I don’t know about everyone else, but I certainly get that feeling at the end of every calendar year, the desire to have a couple of New Year resolutions. Research shows that many new resolutions don’t stick. However the thought process behind a New Year resolution certainly does bring to the surface the issues that have been bugging us throughout the year and what we want to achieve in the next twelve months.
So as a small business owner and with the new financial year approaching, I started thinking about New Year resolutions for my business. Yes, I know I said that many New Year resolutions don’t stick but let’s look at a few benefits of committing to New Year resolutions for your business.
It’s pretty easy to feel like you’re constantly on the mouse wheel with little time to invest back into the growth and longevity of your business. Using the New Year resolution as a reason to really think about your business, you’re getting off the mouse wheel (having a breather), and doing some reflection on your business to improve in the future.
Put it on paper
It’s amazing the reaction you have from saying something out loud or writing something down. It always sounds and appears differently to how it was processed in your head. It puts reality out on the table. It can be a great reflection time for you to evaluate how your business has been tracking and what you want to achieve with your business in the year ahead. A good way to always remind yourself of your resolutions is to put them up somewhere where you always see them. If you have a team that you work with and you want to share the resolutions, put it up where everyone can see.
Look at your numbers
No matter what the resolution, there are always numbers involved. New business space, more employees, rebranding, new marketing strategy, cutting costs, more customers, new software. Whatever your resolution may be, to truly achieve your resolution you have to look at your numbers. Look at your numbers to date and work through how your resolution will impact your numbers going forward. A budget is a great way to track the financial position of your business.
New Year resolutions aren’t for everyone, but do think about the concept behind this approach. How can you take advantage of the New Year resolution process to better you and your business? Give it a go, your business will thank you for it.
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