Setting a New Year’s Resolution for your Business

A brand new year, a fresh new start! Yes, and what better time to set out goals and plans for your business in the coming days?
By making a few adjustments and commitments, you can really transform your business! Here are some of the top resolutions that you should consider for 2017.

1. Identify how you can increase efficiency
More often than not, we tend to over compensate for the things we need. We find a strange comfort in having more than less. This often leads to a decrease in efficiency and a high wastage. Take a moment and look at where you can make adjustments to increase efficiency.

For example; you’ve always find that managing a project with your team members via email and periodic meet up is inefficient and tend to lead to misunderstandings. Understanding the weakness, you should explore project management tools, which are widely available today. With this tool in place, you are able to keep constant track of the progress of the project and your team members will have a centralized pool of information, reducing the time needed to convene as well as any unnecessary misunderstandings.

By identifying your business’ biggest time-wasters and having a more efficient tool/method in dealing with them, will not only allow you more time at hand to focus on things that matter, it also helps you truly monetize your every second.

2. Get an honest picture of your business’ health
As a budding entrepreneur, it is normal that you have lots of things on your plate and your key goal is to ensure growth for your business. Due to that, you may sometimes push the responsibility of keeping track of your numbers to your accountants. Though you may have an overall idea of where your business is, you may fall into the pool where you do not have a complete picture when it comes to your business’ financial health.

It is vital that you have a cloud accounting software where you are able to track your business’ growth whenever you want. If you feel that it is necessary, make sure to schedule a monthly meeting with your accountant to understand your business results for that month. This will enable you to track and course-correct if needed to hit the targets set on your yearly goals.

3. Prioritize marketing
Many entrepreneurs tend to fall into the danger of putting marketing efforts last. It is common to believe that “As long as we come up with a great product, the product will speak for itself”.

However, due to today’s saturation of product and brands in the market, marketing is more important than ever. You will need to step up and fight for your customer’s attention.

Develop a marketing budget and set a clearly defined return of investment (ROI) that you are looking for. With that in mind, sit with your team to come up with a strategic communication plan on how you want your brand/product to be positioned in the market. If you do not have the right expertise, remember to outsource your non-core to people who knows how. Going back to point (1), always find an efficient way to manage your business.

4. Focus on the people
At the end of the day, it is the people that make a business. It is common for us to put in the extra hours in the office and expect our team members to work during the weekends. But always remember to make time for yourself (and allow your team to do the same). Try scheduling an appointment for “me time” everyday, even if its only 30 minutes. Dedicate time to pursue your hobbies amongst your work and family obligations.

This may seem trivial but it is important to ensure that you are constantly rejuvenated and ready to run your business more effectively.

Now, get started on writing those New Year resolutions for your business! Make sure you put it up where you will see it on a daily basis to help you keep to it!

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