For most, the new year is a time for reflection, and a time to set goals for the year ahead.
Exercising more, eating better, drinking less alcohol or working on a better work-life balance, tend to be at the top of these personal lists. But what about your business? For a small business owner, setting goals for the year ahead can make a dramatic impact on its success over the next twelve months. So, why not decide today to make a small (or big) difference to your business by making some new year’s resolutions. Here are 3 business resolutions that every business owner should make for a better, stronger, faster business.
1. Know your numbers
It’s not uncommon for small business owners to lose touch with how well their business is performing on a day-to-day basis. But an awareness of your real-time income and expenses is the key to making better decisions that will nurture growth.
Implement these changes and see the difference they make in your business:
- Switch to an online accounting solution that offers access to real-time data anywhere, anytime
- Monitor your finances on a daily, weekly, monthly, and quarterly basis; review the data with your accountant often
- Check in on your other numbers, too – your website metrics and software analytics – so you know whether your marketing, lead generation, and sales tactics are working.
2. Update your business plan
Small businesses should update their business plan at least once a year, and a new year is a great time for a business plan refresh!
Many small business owners neglect to revise their plans on a regular basis which means they end up operating on autopilot, losing sight of their bigger goals and the steps they planned to take their business to the next level.
The start of a new year is an excellent time to set goals, mark milestones, and start implementing your plans. The timing also lines up nicely with closing out the previous year’s books, so you can plan with your latest annual figures in mind.
3. Hire help
It sounds simple, but the self-sufficient, independent nature of many small business owners can make it difficult to get comfortable delegating responsibility. Finding the right people to relieve the burden of doing everything, all the time, is the only way a business can scale and reach its potential.
Think carefully about how you spend your days. Are you still at the point where you want to – or need to – do it all? The ultimate success of any business is to reach the point where it can run without you, so you can enjoy a holiday, pass the business on to a family member, or sell it.
It can take time to find the right people that you can trust to perform their jobs well and continue to grow your business. A recruitment agency can help you craft an attractive job description and recruit so you can focus on strategies that can bring you greater enjoyment and success.
Setting resolutions and sticking to them takes time and commitment – but the pay off is well worth it! Which of these Business Resolutions will you commit to?