Setting Your Business Resolutions for the New Year

Think New Year's Resolutions are just for your personal life? Think again. I started setting resolutions for my marketing firm seven years ago, and continue the tradition today. Setting resolutions — or goals, if you prefer — at the start of the year helps me identify the areas I want to develop in the coming year.

Step 1: Start by Looking Back

What do you wish you had achieved in the past year? What do you want to do more of? This is a great place to start the brainstorming process for your resolutions. Look at hard data. How did sales do last year? What about profit margins? These are easy areas to start your resolutions in.

Step 2: Create Measurable Resolutions

Avoid generic resolutions like "grow my business" or "increase sales." Get specific. How much do you want to increase sales? Then you have an actual number to shoot for.

Make the goals just out of arm's reach. You want them to be possible, but you want to have to work just a little to get there. Don't set yourself up for failure by setting unreasonable objectives you know you'll never reach.

Step 3: Create an Action Plan

The problem most businesses have is that they set up goals, then close that Word document on their computers or stick it in a drawer. Goals are meant to be achieved, and to that end, you have to work for them. Create a list of action steps you and your staff should take to achieve the goal. For example:

Increase Sales 35%

• Action items:
  • Hire two additional salespeople
  • Increase territory to 3 new surrounding towns
  • Increase prices 5%

Make sure you assign each action item to a person who can ensure it happens.

Step 4: Check Back In

Keep your resolutions where you can see them. Mine are taped to my computer, and I see them every day. I may not be actively working on a goal, but they're always there to remind me of them. (My "take off Friday at least once a month" is particularly poignant and one I try to abide by!)

If you've assigned action items to your staff, hold a monthly or quarterly meeting to see where they are in that effort. If there are obstacles keeping them from completing the item, work to remove it.

Next December, you can look at your list and determine how well you did against your goals. You may not have accomplished them all, but if you work throughout the year, you should be able to mark at least a few off your list.