Whilst most people tend to focus on their personal lives when it comes to making new years resolutions, the new year is also the perfect time to create some impactful resolutions for your business. A resolution, after all, is a decision to do something differently to bring about positive change. So… are you ready to make some changes?
Make sure you set aside some time to think about your recent achievements and any current challenges. Think about your work style, too. If you’re like many small business owners, you may be guilty of bad habits that can hold your business back, such as:
- Taking on too many roles and responsibilities
- Not giving yourself enough time off
- Difficulty separating your work and personal life, and
- Micromanaging staff and responsibilities.
This article will help you commit to a few important tweaks to your business that will help you move forward in the year ahead.
Grab a pen and paper and give yourself enough time to answer the following questions. You might want to write through each question, or, if you’re a more visual thinker, sketch out a mind map. Either way, putting pen to paper will record your thoughts and can lead to insights about your business that might surprise you.
Now ask yourself:
- What is your vision for your business? Has it changed?
- What areas need improvement? Don’t just think about sales and profits. Think about your team, clients, systems, and personal satisfaction.
- Which areas do you want to prioritise? How can you address any issues?
- What excites you about your business? How can you ignite that passion and maintain the motivation to seek out what challenges you, and brings you happiness?
- What parts of your business do you dread? How can you offload these tasks to someone else – a manager, staff member or virtual employee?
Once you’ve brainstormed answers to these five questions, try to come up with five clear resolutions that will help take your business where you want it to go. And make it personal – “I will learn how to manage my cashflow more effectively” and “I will delegate more” are great resolutions that you can then set goals and a timeline to achieve.
Of course, you may think of more than five changes you’d like to make, but stick to five as your guideposts for the new year so you aren’t overwhelmed. Then take all those great ideas you generated and include them in your next business plan update!
Final tip: Outsource to save your time!
If you’re one of the many entrepreneurs out there who wears too many hats and doesn’t schedule enough time off, consider how you might improve productivity and save time. One possibility might be as simple as changing your bookkeeping practices. If you’re still using an outdated accounting system, you may be habitually spending unnecessary hours tracking expenses and constantly misplacing business receipts you’ll need at year end to claim deductions. If this is the case, ask us about streamlining your daily financial management using Xero cloud-based accounting technology. Pairing this with proven best practices is a guaranteed way to better manage your time so you can focus on what really matters: business development, customers and sales.
What changes are you making to pave the way to success for your business? If you’d like help working through your financial goals, just call us on 9887 8751 or send us an email to schedule an appointment.