How can you and your business outdo 2013? Here are ten business resolutions to ensure a more prolific 2014!
As we embark on a new year, one can’t help but think of the different ways we do things. Be it on a personal level, fitness level or even a business level, it is important to conceptualize your aspirations and aim to achieve them throughout 2014.
Here are some global trending business resolutions that can easily be adapted wherever you operate:
Measure your success – Make sure you have processes and control mechanisms to keep track of how you do. How much revenue you make and where you spend your revenue are key to make sure you are profitable. Running your own business doesn’t mean you can dip into the finances any time you want. Yes you want to reap the benefits but mismanagement can result in serious repercussions such as not being able to pay suppliers, staff, and other obligations. There are endless options on how to track your performance online: free office templates and software, both free and purchasable at a nominal fee. Don’t take the easy route by have a simple excel file or worse, a notepad entry in your mobile phone. Take these processes seriously and you will be able to witness how your business grows in an easy and transparent manner. Measure not just your finances, but also how many customers you serve, how fast you turnover your inventory, how long it takes you to serve a customer (and always keep minimizing this), and other key performance indicators (KPI). It may be worth your while to search for how other businesses similar to you measure their performance through the different KPIs. Measuring is a tedious task but the benefits are infinite.
Set SMART goals and milestones – I know I am starting to sound like a management book from college, but trust me, a clear and achievable objective is better than a vague mission-like goal such as: Be the first. Not to be condescending, but just in case you are not fully familiar, SMART is an acronym for: specific, measurable, aligned, realistic, and timely. Objectives and milestones that satisfy all these rules result in an undeniably clear-cut ambition with specific deliverables, precise timeplan, and unambiguous blueprint.
Manage your stress levels – This tip is critical. You are the lifeline of your business and if you are stressed out, you lose focus, passion and drive and that has an immediate and adverse effect on the wellbeing of your business. The last thing you want is to be personally responsible for harming yourself and your business. Take frequent breaks, take up a hobby or start working out; anything that de-stresses you and gets you rejuvenated to get back to business.
Get organized – I can’t reiterate this enough. Organize your bills, your payments, your stock, your ordering, your marketing plans, your everything.
Spoil yourself – Every once in a while, reward yourself with your hard-earned dinars and buy something. Take a trip. Spoil yourself. Once you start enjoying the money the business makes you will want it to make more, so you can benefit more. There’s no shame in that. That is the purpose of having a business: to make money.
Spoil your team – Don’t let this slip between the cracks of running your business. Your most important asset is your team; without them, your business is nothing. Take frequent outings, close shop for 1 day and have a party, implement programs that recognize flyers and reward them.
Delegate – As you learn the ropes of running your business and eventually master them, learn how to delegate. Empower your staff to take on a bigger management role while you sit back and look at your business with a bird’s eye view. That will help you take better and more strategic decisions. You will have a better view of your business and be able to spot things you wouldn’t if you were engrossed in the day-to-day operations.
Seek help – From advisors, professionals or mentors – it’s completely OK to seek help from outsiders. Advisors, mentors, and industry experts are always on the lookout to help and give you their 2-cents. There are some that can help for free and some for a nominal cost. Know that whatever you seek, it will always be an added bonus. An outsider’s perspective is different from yours because they see things you don’t see and can add true value to how you run things.
Outdo 2013 – There’s no need to elaborate on this one really. But see how you performed last year? Now outdo, outrun and overachieve. Simple.
Spend more time with your loved ones – And last but definitely not least, spend time with your loved ones. They refuel you with energy and they are your lifeline. They are your support system and can give you that uplift when you need it.
So there you have it: the top 10 resolutions for a prolific 2014.
