The New Year is already upon us, with the opportunity for every business owner to take a step back and evaluate operations and lifestyle choices. Running a business is an incredibly rewarding endeavor, but can also be difficult, expensive, and exhausting. We’ve compiled a list of the best new year’s resolutions for entrepreneurs everywhere to to make their business even better!
1. Create a Plan for the Future
It can be a paragraph that describes your vision for the business, or a multi-page strategy detailing every week for the next ten years. Whatever you do, always keep a clear picture for the future ahead, so that when the going gets tough, you know what you want to do.
2. Stay Organized
With every new project, idea, or emergency that pops up throughout the year, it can be difficult to maintain a sense of order amidst the chaos. Just don’t forget that taking the time to keep your business organized as the chaos happens is infinitely easier than trying to clean up a messy system after years of disorder.
3. Manage Your Budget Better
You may take a more relaxed stance when it comes to money, but your business can’t run without it. Between monthly purchases, advertising, payroll, insurance, and all the little (and big) surprises you don’t expect, tracking every penny matters in the long run.
4. Learn Something New
It’s hard to do everything yourself– that’s why you hire experts to handle the day-to-day tasks. But it’s so much fun learning a new skill, especially when it’s part of the job, and it makes you a better manager. The internet has so many incredible tutorial videos and courses (many of them free), so that you can learn nearly anything you can image from experts all around the world. You can also find a VEDC-sponsored workshop in your area!
5. Be More Active on Social Media
It takes some time to learn, but the marketing value of social media can potentially grow your business exponentially. From positive customer interaction, to cultivating and maintaining your business reviews, to the exciting photo sharing and live video features, there are infinite ways to keep your company relevant and your customers coming back time after time.
6. Focus on Short-Term Goals
This is a helpful resolution when paired with a Plan for the Future. Setting goals two or three months in the future is a simple way to help progress your business and form good habits. It also boosts productivity when your company is constantly meeting goals!
7. Make Your Product Better, Not Cheaper
If you have a great product or service, don’t lower the price to match the competition. Return customers are usually willing to pay more for a quality purchase, and understand the trade-off in price. Someone can always be cheaper— instead, make a product that no one else can make, and you’ll gain a loyal customer base.
8. Take Time Off
This resolution is probably the hardest one on the list. It can take years before you feel comfortable leaving your business for just a few days, and it’s difficult not to worry when you’re trying to relax. But you can’t run a good business if you are tired and burnt out from stress.
Plan ahead, hire people you can trust, turn off your phone, and take a vacation. You deserve it! When you return, you’ll feel refreshed and ready for the next year!