What's your New Year's resolution for your business?
My business is still very new, but I want to create some New Year resolutions to keep me on track. A couple I came up with so far is... 1. I want more face to face interaction with my customers and 2. I want to attend at least 2 major events in my industry. I am curious to hear others New Year resolutions and how you will stick to them.
Hi Heather, I don't actually make new year's resolutions. I find it puts pressure on me that I don't need. However, I review every 3 months and every 6 months where I am as a business to keep myself on track. For example last September (2015) I decided to increase my revenue by 100% in 6 months. (I had a lot of room to grow!) Since then I've taken a course on video tutorials, done my first 5 tutorials, I've read 3 business books on pricing and gained 2 mentors. I've joined 3 boards like this one and constantly monitor my stats to see where my site visitors are coming from - and if those convert to any sales. I can then pivot my time and efforts into the channels that are the most lucrative. Its going well so far! But I still have a long way to go! :)
work, work, work. be generous, be generous, be generous. luck will come, luck will come, luck will come
My very first new years resolution was to write a business plan. I did.
The following year my second resolution was to start a business online. I did
My third was to diversify income streams. I did
My fourth was to enter the business startup consulting market. I did
My fifth was to learn to develop business plan writing software.
My sixth was to develop a business plan archives featuring the assisted living, senior centers, adult and child daycare and preschool industry.
My seventh was to add business plans for small work-from-home businesses.
I think a person should not only make resolutions but also coin a catchy phrase that will keep the goal in focus. That said, articles like Inspiring Quotes From Top CEO's or Celebrity and Entrepreneur New Year Resolution Quotes at http://www.smallbusinesssuccesstips.net/2015/12/celebrity-and-entrepreneur-new-year.html can provide the motivation you need to stay focused on new year resolutions.
On the other hand setting goals, making resolutions,and getting inspiration is not enough. The bottom line is you need to consistently follow through weekly, monthly and yearly to progressively bring each goal to fruition. That said, get your hands on a progressive business plan. Progressive business plans help you reach realistic goals one step at a time gradually but sure at a pace you can live with.
Review the past year, what went well and what went wrong and why, then set realistic strategic goals for the next yeat
How did you define "More"? What is your current metric for "Face to Face" interaction? What does face to face interaction even mean? What are the major events for your industry? when do they occur? Have you purchased tickets and booked rooms? Why Not?
Move from the ambiguous to the specific. Define those activities with customers that will drive sales and profits. Measure your success by that standard. Review your activities weekly, refine monthly. GOOD LUCK in the New Year!
I have started a new group with 7 members, that requires a lot of motivation. Why? Because I have started, been into a lot of groups and teams - and 99% of them no longer around. My New Year resolution for business - as always to give my utmost best to raise "our child". Since the group focus on ASEAN, glocal and global market - I want to interact with people who feel and value the same in terms of quality, time-use and commitment. Drop me a note if you wish to connect up. Happy holidays and good luck to your new venture.
The best resolution for a new year or every year: "Build revenue and cut or control costs." That is the major advice I gave when I work full time and taught many semesters of Business Strategies and/or Marketing in the MBA programs at USC, CSUN and LMU. Happy New Year.
Oh, one more thought. Get out and network. More. It's a smart way to accomplsih many of your goals, with new and old contacts. All the best.
I 100% agree with all of those who linked a goal to a SMART goal. I leverage SMART goal setting myself, with my individual clients, and also with my corporate accounts during seminars and workshops.
For my 2016 SMART Business Goal Setting I have 2 Goals:
1) My main business goal is to become a Corporate Wellness Vendor for a specific Health Insurance Company in my region. My goal is to have this in place by the next 12 months. I can achieve this because I already have a good reputation with this Health Insurance Company. My Corporate Wellness Services are raising the bar in my industry. To achieve this goal I will need to continue to network with the employees of the company, attend events in which I may speak with new contacts, and communicate with them at any chance possible.
2) My main personal goal is to be accepted to provide a TED talk! I plan to start with a local chapter. I have an idea for my talk. My goal is to have this in place in the next 9 months. I have 1 contact in my area, and will continue to make more contacts until my plan is in place.
Mine is to make a decision about keeping my business open. I've had no work for months, and I can only 'network' for so long before people don't want to see me at these events. I've taken a job at a department store for the income. Good luck, Heather!
To help you come up with your SMART objectives I recommend asking yourself the same questions I would ask you if we were sitting down for an initial consulting session. And for that I usually use a multi-part question made popular by Strategic Coach Dan Sullivan. Below is the question. Think about each part of the question and write down or record your answers. Then use those answers to develop your strategy, develop your 12 month plan and SMART resolutions/goals for 2016. Take your time and be as thoughtful and detailed as possible
Question. "If we were doing this exercise together a year from now and you were looking back over 2016, what would have had to have happened in your life, both personally and professionally, for you to feel happy with your progress?
Specifically, what obstacles or threats to your business do you have now that need to be eliminated, what opportunities need to be captured, and what strengths do you have that need to be maximized?"
