5 New Year’s Resolutions for Small Businesses
The end of the year is generally seen as a good time to reflect on your business’ progress over the past year and plan how you want your business to develop in the year ahead. Whether business has never been better or whether 2020 is a year that you want to forget, with so much business uncertainty it is more important than ever to reflect and plan accordingly.
1. Review your Finances
Review your books, how was 2020 for you, how healthy is your cash flow? What worked for you in 2020 and what do you need to do less of?
2. Set SMART Goals
SMART Goals are Specific, Measurable, Achievable, Realistic and Timely. Setting goals this way removes generalities and guesswork, provides a clear deadline, and makes it a lot easier to track progress and know when goals have not been achieved.
3. Conduct Weekly Business Planning
It’s essential to keep track of what’s working and what isn’t working, and react accordingly especially during such an unpredictable time. This will help you to keep on track and achieve your goals.
4. Learn to Delegate and Do It
There is always a lot to do when you own a start-up or small business. It is important to be able to delegate work to somebody who you can trust and is suitably trained. This will help to ensure that you have cover for any sick days or holidays.
5. Don’t Make Do
If something isn’t working then address it. You may need a new employee or new external skills to make your workload easier, or you may be feeling that there are roles that you don’t need any more. Are your employees struggling with the new normal, will a discussion about flexible schedules or more support regarding working from home help?
Commonly known as eating your frogs, do the things that you need to do but don’t want to do first. This will help to relieve the pressure that you are feeling and you will then be able to concentrate on your other work.
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