Successful entrepreneurs know to maintain their edge, they need to continuously learn from others. Here’s your chance to get a sneak peek into 11 things successful entrepreneurs do in January to grow their business.
2019 has come and gone with its challenges, ups and downs, winnings and loses. For many entrepreneurs, the past year was a 12-month of growth, expansion, and hitting new milestones; for some, they experienced mixed fortunes; while for others, they couldn’t just wait to see the end of the year.
Regardless of how 2019 turned out for you, 2020 presents a clean slate to start afresh, to try again, or to double down on what worked.
If 2019 wasn’t all you had hoped for, and if you’re willing to do things differently in the New Year, then it is time to look over what those successful business owners did last year so you can copy and implement same in your business.
There is no doubt that entrepreneurs that are termed “successful” know a thing or two that one can learn from in order to become a success as well. Solution-oriented people do not make excuses but forge ahead. They keep moving forward at all times.
In most cases, these successful entrepreneurs make plans or strategize how their business is going to grow, starting from the first month of the year.
So, here are 11 things successful entrepreneurs do in January to grow their businesses
Think Long Term
Many entrepreneurs usually do not pause to make long-term plans at the beginning of the year. All they do is waste a lot of time thinking and doing what needs to be done the next day.
But successful entrepreneurs, the ones who record all the wins, usually create some time where they can make long-term plans for the year.
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You may have to leave town or go somewhere by yourself or with a partner you trust in order to reflect on the previous year and prepare a long-term plan which involves solving new challenges, inspiring your team on how to win in the New Year, etc.
They Give No Room for Excuses
Some entrepreneurs don’t even know when they move from the solution side of life to the victim side. And that is why they come up with all forms of excuses why they are not doing what they should be doing to maximize sales. It never pays to possess a victim mentality as you may believe that everything is stacked against you.
Successful entrepreneurs are solution-oriented individuals who do not tolerate excuses in any way. Get rid of that victim mentality and make things happen in 2020.
Map Out a Budget
Effective budgeting is highly crucial for the lasting health of your business. How much are you spending on overhead? What is your profit margin?
You may not have a head for figures, but that’s alright. It means you need help if you can’t budget effectively. And there is nothing wrong with asking for help when you need it.
Hire a knowledgeable bookkeeper or accounting software in order to do what you have to do. This will not only free you up but will allow you to focus more on how to grow your business.
Set 90-day Goals and Take Note of the Results
Successful entrepreneurs are great dreamers. They usually have so many ideas that it will virtually take a lifetime to execute them all.
The year is still very young; this is the period you need to sit down and set several 90-day executable goals. Please do it now, in January and revisit every goal you have written every 3 months.
Start with the most crucial goal, the one you will start working on as soon as you rise from behind your desk after writing all your goals.
Take these goals one after the other in bite-sized chunks so that they can be executable. Then, follow them relentlessly for the next 3 months.
Make a Health Budget
You have heard that “Health is Wealth,” and that is very true. Do not be so focused on growing your business at the detriment of your health.
You need to make time for daily workouts, and always consider the type of food you are feeding your body with. The soundness of your spiritual, physical, and emotional health is crucial to the success of your business as well.
So, create a health budget and stick to it in order to stay on track.
A personal health budget is a particular amount of money set aside to support your health and overall wellbeing. It is usually planned – and agreed – between you and your local health service provider.
It is not new money; however, it may imply spending money differently so that you can get the care you deserve or need.
A personal health budget gives room for you to manage your healthcare as well as support. It covers personal care, treatment, equipment, etc. in a way that suits you.
They Take Calculated Risks
Successful entrepreneurs take calculated risks and do not give any room for analysis paralysis.
So, do not be averse to risk in your business as well. If you are not willing to take risks, then you are not ready to grow.
They Adapt and Continually Generate Great Money-making Ideas
Fast-decision making and adaptiveness are crucial traits that successful entrepreneurs have honed over the years. And the primary reason why you need to develop this trait is that people usually get tired of commodities fast.
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And if you do not create or sell something interesting or new, you will be left behind.
So, in whatever you do, you should continuously be improving, adapting, and putting more of your personality – and yourself – into your products or services in order to keep your target market begging for even more.
Keep Moving Forward
It doesn’t matter how 2019 ended for you; you need to keep moving forward. There is no time to feel down about the past or think about how stagnant your business is.
You should make time to listen to podcasts and get inspired by how successful business owners such as the founders of Spanx, Airbnb, etc. grew their businesses in the face of adversity.
You need to believe in your business much more than anyone. If these successful entrepreneurs made it, you will make it as well.
So, keep moving forward.
Always Be in the Know by Reading Intentionally
Successfully entrepreneurs have one thing in common: they are always intentional readers and life-long learners. They read business news every morning and look for opportunities that they can take advantage of.
They read novels to improve their imagination and read business books in order to become better leaders in their respective endeavors.
Cultivate the habit of intentional reading, starting from January, and stick to it.
Spend More of Your Time Asking Questions and Listen
You may be a leader in your field, but the truth remains that you do not know everything.
Therefore, ask questions, relevant questions that will make you a better leader and service-provider to your numerous clients. If you keep asking intelligent questions, you will get a lot of intelligent answers as well.
Innovate and Create A New Market for Your Products or Services
Most successful entrepreneurs, besides improving products or services already in existence, also spend a lot of time, money or resources into creating new products or unheard-of services.
You may not have enough financial capacity to throw resources around with the hope of creating new services or products.
However, you can work on creating better versions of what is already in the market, thereby bringing up more efficient or stylish systems that are loved by a good percentage of your target market.
Following this route will not only create something new and much better than an original product but also provide better solutions, experience, etc. for your target market.
The first month of the year is the perfect time to sit down and make critical plans to grow your business. Take a look at these 11 things that successful entrepreneurs do to grow their business and duplicate their business acumen.
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