To get more out of this exercise have a successful business friend or mentor help ask follow up questions and help you think things through more completely.
Best of luck and have a fantastic 2016!
Please don't be offended by this but "resolution" is a "crap" word in a business environment. If I ever went to one of my "leaders" and said: "My resolution this year is to...," they would have me tested for drugs!
Make a plan, set goals, and execute. If you can't meet your plan by will and effort, then be resilient, adapt, and change your plan.
Having a resolution and being resolute are two different things.
Oh yeah, Merry Christmas!
I take the entire holiday break (12/24 - 1/02 to do nothing other than think about how the year went, and how I would like to see the New Year should play out. I get very specific, or as BB states SMART. Reasonable, achievable and measurable goals, and only 3. Any more than that and I blow them out in the first month. 3 seems manageable to me.
Good fortune comes to those who persevere.
Happy Holidays to all!
I usually limit my New Years resolutions to personal things like losing weight or quitting smoking. I don't consider my business plans to be New Years resolutions since I never keep the New Years resolutions anyway and my plans for my business are important for me.
For the business I set up goals and action plans. Basically I think about where I want the business to be a year from now and then sit down and figure what it will take to get there.
Basically for the coming year I am expecting my business to be down 30% because of the mild winter in the East. Part of my business is related to snow removal equipment and with no snow that part of my business will be down a lot.
So, since I am not willing to have a 30% decrease in business I plan to be very aggressive in doing things that will increase the business. One way is to increase my exposure. To do that I plan to redo two of my web sites so I can convert more visitors to customers. I plan to be more active in Social Media. My goal is for those two things to make changes that win back 15% of the business I will lose.
My next project is to improve my products. There are parts of the market that we dominate and other parts where we are weak. I am taking a hard look at the areas where our product line can improve to be more competitive in the market place. These changes involve both style and function. The goal here is to increase sales in the areas we are weak by 15% which will then get us even with this year.
Next, I need a road map. So I am setting up monthly targets and tracking our progress in each month. I am setting up a timetable to complete the design things I need to do and the changes to our marketing such as the new web sites so I can make sure I get everything done on schedule. This could also be called an action plan. I need to make sure I don't get distracted and do what I need to do when I need to do it.
In summary, I am formulating my goals of where I want to be and then deciding what needs to be done to reach those goals. I am then setting an action plan with measurable benchmarks to accomplish those things.
Richard Stern-Prepare an Action Plan for 2016.
Review 2015 results.
What worked, what did not work and prepare s Plan to increase sales, profits.
My recommendation is to create some SMART New Year Resolutions that will increase your revenue. Make them Specific, Measurable, Achievable, Relevant and Time Bound. State actually how many Face to Face interactions with your clients per week or month. How will the increase of interactions to current clients affect your current revenue stream. Are you proposing a referral program with your current clients? How do you plan to increase your client base? What is your plan for interacting with new or potential new clients? Putting some number goals and time frames around your goals will help you stick to them. When your goals become measurable (by placing numbers and time frames on them), they are easier to stick to them because you can tell if you are on target or need to focus more energy on them to make your numbers.
Helping others, Business Owners, employees, everyday people deal with IDTheft Issues a Sensible Solution Affordably reducing their Risk of Liability!
The Holiday Season is Ripe for thieves to get your Information and it Will happen to MANY!
Hi Heather ~
Congratulations on your first food truck ~ a booming industry in our mobile world!
I'm going to go in a slightly different direction and take the spiritual focus that underpins all my work — and this resolution was actually suggested as a blog post theme by one of my clients.
How can you expand your * service * in 2016? You're in a service industry, and what is more basic to life than food? You say you want more face to face interaction. How will you use this time? I encourage you to broaden how you nourish those you serve with a deeper interest in who they are, which can be as simple as a smile or, if you have time and there is not a line snaking around the block (yaaayy!), asking a question or two about their lives. You may never know the impact a kind word or an interested inquiry can have on someone's life, beyond the meal you serve them.
And this is the type of resolution you can keep throughout the year, and for always. It's not time-bound, it's timeless, and always smart, attainable and relevant :-)
Heather: I agree with Bernadette Boas that any meaningful goal needs to be SMART - specific, measurable, attainable, relevant and time bound.
In my case I want to diversify my client base by adding 8 new "services" clients (4 in each of the 1st 2 quarters of 2016) across 2-4 specific industry niches that I am targeting that generate a defined minimum monthly income stream. I also plan to "fire" several clients in Q1 2016 that do not meet certain value thresholds. And I plan to launch a new initiative in Q1 with a JV partner leveraging the Birkman Assessment as a means of helping others create a career path that is satisfying to them be that as an employee or as an entrepreneur.
Heather, I would first challenge yourself to define what 'resolutions' means to you?
Are they your business goals, i.e. I want 10 customers, $50K in revenue, sell 100 units, etc.... If so, then you do want to define tactics such as attending 2 major events, 1 monthly face to face event with potential customers, etc.
Resolutions and goals need to be SMART - specific, measurable, attainable, relevant and time-bound to what it is your want to achieve in your business (career or life).
Get very specific!