Making some New Year's resolutions for your business?
Well it’s 2024! I’ve been reflecting on all that stuff that comes with a new year; resolutions, goals and things to do, not do, prioritise or change ….
There is a wonderful quote:
Learn from the past,
Live in the present,
Believe in the future
Reflection is great; from the past we can understand things that we need to do less of (or stop doing all together) and what we need to do more of (or keep doing). Focus on the present is crucial so we execute what we need to today. AND of course we need to be clear about where we are going, and also believe we will get there!
Many business people I know will be working through how to make 2024 a great year with better sales, better cash-flow and better profits. The key is no matter how much you want something if you are not fully committed (and change is often hard) to making changes then nothing much will actually change.
"Insanity: doing the same thing over and over again and expecting different results."
Albert Einstein
Here are a few ideas for some resolutions that may help you get what you want:
Have FUN. OK I’m a bit of a fun fanatic and I admit I love having fun, but from a purely financial point of view having a team that have (appropriate) fun and enjoy what they do will have real benefits to your business, staff, customers etc...As well as yours and their health.
Understand your past – just don’t dwell. What worked, didn’t work, changed etc in the last year that we need to understand to better fulfil your goals this year.
“It’s okay to look back at your past. Just don’t stare. “— Benjamin Dover
Work on your business. Yep this one is hard for many small business owners as working in the business is important as you are likely to have an active role in the day to day running of the company; however you need to make sure you have pauses throughout the week, month, and year to work on your business. Strategy, customer insights and changes to market dynamics …
Make planning a weekly event. Planning and execution is key if you want a healthy, growing business. Business planning reviews lets you take stock of what worked and what didn't work, and helps you set new directions or adjust old goals. Not only will this help you avoid costly mistakes and stay on track, but you'll feel more focused and relaxed.
Learn something new. What you choose to learn may be directly related to your business or completely unrelated. Create a learning culture in your business.
Drop what's not working for you and move on. All products aren't going to be great sellers, all sales methods aren't going to work for everyone, and not all promotions connect with your customers. If something isn't working for you, stop using it or doing it. Don't invest a lot of energy into trying to make the unworkable workable. Move on.
Make data a priority. Sounds boring but it is so critical for success. Today there are all sorts of insights available from information from what you sell and show buys what you sell (that’s right your customers!) However if the data is out of date it is no value to your business. Your database is your most valuable asset – treat it as such.
Get to know your customers better. Understanding your customers is one of the best ways to improve your pitch, product or service. Personal touches, like remembering subtle nuances of an individual’s preferences, can be an effective way to set yourself apart from others in your industry.
Give praise freely. Yep it’s an oldie but a goodie - give your team the appreciation and thanks they deserve and they will blow your mind with the results they deliver. People do more for those who appreciate them, so have a think about how you give praise freely and fill their bucket.
Surround yourself with the right people. Any business is only as good as the people in it – make sure you have people who believe and want to contribute to your goals; skills are the easiest things to train, the right cultural fit outweighs all else to make your business hum!
I’ve been reading a number of personal resolutions from leaders all around the world and the one that I connect with the most is the one resolution from Thrillist Media Group CEO and new dad Ben Lerer…
He hopes to "make sure my kid is happy."
Me too.
