NEW YEAR, NEW YOU - MAKING RESOLUTIONS FOR YOUR BUSINESS

FILED UNDER: BUSINESS ADVISER, BUSINESS GOALS, WAGGA BUSINESS, BUDGETING



The arrival of a new year is often seen as a good time for change. This is true for businesses looking to change for the better, too. With accounts settled and annual reports just waiting for their final touches, it’s the best time to make plans for improvement.


However, just as the holiday spirit doesn’t always see people through, it’s possible for businesses to lose track of their plans and stumble by the wayside. On top of the missed targets, such experiences can also lead to discouragement. So when making plans for a new year, it’s important that businesses set better resolutions from the start.


Better resolutions are all about making ones that your business is capable of keeping, but are also worth keeping. They should be modest enough to stay within reach, but be big enough to push significant changes. Here are a few ways to refine your resolutions:


Set SMART Goals

People usually think of resolutions as goals: “Get in shape” or “Spend more time with family.” While you shouldn’t think of resolutions as just goals, it is a good place to start. After all, your goal will determine everything else.


A good way to set better goals is to follow the SMART rule. Your goals should be:

  • Specific: Your goal should be clear enough to avoid ambiguity.
  • Measurable: There should be clear conditions for success in your goal. It should also be possible to track progress leading up to it.
  • Attainable: Your goal should be within the scope of your resources. This doesn’t mean you shouldn’t challenge yourself, but the challenge should have its basis in past observations.
  • Relevant: Again, working observations, you should come up with a goal that produces a positive change. It should provide payoff that’s worth the effort you’ll put into it.
  • Timely: Set a period for accomplishing your goal. Like everything else, this should be specific and reasonable—for a new year’s resolution, this may well be before the year ends.

Here are some examples of how a resolution might be improved using the SMART rule.


Start with: Spend less time managing emails.

Make it SMART: Set up email automation for the five most common transactions or queries.


Do It Step by Step

The best resolutions are made with a plan in mind. Taking the time to plot your progress step by step shows that you’re serious and makes success that much more likely.


A good plan, however, acknowledges the risk of failure. Not only should it show you how to achieve your goal, it should help you figure out whether you’re on track or not. And if you’re off track, it should give you an idea of how to recover. If your plan hinges on hitting long shot after long shot, it may not be feasible in the end.


For example:

Start with: Set up optimised accounts on two social media platforms, each with 500 or more followers by year’s end. (Note that it’s a SMART goal!)

Come up with a plan:

  1. Identify social networks most used by target market
  2. Create posting plans for those networks
  3. Use contests to encourage engagement
  4. If off track by Q3: boost reach with ads

Not only do you have a resolution worth keeping, you have the means to get there laid out ahead of time.


A New Usual

One of the best ways to keep up a positive change is to incorporate it into your routine. In other words, by making something new your new normal, you can force yourself to adapt.


For a business resolution, consider focusing on your strengths by changing the way you do things: adopt new software, for instance, or outsource non-core functions and tasks. Not only is this a feasible, specific change, it will also let you function on your own new year’s resolutions as a professional.

 

Want to implement lasting, positive changes in your business? Get in touch with the experts at Easdowns today! We provide business and financial advisory services to help you maximise the potential of your business, achieve your goals and secure your financial future.

 

For more practical business and finance tips, don’t forget to read our blog.