of the Profit, you’ll find that most of the small business owners profiled are shocked to find out the amount of debt they have or how short their cash flow is from month to month. In order to make decisions that will improve your business, you’ll have to know the true state of your business affairs. Resolve to know your numbers, keep them updated and make steps to improve them as needed.

Be More Goal Oriented

Being in business for the sake of being in business is an exercise in futility. A business that doesn’t grow, turn a profit or reach milestones is doomed for failure. Goals should be pertinent to your business model and move toward improving and scaling business operations. Though key performance indicators (KPIs) will be different for each industry, the nuts and bolts should come down to sales, profits and how the numbers should be consistently improving. The beginning of the year is a great time to set goals that you’ll track throughout the year to gage your business progress.

Be More Strategic

Creating business goals will take you far, but they have to be followed by a plan. Aiming for a million dollars in sales isn’t enough; there has to be a strategy and a plan to back that goal. A great method for planning is to work backwards from your goals until you reach actionable steps. If you are not trending towards your goals based on these steps, it’s time rework your goals, business plan or your strategy. Resolve to be strategic about your business growth with a plan that backs up your goals.

Be Ready for Bigger Risks

Positioning yourself to take bigger risks is a must for business growth. This doesn’t mean you have to always have a pile of cash around (but that is a great start) to take advantage of opportunities that may improve your business. Positioning a business for growth can include things like hiring more staff or expanding a product line. Even consider creating systems that operate in your absence so you can turn your attention to areas of the business that will bring the greatest ROI. Resolve not to be risk-averse when it counts!

Have a Better Work Life Balance

A small business owner often wears many hats causing them to feel like the day is never done. Studies show that having working too many hours drastically decreases productivity and can even lead to health problems. This year, resolve to create a work schedule that will benefit both you and your business.

You may not be able to stick with every resolution suggested here, but not to worry. You’d still do well to make one or two of them to start. Once your resolutions become good business habits, move on to the next and keep going until you are satisfied with your results.

 


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