New Year's resolutions are a part of our personal lives, but did you know that you can also set resolutions for your small business?
In this article, we'll discuss how to approach setting a New Year's resolution for your business and provide insights into key goals you should consider for your business next year.
A New Year’s resolution can be a useful tool for you to set a long-term goal for your business. Below are some factors to consider when setting a resolution so that it motivates you and is achievable.
Instead of having vague goals like "grow your customer base," set specific targets that can be reached by a target date. These are like key performance indicators (KPIs).
Milestones keep you on track and give you the chance to celebrate your success, which motivates you to continue working on your resolution.
Setting unattainable goals can be demoralising. To avoid feeling like you failed, your resolutions should always be challenging but attainable.
If your goal seems too ambitious, try breaking it down into something smaller and more manageable. This approach makes the overall objective less overwhelming and more achievable.
Year-long resolutions carry the risk of losing momentum. Establishing deadlines across the year can help maintain your momentum. Quarterly or monthly deadlines give you the chance to assess your progress and adjust your strategy if needed. Deadlines can also create a sense of urgency, helping you stay committed to your resolutions.
Understanding why you want to achieve a particular resolution is a powerful motivator. It helps create a personal connection to your goals, making it easier to stay committed, even when challenges arise.
If your resolutions involve multiple team members, keep them informed and engaged. Sharing your resolutions with your team enables accountability and keeps everyone aligned. Collaboration and open communication help contribute to the overall success of your resolutions.
Use the below six resolution examples as a guideline to help you build personalised resolutions for your business.
In an increasingly digital world, businesses need to be able to build their online presence. Growing your online presence can help you reach and serve your customers in the digital realm. This resolution can be measured by setting targets for website visitors, and social media followers.
Employee retention is important for the success of any business. To help you retain top talent, consider creating strong incentives that make your employees love your company. Develop unique and attractive perks that go beyond salary and engage your team on a personal level. This goal can be measured by conducting an employee satisfaction survey.
If you’ve had a challenging year, prioritise creating a positive work environment for your team. Encourage open communication, provide opportunities for feedback, and show empathy toward your employees. A happier team is more productive and committed to your business's success. This goal can also be measured by conducting an employee satisfaction survey.
Consider flexible work arrangements and policies that support a healthy work-life balance for your employees. A balanced workforce can be satisfied, productive, and loyal. This goal can also be measured by conducting an employee satisfaction survey
Identify the key challenges preventing your business from growing and make targeted efforts to address them. Overcoming major hurdles can significantly impact your business's growth. This goal can be measured by looking at revenue growth compared to the previous financial year. Reports on QuickBooks lets you quickly view your progress on this resolution.
In a constantly changing business landscape, adopt a more compassionate approach. Show understanding and empathy toward your customers, employees, and partners. Compassion can improve relationships and help your business navigate challenges more effectively. Survey with clients, employees and partners allows you to keep this goal measurable.
These resolutions are meant to provide you with a starting point for your business's resolutions. You can choose the ones that align with your company's objectives and customise them to fit your specific needs.
New Year resolutions for business can be a valuable tool to help you in achieving goals that drive your business's success. By following the steps outlined in this article and considering the resolutions we’ve suggested, you can create a roadmap for a successful year ahead.
QuickBooks Online can also help you focus your efforts and reach your goals in the year ahead. Our accounting software offers a range of features designed to help you stay on top of your accounting, from tracking income and expenses to generating insightful reports. Start the new year with a clear vision, actionable plans, and a commitment to achieving your business aspirations using QuickBooks. Sign up today with a 30-day free trial.
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