At the start of a new year, people look forward to making a fresh start by reflecting on the past year and anticipating the year to come. Making resolutions such as losing weight, eating healthier foods, exercising, and spending more time with friends and family are all common goals. After all, the very definition of a resolution is the making of a firm commitment to bring about positive change. As a business owner, now is a great time to reflect on your business and what you can resolve to do to make positive changes in the year ahead.
Here are several great New Year’s resolution ideas to help your business thrive in the new year:
1) I resolve to enhance my technology. Nothing is more frustrating to customers than outdated and inadequate technology. As the population becomes more and more tech-savvy, having a website with an interface that is not user-friendly will drive customers away. Make a resolution to upgrade your online presence with a fresh look and include user tools that make it easy for customers to use your site. Upgrade your internal technology, as well. Your employees can be very frustrated with slow internet speeds, clunky operating systems and outdated tools that eat up their valuable time and decrease productivity.
2) I resolve to do a better job of promoting my business. It’s true that a business owner wears many hats, and the job of marketing may not rank very high on your to-do list. You already work hard to deliver a first-class business experience to your customers, but don’t forget to promote that first-class experience beyond your existing customer base. Set aside the time to work on your marketing plan, or if your funds allow, consider hiring a marketing expert to help get you started.
3) I resolve to charge what I am worth. This is one of the most difficult resolutions to commit to. Most business owners feel that their services are undervalued but are reluctant to raise their prices for fear of alienating customers. Commit to spending more time researching your market and looking for ways to increase your prices. The old economic truism that says you should “charge what the market will bear” may alienate some customers who are not willing to pay higher prices. On the other hand, the emotions of feeling “undervalued” are not productive either. Depending on your type of business, you may opt to go for a “packaged” or “bundled” approach to your services, thereby giving your customers flexibility in choosing levels of value.
4) I resolve to drop what is not working and move on. Once you have gone back and reflected on how your business did in the past year, you may find some things that just aren’t working. Maybe a product isn’t selling, a sales method isn’t generating revenue, or an advertising outlet isn’t producing the desired result. Instead of spending time, money and energy trying to fix the un-fixable, maybe it’s time to drop what isn’t working and move on. Focusing on continuous improvement is key.
5) I resolve to delegate more. This is another difficult resolution to implement because most business owners like to be in control. Business owners are used to doing most things themselves and it’s easy to delude yourself into thinking that, if it is to be done right, you need to do it yourself. This inevitably leads to micro-managing, stress and a poor work/life balance. Make a commitment to delegate more. The key to stress-free delegation is to take the time to train your employees to the point where they can take some of your tasks off your hands. Remember to communicate your objectives and deadlines clearly and effectively.
6) I resolve to learn something new. It’s a new year with new horizons. Try to learn something new this year. Whether it’s something new about the business you’re in or something completely unrelated, learning something new will get you out of your comfort zone and add a new dimension to your life. New technologies, online classes, or even learning a new language are all ways to broaden your horizons and expand your expertise.
7) I resolve to pay it forward. Now that your business is established, can you think back to how it was when you first got started? Did you feel all alone in uncharted waters? Did you have any support, or did you make mistakes that could have been prevented if you’d had a mentor? Make a commitment to reach out to a newcomer in your industry and offer a helping hand by sharing your experience and advice. Your generosity will pay off in the long run and you will be regarded as an expert, while paying it forward at the same time.
After implementing these New Year’s resolution ideas, you will not only feel better, but you will have the time and energy to put back into your business so you and your business can thrive in the year ahead. Here’s to a happy, healthy New Year!
Numbers by Victoria offers virtual bookkeeping services and other financial options for individuals and small businesses. Since our services can be performed virtually, we’re able to work with people all over the United States. To contact Numbers By Victoria, or to learn more about our bookkeeping services, please visit: www.numbersbyvictoria.com.