The New Year brings a sense of a fresh start to many business owners. It is a time to learn from the mistakes of the past and try to build on the successes. It’s time to set goals for the New Year and to focus on the growth of your business.
This means more than just trying to increase revenue, although that is always an important business goal.
New Year goals for your business should also involve possible changes in the way that you do business. It’s also a good time to evaluate how employees are compensated, and whether any changes are needed in that area.
Here are some things to consider as you plan your goals for the New Year.
Hours
Just how many hours are you putting in each week? There is a chance that you don’t even know, but your family probably does.
It’s true that small business owners are often going to need to work more than a standard 40-hour work week, but the New Year is the perfect time to look at how many hours you are working each week and to honestly evaluate how your work is affecting other important areas such as your family life.
If you are living a life totally out of balance because you are working so many hours, look for ways to change that. That might mean hiring another employee or assistant.
The expense will be worth it as your family life, health and overall well-being benefits from a more balanced life.
Employees
Take an honest look at how employees are treated in your business. Are they paid fairly? Are they recognized when they do a great job? Do they feel appreciated?
Many businesses conduct an annual employee survey where they give employees an opportunity to express their feelings on such matters anonymously. It also allows employees to make suggestions in other areas of the business.
Take employee suggestions seriously and find a way, such as holding a meeting to discuss ideas, to let employees know that you are listening.
Even though you won’t be able to implement every idea, just knowing that they have a voice will help make employees feel appreciated and valued.
Budget
Take a long look at those numbers, and make cuts in areas where you see waste. The current economic conditions call for thrift, not extravagance.
By making simple changes, such as stricter rules for expensed dinners or more stringent control of office supplies, you could save your business money that could be put toward future growth.
Your New Year business planning is, obviously, going to include ways to grow, but it should also include ways to nurture what you already have. Don’t get caught up in making more money at any cost.
Instead, make your main New Year goals be about finding balance in your life and valuing those things that mean the most.
