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Setting New Year's Resolutions for Your Business
  • 29 December 2016
  • Eric Michaels

Setting New Year's Resolutions for Your Business

In order to improve your business, you must set realistic goals based off of your current strengths and weaknesses. As the end of the year is approaching, now is the perfect time to look ahead and think about the steps you need to take to ensure future success. Here are some tips on how to make New Year's resolutions for your business in 2017.

1. Identify your weaknesses

In order to plan for the year ahead, you need to evaluate real data on what has and has not worked over the past year. You can start off by identifying what went wrong in different aspects of your operation. For example, if your loan applications failed, you should recognize how your financials were lacking. If employees did not perform well, you should acknowledge your role in the matter as the leader of the company. Customer feedback, production stats, and sales figures should factor heavily into this discussion at every step of the way.

This process might feel painful, but noting weaknesses is not an exercise in negativity. Instead, pointing out failures is a learning experience and a way to see where you might improve in the future.

2. Recognize your strengths

The other side of the equation involves recognizing your company's strengths. By pointing out what you did right and which goals you were able to meet successfully, you can develop a powerful strategy for the coming years. Perhaps one of your best-selling products got high ratings from customers. In this scenario, you might want to plan to increase production and expand your market base.

For some companies, the strengths will be internal. Perhaps your employees succeeded while taking on more responsibility. If this is the case, you might want to consider promoting certain employees to leadership roles. By keeping an eye on your strengths, you can determine how high you can set the bar in the future.

3. Ask customers for help

The goals of your small business should align with your brand and the customers who made it a reality. As such, it is important to keep customer feedback in mind when you are determining your New Year's resolutions. After all, your customers can tell you how people see your brand and what they have come to expect from it. This information can help you chart your course forward with the right perspective.

4. Get your employees involved

Your employees should play a major role in your company's resolutions, as well. Your business can only go as far as you and your team take it, so it is important for you to find out what is on each staff member's mind as the year winds down. If you hear frustration about certain aspects of the operation, it should influence your decisions. Listen for where the enthusiasm is at its highest, too. As you try to realize new objectives, remember that you will need your employees there every step of the way.

5. Keep to your moral code

As a small business owner, you have to serve as the moral compass, chief strategist, and face of your company. Be sure to keep this in mind as you weigh priorities and chart the path forward. Bad decisions when it comes to choosing suppliers, hiring employees, and developing products can cause permanent damage to a brand. Think back to why you started the company, what you hope to achieve, and what impact you want to have on the community with every new goal that you establish.

As the year is winding down, it is important to look back on your success and think about all of the goals you still want to accomplish. By following the above tips, you can set realistic and useful New Year's resolutions for your company.

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