NEW YEAR RESOLUTIONS FOR SMALL BUSINESS OWNERS

I love small business owners. I love their drive, their enthusiasm and their ingenuity. I also know how lonely it can get and how burnt out they can become.

They work so hard in their business they sometimes forget to look at the big picture.

So I reckon the start of new year should be when small business owners stop for a second, catch their breath and think of a couple of New Year Resolutions for them and their business.

No doubt there are plenty of ways you can improve the way you do business. Now is the time to take a step back and look at how you have fared this past year. Then make some realistic, well thought out goals for the year ahead.

It’s important to be constantly setting goals for your business, short term and long term. There’s no better time than with a fresh calendar to go over your SME and target the ways it could improve.

1. GET OUT OF THE OFFICE

There’s nothing more important this summer than taking some time off to recharge and re-energize. Unfortunately 30% of small business owners haven’t taken any holidays this year. And over 60% have had just one week. Of course the biggest reason was that the business could not afford it. But a short holiday will do wonders for your approach to your work, and your personal life.

2. TAKE CARE OF YOURSELF

34% of small business owners have suffered from some sort of business-related illness or health problem in the past year. Stress and overworking are serious issues, particularly if it means your business is left in the lurch.

On a daily basis make sure you are managing your working life in a way that minimizes stress and anxiety. Regular exercise, breaks, personal time and an organised, uncluttered workspace are all key to staying on top of things.

3. SPRING CLEAN YOUR BUSINESS

With a fresh year you should do your best to have a fresh start. That means cleaning out your inbox, ridding yourself of old messages taking up space. It means physically cleaning up the office. A chaotic mess of a workplace is unproductive and causes problems. Get the business finances in order. Do the superannuation and get tax affairs in order.

4. GET IN-HOUSE FEEDBACK

This time of the year is a great opportunity to sit down with your staff and discuss the state of the business. Include them in the planning for the next year, or few years. Get their ideas and feedback. Good communication with your employees is key to knowing what is going on inside your business and what opportunities may lie ahead. Your staff may have some new ideas for customers, products, business processes, anything. You only have to ask.

5. MAKE FRESH PLANS

Over the New Year period take some time to sit down with your business plan and assess how you’ve tracked this year. If it’s time to update the business plan then get onto it. This is a great time to look at where your business is, against where it should be. Then coming up with strategies to move it forward.

6. SIMPLIFY YOUR JOB

After a year of working at a hectic pace you can feel under pressure, as if the whole business is relying on you. If this happens, it more than likely means you are wasting time on mundane jobs rather than focusing on where you can add real value to the business.

Learn to delegate some of the responsibilities you’ve shouldered to others. Learn to prioritise, schedule well and block out distractions. Outsource what you can, so you can focus on keeping your best customers happy. Don’t forget that you’re the captain of the ship, so you shouldn’t be mopping the decks. You need to be navigating the path.

Spend time developing the skills of your staff so they can potentially shoulder some of your responsibilities.

Never underestimate the significance of setting goals, and regularly taking a step back to see your business as a whole.

And of course, don’t forget to celebrate.


Comments  

 
0 #6 2011-02-09 07:16
I Kochie,
I love all of the team in morning show, I like some help in our business we have a cleaning business and we lost everything in the flood and are having problem trying to get up and running again can you help us hope we hear from you or someone, I have been trying to get some finance with the qovenment and not happening what can I do, hope to hear from you soon.
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+1 #5 2011-01-28 09:51
PART 2 1.We have taken a couple of short breaks in 2010 and will hopefully be able to afford to do so again this year. 2. Health is an issue, which hopefully may be relieved this year. 3. Yes!!!! 4. Don't have staff, but we do seek feedback from customers all the time 5. One we haven't done conscientiously , but is an ongoing consideration. 6. With just two of us, what else can we do??? We have a business which is unique in Australia (check out the website) and we have only been open 3 years, but things are moving slower than we expected and we feel very isolated. Any way we can get some help?
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0 #4 2011-01-28 09:50
All good tips Kochie, and we have been subject to most of the problems stated above. We are a relatively new small business, with just my husband Peter and I running it. We are in the country (just outside of Taree and Wingham on the Mid-north coast of NSW and we are struggling. Because it is just the two of us, it is hard to follow through on some of your suggestions. No break for us over Christmas as this is our peak season for visitors to the area, except it hasn't happened this year!!!
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0 #3 2011-01-21 14:24
Great tips, and as a small business owner 6 years in, decide to do something and decide when and make sure you act when you say you will, otherwise you'll be repeating the same goals in 12 months instead of looking back on the results, good or bad. Remember doing nothing will get you nowhere. As Thomas Edison said, "I haven't failed I have just found 10 000 ways that don't work." Keep trying!
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0 #2 2011-01-20 12:56
Our New Year resolution is to make money. This is our first year and all we have done so far is spend money. Setting up was a big money pit and then of course marketing. Even for a small business it can be quite expensive.
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-2 #1 2011-01-20 09:46
Great tips Kochie
If I may, I wrote an article recently about this exact same thought - starting off 2011 on the right foot, if you or your readers are interested > http://anthillonline.com/25-ideas-to-jump-start-your-business-in-2011-just-dont-call-them-resolutions/
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