It’s 2020 – a new year and a new decade. Let’s look at 7 realistic New Year resolutions that will give your business an edge in the competitive business world.
The beginning of a new year offers new beginnings for business owners. It is that time of the year to be thankful and celebrate the dealings, and successes of the past year. Also, it’s an opportunity to reflect on the previous business struggles while entering the year with new resolve and plans.
Making new resolutions can be the springboard to attain new heights and the right life-work balance for business owners. They are essential for putting the growth of your business in perspective. But New Year resolutions are merely wishful thinking unless backed up by definite plans, and importantly they are realistic.
Realistic New Year Resolutions for Business Owners
Let’s look at 7 realistic New Year resolutions that will give your business an edge in the competitive business world.
Optimize your working hours
The beginning of the year often brings with it renewed motivations and drive. On the surface, that can be good for business growth. It can also quickly become a trap for the business owner if not checked and properly channeled.
There always seem to be unending tasks and projects to be completed every day. Trying to accomplish most or all of these tasks, most times, results in both physical and mental drainage. How successful your business will become this year will depend on how effectively you manage your time.
Here are a few tips to maximize your time and business growth this year;
- Always plan your day and set your priorities.
- Maintain a balanced work-life.
- Know what time of the day you are most productive.
- Identify and eliminate distractions and time-wasters.
- Apply 80/20 rules to your business activities. This means, spending 20% of your day on activities that are most productive and can generate 80% of your business’ results.
Specialize and outsource more
For business owners, especially small business owners, it is tempting to do everything by yourself and save costs. Though it seems enticing, it is dangerous for the health of the businesses and the owners in the long run. Taking up all the tasks will most likely wear you down and considerably reduce your productivity.
A smart move is to focus your time and energy on what you love to do and are good at.
Consider outsourcing tasks that are overwhelming for you to employees or freelancers that specialize in such tasks. It is counter-productive to struggle for hours on tasks that can be completed by someone else in minutes for a token.
Know your customers
A lot of business owners focus only on marketing and getting new customers. Of course, that is important for the growth of any business, but it should be half of your marketing efforts. The other half should be identifying with your customers and providing exemplary customer services.
An essential New Year resolution for entrepreneurs should be to build personalized relationships with their existing customers. It doesn’t have to be elaborate, creating automated and simple actions that show them you care, will do.
Be friendly, smile more, and encourage your employees to do the same. Encouraging feedback and being responsive will also be a massive plus in retaining your customers and getting more referrals.
Regardless of your line of business, you certainly need to promote your business more on the internet, especially social media. The social media current gives more reach at a minimal cost than other forms of marketing. You may need to test Facebook, Twitter, Instagram, or other social media, and settle for one with the best ROI.
Social media may seem like the rave of the moment. But there are other marketing initiatives available on the internet to jumpstart your business growth. If you in doubt or feeling overwhelmed, your best bet is to hire digital marketing professionals.
Here are three online marketing strategies to implement for your business this year.
- Google Ads: Here, you can run search ads or display ads.
- Create a blog for your business: Blogging is an excellent way of showing your potential clients that you are an expert in your field.
- Email marketing: Sometimes, people don’t buy on their first visit to your business website. So you need to retarget them with email marketing.
Read and learn more about your business industry
Businesses who don’t adopt new trends and new ways of doing things will find it hard to compete in the current dynamic and competitive business ecosystem. You will do your business a world of good by learning about new strategies and implementing them in your operations. It is okay to keep your core value, but don’t let your business be left behind.
Keep up with current happenings in your industry. Update your skills and acquire new ones.
Hold yourself accountable
Making New Year resolutions are good but it is not uncommon for your zeal to die off after a couple of weeks or months. It is human nature to get complacent, but you have to keep reminding yourself how important those resolutions are to you and to the growth of your business.
One simple and effective trick is to create a sort of ‘punishment’ for every time you slack off, such as working late or working extra hours during weekends to complete tasks you have been procrastinating.
Get an accountability partner that would keep you accountable for your off-the-track actions and inactions. It can be your partner, mentor, or even your children. Let your accountability partner knows there is no going easy on you regarding the consequences you have agreed on.
Take time off and reward yourself
Every small victory matters; appreciate your efforts after completing a huge task, reaching a milestone, or making some sales. Don’t get caught up in the unending tasks involved in running a business. Reward yourself and even your employees when your business takes a huge step forward.
Rewarding yourself doesn’t have to be a Yacht vacation, a trip to Dubai, or other expensive treats. By all means, occasional give yourself that sort of luxury, if you can afford it. Other ways to reward yourself might be eating a sumptuous meal, taking a day off, spending time with loved ones, etc.
Now you have the right information to see your business resolutions through. Stick to it and start the decade on the right path. Have an amazing business year ahead!
How we can help
Mentor Nigeria provides mentorship services to budding entrepreneurs. It is targeted to graduates, aspiring and young entrepreneurs that want to transform an innovative idea into a business.
We are committed to bridging the skills-gap among aspiring and young entrepreneurs by connecting them to business growth mentors, funding opportunities and skill-building programs.
Get started on these unique opportunities by registering for our business training program tagged “Opportunity Discovery Day.”