6 Reasons Why New Year’s Resolutions for Your Business are a Great Idea

Statistics show that when you make New Year’s resolutions, you are ten times more likely to reach your goals.

EXPERT OPINION BY RHETT POWER, HEAD COACH, POWER COACHING AND CONSULTING @RHETTPOWER

DEC 22, 2014
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Why should you should make New Year’s resolutions for your business? Statistics show that when you make New Year’s resolutions, you are ten times more likely to reach your goals. Emilia DiMenco, CEO of the Women’s Business Development Center, explains: “Possibly because it’s like making a promise to yourself. Forget the naysayers who are sure resolutions are a waste of time. If scaling up your business is part of your 2015 plan, making–and keeping–New Year’s Resolutions will give you cause to celebrate a year from now.”

What type of resolutions should you consider? Here are six examples to get your list started:

  1. Develop and/or evaluate my marketing strategy. If it’s been a year since you last looked at your plan, you’re due for an analysis. Does the plan still seem relevant? What could be changed? Has your business outgrown the current strategy? Does a new one need to be developed?
  2. Get rid of dead wood. Does every employee contribute to the bottom line? If a staff member is not productive, or just not a good fit, let him or her go, and find someone who is. You can’t afford another year of wasted pay.
  3. Meet people face-to-face. How often do you spend time with your customers and vendors? They can tell you a lot about your business. Listen to what’s working and what’s not, then make adjustments. By building strong “real life” relationships, you will be ahead of any social media campaign.
  4. Learn one new skill. Invest in yourself! Attend an industry seminar, take an online class, learn how to really use your smart phone. Don’t be afraid to try something you’ve always wanted to know. New technology and information will keep you competitive.
  5. Understand your finances. It’s easy to get busy and let your accountant handle the money. Or maybe you’ve never really learned what a balance sheet or cash flow statement is. Make time this year to sit down and understand the financial side of your business.
  6. Take time for yourself. Although it may seem impossible to step away from your laptop for a week, you must give yourself time away. By spending time away from the business, you can recharge and dedicate your attention to yourself, your family, and your friends. It will be worth every minute. Don’t cheat yourself on this one.

Every new year offers a time for reflection and the chance for a fresh perspective. It’s true for you…and especially true for your business. Making goals–resolutions–allows you to develop benchmarks for the coming year; it’s a way of keeping you focused on what is important and necessary to make your business successful.

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The opinions expressed here by Inc.com columnists are their own, not those of Inc.com.

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