The start of a new year often means resolutions and reevaluations in our personal lives. But it’s also a good time for business owners to take stock of the last year and set some goals for the year ahead. With that in mind, here are our top 10 New Year’s resolutions for small business owners and entrepreneurs.
- Take care of your own health: It should go without saying, but you can’t be on top of your game at work if you’re not taking care of yourself. Take the time to get some “life” into your work-life balance, eat healthfully, and get enough sleep.
- Build up recurring revenue: Focus on customers who will repeat business with you, thus contributing more to your long-term financial stability.
- Take steps to improve cybersecurity: It’s a good idea to reevaluate your cybersecurity at least once a year, if not more, and take steps to boost your Internet security. Staying on top of cybersecurity can involve simple tasks, like changing passwords every few months, or more complex measures like security training for employees.
- Keep up with workplace laws: Are you up to date on the local, state, and federal employment laws that are relevant to your industry? Take the time to brush up your knowledge in areas like compensation and benefits, or anti-discrimination requirements.
- Fund your retirement: Even if retirement is a long way away, it’s a good idea to put as much money as you’re able into a retirement account each year. Doing so will shelter you from some taxes, and build security for the future.
- Keep on top of your finances: Many business owners are too busy, or too intimidated, to delve into financial statements. Take the time to regularly check your cash flow, profit and loss, and balance sheet. Planning to go over financials on a weekly basis will help make it a habit, and could help prevent unpleasant surprises.
- Get organized: Either by making a “to do” list or by using project management tools, start each day with clear goals that you’re communicating to others on your team. Daily planning will help you focus on your business goals and not get waylaid by whatever comes into your inbox.
- Give back to the community: Find an organization that is doing something important to you and your employees, and find a way to get involved, either through volunteering, donating, or serving on a committee. Not only will you be helping your community, you’ll be boosting the visibility of your business.
- Keep Learning: It’s never too late to learn more about your industry. Make it a goal to attend at least one event in your field, or to invest in training for you and your team.
- Delegate: This can be hard to do for business owners, but it can also make your business more efficient and profitable. Think about your personal return on investment and ask yourself which tasks you need to be directly involved in, and which would be better suited to someone else.
image via Creative Commons
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