Most of us start the New Year with resolutions. We’re going to the gym, we’re going to focus on our relationships, we’re going to eat less, drink less, smoke less, whatever. Unfortunately most resolutions made as the clock strikes one are forgotten by the time the clock strikes twelve.
But as a business owner, do you make any resolutions for your company? Do you make any plans for growing your business in the new year? When we posed this question in the past, you told us that you wanted to do things like expand your market reach, focus on getting more repeat customers, or introduce new products and services. In fact in a recent survey, Three out of ten (27%) small business owners vow to make attracting new customers a priority for their business in the new year, followed by improving work/life balance (13%) and being more organized (11%).
So in the spirit of making 2014 a more productive and profitable year for you, here are some suggested resolutions you might consider as the economy sputters back to life and customers again have a few shekels to spend.
1. Reconnect with passions. Two-thirds of entrepreneurs surveyed said personal passion drove them to open their businesses. However, when the demands of being your own boss set in, it’s easy to lose sight of that passion and it becomes just another job, a daily grind, with no time off, no time to plan and no time to focus on why you started the business in the first place.
2. Learn how to delegate and do more of it. There are so many things to do when you’re running a small business and it’s easy to delude ourselves that we need to do all of them. No wonder why you’re tired and frazzled and have no time to do anything else. Consider what you could gain by handing over certain tasks to contractors, virtual assistants or full-time employees. By relinquishing control of administrative tasks, website updates, or just stocking shelves, you’ll free up time for what’s ultimately going to keep you in business: bringing in revenue. Delegation is the key to a healthy work-life balance. (p.s. College or high school interns are a handy resource.)
3. Go small. No, don’t shrink your business, the government will do that for you. But you want customers to support the concept of small business, right? This means you should adopt a small business mindset at your own business too. Analyze your current vendors and service providers for opportunities to “downsize.” If you find any opportunities to support a small or local business instead, whether virtual or brick and mortar, aim to switch at least one vendor or supplier.
4. Go mobile. By 2015, more U.S. Internet users will access the web through mobile devices than through PCs. Nearly a quarter of all searches on Google today are from a mobile device with more than half of those by potential customers driving around looking for your product or service. How well are you catering to this mobile population? Make 2014 the year you optimize your search marketing, website, QR codes and online coupons to focus on this growing mobile community.
5. Protect your assets with an LLC or corporation. While legal fine print may not be the most glamorous part of your business, forming an LLC or corporation can be critical to your business and personal financial health. These business structures protect your personal assets from any company liabilities. That is, if your business is sued or has bad debt, your personal property may be shielded from legal repercussions. Keep in mind that creditor judgments can last a total of 22 years, so you’re protecting not just what you own today, but whatever assets you’ll gain in the future.
6. Drop what’s not working for you and move on. Remove the emotion from business decisions. All products aren’t going to be super sellers, all sales methods aren’t going to work for everyone, and all suppliers or contractors aren’t going to be ideally suited to your business. If a technique or a product or a business relationship isn’t working for you, stop using it. Don’t invest a lot of energy into trying to make the unworkable workable. Move on. Something better will turn up.
7. Give something back to your community. There are all kinds of worthy organizations that make a difference in your community. Make a New Year’s resolution to find a cause that matters to you, and give what you can. Make this the year that you serve on a committee, be a mentor, volunteer, or make regular donations to the groups in your community that try to make the place you live a better place. And those that give get. Nothing will seed and grow goodwill for you and your business better.
8. Join a new business organization or networking group. There’s nothing like talking to other business people for sparking new ideas, refining old ones, and making contacts. Whether it’s a group specifically designed for networking or an organization dedicated to a particular type of business, making the effort to be a part of a group will revitalize you and your business. Your local Chamber of Commerce is a great starting point providing numerous networking opportunities and free coaching and business development seminars.
9. Put time for you on the calendar. As an entrepreneur, remember that you’re solely responsible for your own motivation, productivity and well-being. There’s no boss to pat you on the back or give you a raise. It’s up to you to keep yourself motivated and inspired. In 2012 be sure to reward yourself for specific milestones like a big client win, meeting a tough deadline, or working “overtime” for multiple nights on end.
10. Be a model. Your team is watching and emulating you. Are your behaviors the ones you want them exhibiting? Are your attitude, work habits, and customer focus what you want them to exhibit? Looking at the attitudes and behaviors of your team is in part like looking in the mirror. If you like what you see, great! If not, look in the mirror more carefully and recognize that the source of your frustration with other’s behavior likely starts with you. These resolutions remind you that you are not a just business owner thinking about a new customer, profit margin or monthly P & L – you are also a leader. All of these small business tips, when put into practice, will make you a more effective leader and a more successful business owner too. Happy New Year!