New Year’s Resolutions For Your Business

New Year’s Resolutions For Your Business

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You make personal New Year’s resolutions to lose weight, get fit, study or take a trip. You are determined in that moment. Then February arrives and your resolutions are but a faint memory. Is it the same for your business?

Sadly, it too often is. So, should you even make resolutions for your business? Absolutely! The specific resolutions you make will depend on your individual business and they will differ for each business owner.

But they are, without a doubt, very necessary to keep the business on track and drive the company forward.

The question is: how do you stay focused on those resolutions beyond the first month of the year?

5 tips to keep you focused

1. Make your resolutions wisely.

As with any decision to change, the starting point is to understand the status quo. Understand where your business is right now and you will be able to decide what you need to do to move forward. If you have staff, involve them in this process. Afterwards make sure everyone has a hard copy of the outcomes. This is key to developing buy-in and commitment from your team. Consider the following steps:

 

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  • Review your business vision (the perfect future of your business): remind yourself and your team of the company’s ultimate purpose.
  • Review your business achievements from the previous year: Do this critically. What did you achieve? What did you do right to make those achievements? Where you didn’t achieve, analyse what went wrong.
  • Review your resources: What are your current resources (finances, people, materials, etc)? What are you lacking?
  • Decide what needs to be changed, enhanced and started: In other words, what you need to stop doing; continue doing but do better; and what you need to start doing.

2. Keep the number of resolutions you make reasonable.

Don’t make so many resolutions that no-one knows where to start. There is always next year and you are on a journey. Know your limitations; delegate but don’t abdicate.

Take care of your own health and that of your staff. Fatigue will result in absenteeism and frustration. Assign responsibility but always oversee it and lead well.

3. Break down your greater resolutions into manageable goals.

For example, a resolution to make R240 000 per year for a specific product = R20 000 per month = R5 000 per week = R1 000 per day.

4. Review your progress regularly, involving and including your staff.

Hold weekly meetings to discuss progress and obstacles. Brainstorm solutions if there are setbacks.

5. Recognise and reward every success.

Implement a programme which promotes teamwork and encourages contribution. Celebrate the successes of your team.

Find Out Why Your Employees Don’t Want to Follow You

Sustaining the momentum

You have a vision for your company and it is important to make it visible to you and your staff on a daily basis. Whether you chose to mount it on a wall or make it a screen-saver is up to you, but however you decide to display it, you and your team should be able to start the day being reminded of where you are heading.

Sherri Jeacocks
Sherri Jeacocks is a business mentor at The Hope Factory in Port Elizabeth. Before joining The Hope Factory, Sherri worked at Standard Bank for 11 years where she worked her way up to provincial management through the sound support of her mentors. Now she has a chance to share her knowledge and experience with her own mentees. She holds a B. Com degree.