Many people use the turning of the calendar year as a time to reflect upon what they have done in the past and create resolutions that will help them to be successful and reinvent themselves in the year to come. On a personal level, this generally entails goals like getting in shape and improving overall health, staying in contact with loved ones, and engaging in pursuits that are creative and fulfilling. But many people are also looking for ways to improve in the business arena this year. With the recession dragging on and the future of the European economy (and by extension, the global economy) uncertain, businesses are still suffering losses, in some cases catastrophic, and you don’t want this year in business to be your last. So here are a few resolutions that should help 2012 to be a big success on both the personal and professional front.
- Reexamine your business plan. Whether you opened your doors ten years ago or ten months ago, the market may have undergone drastic changes since you last checked in with your original business plan. The flexible nature of the consumer marketplace can be both a blessing and curse, but you can ensure the former by staying on top of trends and tweaking your business to accommodate changing tastes and account for fluctuations in supply and demand. The ability to see the bigger picture is important when it comes to realizing success over the course of a year.
- Be the best you can before you expand. Many companies these days are looking to diversify in order to hedge their bets and stay in business. Just look at Google, which has all kinds of irons in the fire (music service, mobile platform, laptop, cloud network, and more). This year they’ll continue to test their self-driving vehicle and they plan to introduce their own mobile phone. If a mega-corporation like Google has to diversify, then small businesses are certainly justified in doing so. However, keep in mind that Google became the number one search engine before they branched out. Until you peak with the goods or services you currently offer, there’s no use veering off course.
- Make time for yourself. Burning the candle at both ends is only going to ensure that the flame of passion you started with burns out quicker. You are the spark that keeps your small business alive, and without you, it too will fade. So make time to de-stress and remember that life is worth living once in a while. Reenergizing will not only help you personally, it will also mean better things for your business.
- Consider branding. Many small businesses neglect this essential marketing opportunity because they mistakenly assume that the lack the time, money, and expertise to make it happen. This simply isn’t true. You’ll have to devote time or money to the cause, but not both. You can either learn about branding on your own or pay someone to help you. And as for experience, you’ve been a consumer your whole life. Figuring out what makes other brands appealing will help you to decide how you want to brand your own company.
- Pay down debt. Easier said than done, right? And yet, it may not be as difficult as you imagine, especially if you find new ways to cut costs. Talk to your tax man about deductions (the laws change yearly), check a credit card guide for the lowest rates (you can transfer balances and save a lot on interest payments), and approach your lender about consolidating and refinancing your business debt. All of these options can lower your payouts for the year and help to boost your earnings for a fabulous 2012.