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10 Business New Year Resolutions for the Smart Entrepreneur

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“If you fail to plan; you plan to fail.” Here are 10 business new year resolutions to get you started planning for the next 12 months.

The phrase “New Year’s Resolutions” has undoubtedly earned a bad rep. First, because people rarely ever follow up on their vows to live the best lives they promised at the turn of the New Year.

A resolution is a vow to make better with the opportunities you have. So, of course, for business owners, New Year resolutions can profoundly impact the growth of their business.

New Year resolutions do not only have to be about eating healthier and hitting the gym more often. As a business owner, you can also set targets for your business for the new year.

With some of these tips, you should be able to easily set resolutions that would help see your business through the New Year hurdles.

You may also like: How to Prepare Your Business for the New Year

Business New Year Resolutions That’s Sure to Set You Up for Success in 2020

Business new year resolutions for business owners in 2020

Manage Cash Effectively

I will learn to manage business funds more effectively.

Small business owners or new businesses will often complain of the same thing – the irregularities in cash flow.

If the capital generated is less than enough to invest back into the business, it is time to do some serious cutting back. If you find that you are unable to navigate your financial issues properly, it could be time to hire a financial advisor or an accountant.

Related article: 5 Cool Ways to Raise Money For Your Business for the First Time

Related article: Funding Mistakes Small Business Owners and How to Avoid Them

Improve Your Digital Presence

A business man going through business new year resolution on a tab

I will regularly update my website and maintain my digital presence.

Look through your company website, when was the last time you updated it? If the previous post published was over two months ago, you need to pay more attention to your website.

If your website is still not mobile-friendly, you must seriously consider adding this resolution to your list.

Related: Why you should start a YouTube Channel for Your Small Business

Pricing

I will assess my price list and charge only what I’m worth.

If you feel like you are not getting paid what your products or services are worth, you must use the New Year as an opportunity to revamp your rates. Market to the right audience who would value your services.

Properly strategize and raise your rates accordingly.

Employ More Hands

colleagues meeting on business new year resolution

I will hire assisting staff.

If your business requires more hands or duties than you can handle, it is seriously time to consider delegating some out.

You can’t wear all the hats in your business. There is space to assign out tasks to others. If your business is still relatively new and you can’t afford to pay a multitude of staff, you could start with one or two.

Just ensure that there is a team spirit and you are all working towards the same objective.

Related article: How to Attract Top Talents to Your Business

Better Communication

I will improve my advertising and marketing skills.

Look at it this way; rather than just blasting out emails and social media ads to random people, you could find advertising to your target audience.

Think of it as quality over quantity.

You are better off reaching ten potential customers with fewer, more personalized ads. Post information that is relevant and updated on your social media platforms. Engage with your followers and respond to their comments and posts.

Also, there must be better communication within your own business. If you have staff, make sure that you relate precisely what your business goals are. If your team feels like they have a deeper than a professional relationship with you, there would be a greater incentive to work harder and show up at work with good ideas.

Get Emotionally Invested

I will make more money to afford a nice car for my mother.

Resolutions often get abandoned because there is a lack of emotional attachment. They hold as much water as empty promises.

It is nice to set goals to increase your profits in the New Year, but you know what would make you work harder towards achieving that goal? Tying it to something or someone that you care about.

Goals with emotional attachments are much more achievable.

Create Deadlines

A goal review sheet for new year resolution

I will meet this goal before March runs out.

Deadlines only help us stay more focused on our goals. Also, they allow us to have a more definite timeline for our tasks.

By creating deadlines to achieve your goals, you are creating a greater sense of urgency. It is proven that people work more effectively in the face of necessity.

Remember that your goals are only dreams until you start taking steps to implement them.

Related: How to Get More Out of Your Day

Challenge Yourself

An easy resolution will never be enough.

When the goal is not challenging, we are as relaxed about is as our morning walk to the coffee house.

Do not set goals only for goal-setting. Set goals that challenge you mentally and task your business. If you are looking to set goals that you can quickly complete for the sense of accomplishment, you will have to deal with the short-term effects they would have on your business.

Also, there is a greater sense of accomplishment that comes with completing goals or tasks that demanded enough mental energy. This feeling can be compared to the rush of adrenaline that hits after crossing a marathon finish line.

Give Back

Everyone has something to offer back to the community. It could be in the form of infrastructure, scholarships, or charity events.

Your business is out yo make profits, but you must be willing to give back to the masses. Find a cause that is particularly significant to you, and invest in it.

This show of charity does not have it last only during the holiday season, though.

Your efforts would be valuable to the community, and you would go a long way in boosting your popularity.

Keep Your Eye on the Prize

Forgive yourself for the mistakes you made in the past.

We are often too hard on ourselves. If you made mistakes in the past year that cost your business losses, you don’t have to carry that resentment over to the New Year. Even if it seems that very little progress comes with your New Year resolution, do not take it as a sign to give up.

A little work is always better than no work at all, don’t forget that baby steps make giant strides. If it seems like your business is seeing too little growth even with all the New Year resolutions, remember that persistence is vital.

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