Top New Year Resolutions for Business Owners

It’s the end of a decade and the beginning of a promising new year. If you’re like me, you’ve been busily preparing by taking this past week to reflect on the past year and organizing yourself with budgets and market ideas. New Year Resolutions for business owners involve much more than the typical lose weight, quit drinking and go on a dream vacation. The smart business owner is preparing with resolutions that will help propel their business to the forefront of their industry.

Below are a list of 5 top resolutions that will benefit you in the year to come and beyond:

1. Ask Clients for Referrals – I’ve been guilty of neglecting this important step. And it’s interesting to note that many other businesses and entrepreneurs also forget to ask their clients to pass on their names to others who may require their services. All you have to do is ask and you will receive. It’s that simple.

2. Improve on your Weakness – You know that dreaded question often asked in interviews? What is your weakness? Well it’s actually important to understand  your weaknesses is so that you can improve on your strengths. If your accounting skills are not up to par, it will benefit you to improve them so you can better understand your cash flow. Or learn the latest trend in social networking (Google Wave anyone?) so you can remain one step ahead of the competetion. Take at least an hour a day to read up on the latest trends, news and information related to the subject of your choice. Subscribe to blogs, research on the Internet and even visit your local library.

3. Take Time Out for Yourself – We’ve all been guilty of planning to spend a night in with the family yet find ourselves tied to the computer and answering emails…even late into the night. The fact is that while long hours are part of the job, it’s important to know when to draw the line. Organize your working hours so you stop at a certain time and do your best not to work on weekends!

4. Delegate – Oh my this is something I need to learn how to do! Delegating is an entrepreneur’s saving grace. The truth is that we cannot do it all even if we like to think we can. Doing it all only takes time away from precious family and you time. Outsource your work to someone who can assist you with organizing and completing projects.

5. Focus on your Clients – It can be so easy as a small business owner to focus on the income you are bringing in rather than the quality of work you’re producing for your clients. Take a look at how you serve your clients and ask yourself if the experience you are providing can be improved. Each client should feel as though they are your only one, even if your bombarded with several projects and a hectic schedule (that’s what delegating is for!)

5. Stick to your Prices – OK it can be easy to be distracted by income when you’re not getting paid what you’re worth. What I’ve learned in my past year as an entrepreneur is that you have to stick to your guns when it comes to prices. Do your research to discover what the average competitor is charging and then set your price point accordingly…and stick to it.  This will help you run your business effectively and smoothly and reduce unwanted stress.

6. Implement your Resolutions Today!

Published in General Interest, Motivation and tagged with boost business, business owner, entrepreneur, new year resolutions