Business Resolutions for the New Year
By: Christopher Yeung
It’s that time of the year again where we reflect on things that have happened this year and prepare for New Year’s resolutions. I often receive requests from clients to help them with their business’s New Year’s resolutions. Whether it’s generating more revenues or motivating employees to be more productive, putting together a set of ‘Business Resolutions’ is a great exercise for any business owner/executive to go through. I have compiled a sample list of Business Resolutions that I believe can be useful.
1. Ditch the business plan.
Business owners often spend the bulk of their time perfecting a business plan that may ultimately fail in execution. Flexibility is critical in today’s business world and a business plan can often restrict an owner’s ability to adapt. Focus more on monthly/quarterly goals and financial targets that can be easily modified to better fit market circumstances.
2. Learn something new.
The age-old mantra that educators often preach is ‘life long learning.’ For business owners, knowledge is power. Learning something new can add a new dimension to a business, and may help it stand out from the competition. In addition, depending on the method of learning, an owner may find networking opportunities to build new business relationships.
3. Support community initiatives.
Look to support non-profit community initiatives through various methods such as serving as a committee member, becoming a mentor, financial donations, or volunteer for special events. Not only will this give a business additional public relations exposure, but sometimes it just feels good to give back to the community that a business operates in.
4. Stop what’s not working AND move on.
Perhaps one of the most difficult things for business owners to do is drop a failing strategy and move on to a new one. Realizing a strategy has failed and is unworkable will help an owner craft new strategies, which can ultimately rejuvenate a business. Lean on others in the organization for new ideas – you never know who may have that one idea that propels the business to a new level.
5. Work-life balance.
For business owners, work-life balance can be hard to achieve as most owners wear multiple hats and take on extraordinary responsibilities. That being said, having work-life balance is like maintaining a good personal relationship; you have to keep working on it. Make it a priority in the New Year to put the cell phone or computer away a couple days per week to enjoy life. A healthy personal life will help strengthen the productivity of any business