5 New Year's Resolutions for Entrepreneurs
Many people are in the habit of making personal resolutions to kick off the new year: start a diet, exercise more regularly, finally reorganize that walk-in closet. The same concept should hold true for business owners. If you haven't made a resolution for your business yet, it's not too late. Now is the perfect time to reevaluate how you're ending the year and what you can do to improve in the coming months.
These resolutions for your business can and should go beyond your bottom line. Thinking outside the box about what you can do to strengthen your business is important, and now’s the time to form plans that you can put into action in the new year.
New Year's Resolutions for Entrepreneurs
If It’s Not Working, Leave It Behind
Your first resolution should be to get rid of things that aren’t working for you. Whether it’s a system or process, a marketing strategy, a key vendor or client, or an employee, you have to be able to let go and try a new approach. As a business owner, it can be easy to get attached to the way things are—you’ve likely played a key role in making each decision that’s gotten your company to its current point, so it can feel like a knock on your pride and leadership abilities when something isn’t working.
In reality, the strongest move a leader can make is to admit something they’ve decided on in the past is no longer working, and take swift, decisive action to change things.
Delegate Effectively
This is another one that can be hard for business owners who are deeply invested in their company’s success. You may have the urge to opine on every decision, from big-picture strategy to the kind of coffee you’re ordering for the break room. But as NPR notes, micromanaging can have a damaging effect on your employees’ happiness and leaves you with less time to focus on the important strategic decisions that should be coming across the owner’s desk.
Learning to delegate effectively can be challenging, but it’s essential to employee productivity and the success of your business. If you feel that you may have trouble letting go, check out these tips in "How to Stop Micromanaging Your Employees" from Harvard Business School.
Embrace Digital
In today’s tech-saturated world, it is critical to have a digital presence for your business. If you’ve set up a website that you update once a year and have a X feed that lies dormant, this is the year for you to step up your game by undergoing a digital transformation.
Start small: Establish a Facebook page and claim your business on Google so that your customers can leave reviews. According to the Pew Research Center, more than half of online shoppers take reviews into consideration before making a purchase. If you’ve already mastered the digital basics, consider branching out into other forms of social media, or purchasing digital advertising.
Join a Networking Group
As an entrepreneur, you probably sometimes feel like you’re going it alone. Making decisions about how to build and grow your business is stressful, and having the support of a network of people who are at the same stage of growth or who have taken their businesses even further can be helpful and inspiring.
Consider joining a networking group for like-minded business owners. Sites like Meetup make it easy for you to find groups of fellow entrepreneurs in your area. You can also join groups on LinkedIn that align with your skill sets, business interests, or educational background. Sharing ideas digitally sometimes leads to connections in the real world.
Give Back to Your Community
As the owner of an SMB, one of your biggest challenges is attracting customers who are already loyal to the big guys. Consumers who gravitate towards smaller businesses are often drawn in by a business’s story and personal connection. Giving back to your community not only makes you feel great, it also allows you to establish a one-on-one relationship with those in your neighborhood who can become your future customers.
The success of efforts like Small Business Saturday are indicative of consumers’ interest in supporting “the little guy.” If you’re the owner of the ice cream store who donates a sundae party to the school fundraiser, or the garden shop proprietor who plants trees and perennials in the city’s traffic circle, you’re more likely to be top of mind for customers who want to feel good about where they’re spending their hard-earned dollars.
The start of a new year is the perfect time to build on your established strengths and to get rid of practices that aren’t working. An honest evaluation of your past year’s performance will allow you to see where you can grow, and a willingness to fearlessly embrace change will allow you to create new opportunities and reach new heights.
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