EA - New Years Resolutions that Will Level Up Business Results in 2020

New Year’s Resolutions that Will Level Up Business Results in 2020

January is a time when people are focused on new beginnings. Not only are we starting a New Year, but the beginning of 2020 is a new decade as well. Now that the holidays are over, many turn their attention to weight loss goals, home organization, budgeting, and more. What are your New Year’s resolutions for this year? As you are evaluating your personal goals, it is a great time also to consider what you should be doing to improve your business in the new year.

As an entrepreneur or small business owner, you are likely a goal-oriented person. So, setting resolutions is probably a familiar and common practice for you. As you are choosing your goals for 2020, consider the activities that will leverage your business results as much as possible. Not only do you need to consider how you can improve your profits and manage spending, but it’s also important that you identify specific areas of your business where you need better systems to support growth in the future.

Here are a few resolutions you might consider for your small business this year:

Resolution #1: Delegate and Outsource More

There’s no question that running a small business can be a time-demanding task. Many business owners feel like their attention is spread thin as they are trying to keep up with all of the responsibilities. Not only do you need to be working on product development, but other necessary tasks include marketing, customer support, employee management, taxes and accounting, invoicing, cash flow management, and more.

How often do you feel overwhelmed because you have a never-ending to-do list? If you feel like you can’t keep up, then it’s a sign that you need to invest in better support. There’s no reason why you should be flying solo on everything. A variety of resources and service providers can be valuable assets to improve your systems and give you more flexibility with time.

Make a list of the tasks that you have a hard time accomplishing, either due to time constraints or skill set. Then, identify the services that can be used to take care of these tasks. Hiring the right outsourcing team or service provider can be a valuable way to reduce your stress, optimize your results, and ensure that you aren’t spreading yourself too thin.

You might choose to hire one provider to start, such as an outsourced accounting team, so you don’t have to work on financial reports, payroll, and invoicing. Or, select a few specific providers so you can build a team that is a perfect fit for your individual needs.

Resolution #2: Optimize Business Promotion

Marketing your business is something that can’t be run on autopilot. Even if you find something that is working to bring in new customers, there are often opportunities to tweak the campaign so you can increase the number of sales while managing your costs at the same time.

The start of a New Year is a great time to evaluate the effectiveness of your marketing campaign. Did you have a positive Return on Investment (ROI) from your marketing spend in 2019? What were the most profitable campaigns?

This exercise can help you identify areas of opportunity where you should be focusing your marketing budget. Then, you can use this information to identify specific ways to adjust your efforts in 2020. Consider these details as you are choosing marketing-specific goals for the year.

Resolution #3: Weekly Business Planning

It’s easy to let the weeks pass by without deliberately evaluating how you should be growing your business. But, if you want the company to grow, then you need to be proactively engaged in this planning process. Business planning gives you a formal structure to evaluate the current success of your company and identify areas that need more support.

Start each week with a focus on what is working and what didn’t work. Then, you can set new directions for the week. This week-by-week process might seem small in the moment, but the cumulative effect of 52 planning sessions will make a big difference over the course of the year. Rather than waiting to evaluate your business success at the end of the year, implement a system that uses weekly reviews.

This process creates the structure that you need so you are always reviewing, evaluating, and adjusting for the future. Additionally, it is an effective way to identify expensive mistakes as early as possible, keeping you on track with the things that matter most of your company.

Resolution #4: Business Relationships

Building strong business relationships can be a powerful way to support your company. For example, look for networking groups where you can talk to other business people. These conversations can spark new ideas and help you look outside of the box in the systems you are creating. You might be able to find a local group that is dedicated to your specific industry or type of business. Or, if you don’t have local networking groups, then look for online groups and forums where business discussions are held.

Also, consider how other business relationships can be developed, such as communication with your vendors, marketing team, accountant, and more. Building trust with these providers is essential to ensuring that the services are the right fit for the needs of your business. Plus, two-way communication will help in determining the effectiveness of the current plan and the ongoing results that are received.

Resolution #5: Let Go of What’s Not Working

Just because you’ve had the same systems or practices in place for years, doesn’t necessarily mean that those things are still serving the needs of your business. Now is the time to consider what is working and what needs to be improved. The New Year is a great opportunity to let go of the things that are no longer serving your company.

Evaluate various aspects of your business to identify the things that you need to let go of. For example, it might not be worth the continued development and marketing of certain products that aren’t selling well. Instead of trying to make these products work, it’s best to let them go and dedicate those funds and efforts to the items that are performing great in the marketplace.

Look for anything that is making your work life harder, and let go of the old mindset that is keeping you stuck in that place. If the relationship with a vendor isn’t going well, then identify other options in the industry and be willing to let go of that old vender. If a technique isn’t supporting the overall goals of your company, then stop using it. You shouldn’t be investing time or money to try to make something work when there are more efficient and effective methods that can be implemented instead.

Resolution #6: Prioritize Self Care

One common trend among business owners is that their personal self-care often falls to the backburner. When you are juggling business priorities, it’s easy to let these tasks cut into your sleeping habits, hobbies, family time, and more. Consider setting a resolution this year to prioritize self-care, which will give you the opportunity to create more work-life balance.

Don’t underestimate the power that selfcare can bring to your business efforts. When you are healthy and have a strong, clear mind, then you will show up more effectively in your business tasks. It’s easy to rationalize and argue that your personal care doesn’t matter in business results. But, the truth is that developing your mind is one of the most effective ways that you can build a solid foundation to ensure that you are focusing on the right things within your company.

Selfcare looks different for every person. As you are structuring a system for your personal care habits, consider small, daily tasks that will support your physical health (diet, exercise, sleep, etc.), mental health (personal development, reading, etc.), and mental health (relaxation, meditation, etc.). Experiment to find the system that works best for you. Then, prioritize these tasks in the morning before you dive into work tasks for the day.

Resolution #7: Improve Financial Systems

Accounting and financial tracking are key to creating a strong foundation for your business. Do you have an effective accounting system, or are you scraping by with a DIY process? Without a good system, you are likely missing out because of gaps or holes in the tracking and recording processes.

Without accurate financial reports, every other aspect of your business will suffer. If you want to build a stronger foundation for your company, then now is the time to invest in better accounting systems. The most effective way to get started is by hiring an outsourced accounting team. Not only will a provider give you proven techniques that can be implemented in your business efforts. But these outsourced accounting services are also helpful to free up your schedule since you don’t have to spend your limited time on bookkeeping tasks.

Easier Accounting is here to help. For more information about how you can improve your accounting system this year, call us: (888) 620-0770.

0 replies

Leave a Reply

Want to join the discussion?
Feel free to contribute!

Leave a Reply

Your email address will not be published. Required fields are marked *