New Year’s resolutions are not just for individuals. Now is a good time for small business owners to take stock of their situation and vow to “do better” during the upcoming year. What sort of resolutions should you be making? The list will vary among business owners, but here are seven common ideas to consider.
- Review your business plan more often. Typically, a small business owner will create an annual business plan, stick it in a drawer somewhere and not refer to it until the next year. Do not fall into this habit. Review the plan periodically—at least once a quarter—and make adjustments to accommodate for changes in circumstances.
- Delegate, delegate, delegate. Are you often guilty of thinking you are the only one who can do a certain job? You could be stretching yourself too thin and the business, as well as your physical and mental well-being, may suffer for it. Farm out some of the work that does not require your special talents.
- Add a business skill. If you are operating a successful business, you have undoubtedly learned some valuable skills along the way. But do not stop now. Broaden your horizons by learning “something new” in 2022. This can be beneficial in a multitude of ways and provide a competitive edge.
- Keep promoting your business. Perhaps you have found a business niche where you have a healthy share of the market. That does not mean you can rest on your laurels and start coasting. Continue to market your business with an eye toward improving the bottom line. If necessary, call in outside help to coordinate activities.
- Join a business group. There is real value in meeting with others in your industry or business leaders from nearby communities. It can help establish new contacts, renew old ones and expand your goals. Whether you are looking to network or generate new concepts, or both, you should make an effort to become more involved in groups of this nature.
- Donate time or money (or both). Worthy charitable organizations can benefit from your expertise and generosity. Figure out what matters most to you and act accordingly. If the organization you are helping out is local, as is often the case, you are also sowing seeds of goodwill for your business when you “give back.” At the very least, step up your monetary donations to those in need.
- Set ambitious goals you can reach. Planning for your business requires a delicate balance. On one hand, you want to go above and beyond what you have achieved in the past. On the other, you should be realistic about what you can accomplish in 2022. If you “over-reach” you may just end up frustrated and dissatisfied.
Finally, this is not really about business, but do not be “all work and no play.” Set aside time to be with your family and engage in personal pursuits. If you are consumed by your business, you will not be able to enjoy the fruits of your labor. Make time on your 2022 calendar for YOU.