Summit Insurance Advisors
by on Jan 01, 2017
The beginning of a new year is the perfect time to take a fresh look at your small business and make a detailed plan for success in the months ahead. Here are a few common small business resolutions that can help take your business to the next level this year:
Set Concrete Goals
You might be thinking: “Wait, my goal should be to set goals?” Yes, but don’t just set goals, set better goals. A lot of new year’s goals and resolutions tend to be foggy and vague. For instance, if your goal is to simply make more money this year, you might have trouble accomplishing it, because ‘make more money’ doesn’t necessarily come with any specific guidelines or checkpoints. And since making more money tends to the goal with any business, how do you know when you’ve completed it?
A better idea is to set concrete, realistic and detailed goals for the year ahead. For example: I want to make __ amount of money by __ month, and then reinvest __ amount into marketing, and use the rest to recruit/hire a new employee, or grow my customer base, etc. The more specific you get, the more you set yourself up for real success, because you’ll be in a better position to accurately measure your progress and hold yourself accountable.
Update Your Online Presence
Whether it’s an old website in need of a refresh, or a social media page that’s covered in cobwebs, giving your online identity a facelift can be a great way to start fresh in the new year. A few things to think about:
Don’t just plan on taking a vacation. Take the time now to actually book your vacation. One of the keys to running a successful small business is creating work/life balance. Sometimes the best thing for a business owner is to step away for a short time, unplug (meaning no work calls or email) and come back with a fresh outlook.
It can be tough for business owners to find the time to travel and enjoy life. That’s why actually booking the vacation is important. If you just say “I want to take a vacation this summer,” it probably won’t happen. So just book it. If you feel like your business isn’t ready to keep running while you’re away. Use your vacation as a deadline to implement the appropriate systems, automation and procedures to keep it going without you. Not only will this give you the chance to take a vacation, but you’ll also come back to a smoother, more self-sufficient business.
Check Your Safety Net
If the worst were to happen, would you be ok? From floods and fires, to auto accidents, work injuries and illnesses, there are countless unforeseen obstacles that can seriously derail, and in some cases completely destroy, a small business. Take the time now to check up on your insurance coverage. If you don’t have robust life, home, disability and business insurance, or if your old policy has not kept up with your growth, it’s time to look into your options. The last thing you want is for some freak accident to pull your business out from under you.
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