Start going to the gym. Eat better. Read more. Let’s face it, these are New Year’s Resolutions that many people make every year and few keep. But New Year’s Resolutions don’t have to be a commitment you end up backing out on.
You set goals for your small business every day. Why shouldn’t the start of the New Year call for some big goals?
Don’t let the word “resolution” intimidate you. The New Year is the perfect time to set new goals and make resolutions for your small business! Here are five small business resolutions that will transform your business in the New Year:
Save for Retirement
If you don’t have a financial retirement plan in place, what are you waiting for? The time to start saving for retirement is NOW. As a small business owner, you are responsible for your future. You don’t work for an employer with a robust retirement plan, which means you have to make the retirement plan yourself.
- Stash some money away in a 401(k),
- Invest in a Roth IRA, or
- Make low-risk investments in an index or mutual fund.
It’s also important to have a plan to sell your business when you are ready to retire. There are tons of options out there, and if you aren’t sure where to start, hire a certified financial planner (CFP) to advise you. Your future depends on it.
As a small business owner, you’ve likely been doing everything to get your business off the ground. Once you got off the ground, you’ve probably been doing everything to keep it running smoothly. But, now you’re starting to grow, which means it is time to delegate.
For many small business owners, delegating can be a challenge. You’ve been your own go-to guy or gal for the lifetime of your business and the thought of letting someone else steer the ship may make you a bit nervous.
There is no better time to commit to your small business resolution of delegating than January 1st. It’s time to hire new employees to help you with some of the workload so you can focus on your strengths and what you’re good at.
- A good place to start is with hiring freelancers. Are you a creative small business owner and the technology side isn’t your forte? Hire a freelancer to update your web design or security infrastructure.
- Are you a magician with numbers but the thought of writing makes you cringe? A freelancer can manage your marketing and content strategy. Maybe what you need is a virtual assistant.
Virtual assistants are also usually freelancers. While most focus primarily on administrative support, you can delegate any number of tasks to them to help lighten your workload so you can focus on doing what you love and the reason you started your small business in the first place.
Make a tech upgrade one of your small business resolutions this year. Sometimes the word “investment” can be a scary one because it means you have to spend some hard-earned money. But “investment” also implies that there will be a sweet reward. This is especially true when it comes to the technology your small business uses. If you’re looking for a cost-effective one-stop-shopping experience, consider a platform that has several technologies already integrated such as Salesforce Essentials. They’ve got you covered on things like security, HR functions, artificial intelligence, reports…etc.
Commit to Productivity
Is one of your personal New Year’s resolutions to have more time to spend with your family, travel, or engage in your hobby? If you’re looking for a way to make space on your personal calendar, prioritize increasing productivity as one of your small business resolutions this New Year. One great way to increase productivity is by employing the principle of schedule chunking. Schedule chunking helps you reach your goals by breaking them down into attainable components, which in turn will keep you from getting overwhelmed, therefore allowing you to make progress toward your goal. Here are the 5 tenants of effective schedule chunking:
- Define your goal
- Set a deadline
- Break the goal down into underlying, or smaller, tasks
- Start tackling the underlying tasks by plugging them into your daily schedule
- Assess progress and course correct as necessary
You can read more about schedule chunking and how to implement it, here.
Make it your small business resolution to invest in professional development and continuing education. The reward will be sweet, plus– its tax deductible! Professional development courses make you and your business more credible and more marketable. You might learn some new skills or techniques to make your operations more efficient and productive. Education is a broad area and can take on so many different forms. You could get your MBA, get a certification, or attend a Digital Marketing Bootcamp at a General Assembly workshop. If you’re on a really tight budget and can’t work in some more formal education options, look to resources such as podcasts where you can still glean some great info and get smarter on a variety of business topics. If you have employees, get them on board too, encouraging their education will only add value to your company. The options are endless but the results are priceless.