In our personal lives a New Year is a great time to celebrate – sometimes with New Year’s Eve parties and family reunions. It’s a wonderful time, even though we know we have to face the credit card bills that come in the mail early in the new year.
In business it should be a time for reflection, looking back on the past year; figuring out what worked and what didn’t and applying that experience in your plans and dreams for the coming year.
For any entrepreneur it’s a great time to think about your business; where you’ve been and where you’re going.
The best way to approach the opportunity of this annual fresh start is to use the tried and true method of putting it in writing.
Start with a list of things that worked out well for you last year. Did any of these occur by luck or were they the result of good planning on your part? Learn from both – where you planning worked use it again, where you were lucky take a look at why you were in a position to be lucky. Often it’s not all luck that brings us business even if it looks like it at first.
Examine what didn’t work, where you lost money on a project or strategy perhaps? Did you overextend yourself on advertising spending? Did you hire a new staff member before you were really ready? Did you get into cash flow problems? Did you fall into the trap of giving too much margin away in order to impress a client, rather than billing the full amount that logic says you should have charged?
Thomas Edison referred to this as, “The wonder and thrill of doing it wrong the first time.” He once said that he had figured out through failure, several hundred ways how not to build a battery.
When you look back on a mistake:
Accept responsibility and don’t blame anyone else
Analyze the situation and figure out where you went wrong
Look for corrective measures and implement them
Take note of the lesson learned from the mistake
Build those lessons into your New Year plan
Once you have your list of what worked and what didn’t, find a quiet corner to reflect on how you might have dealt with each of these issues differently; both the good and the bad. Hindsight can be a wonderful thing!
Then and only then start on your plan for the New Year, incorporating your mistakes and your victories into your new strategy. In looking at your strengths and weaknesses, where are you ahead of your competition and where are you falling behind?
Here’s some resolutions for you to consider for the coming year.
I will promote my business regularly and consistently. Set weekly and monthly goals for marketing and adopt a PR strategy by building relationships with local business journalists.
I will learn a new skill. Learning something new will help you add a new dimension of interest. It doesn’t have to be a business skill, since anything new can broaden your horizons.
I will expand my network. Work your network by always being there to assist your colleagues and friends. Think about paying it forward. Find people with common interests; making the effort to be a part of a group (or even leading a group) will revitalize you and your business.
I will give something back to my community. Make a New Year's resolution to find a cause that matters to you, and give what you can.
I will find new ways to listen to my customers. Customer surveys, focus groups, having regular open house events and periodic one-on-one meetings with key clients are all great methods of finding out what their priorities are. People love to be asked.
I will have the courage to drop what's not working and move on. All products aren't going to be super sellers, all sales methods aren't going to work for everyone, and all suppliers or contractors aren't going to be ideally suited to your business. If a technique, a product, or a business relationship isn't working for you, stop using it or get out of it.
One last thing: are you as up to date as the New Year? Studies show that many small business owners are still not taking full advantage of social media opportunities. If you find it hard to understand Twitter, LinkedIn, Facebook Business, SEO’s and all the other social media stuff, find someone who loves it and either hire them or find another way to compensate them. Lot’s of university students are looking ways to put into practice what they are learning at school for instance. This is the perfect time to embrace social media!
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