Welcome to a new decade! Luckily, we don’t have to make New Decade’s Resolutions, and we can stick to the new year, 2020. What will the new year bring for your business, your customers and your industry?
Of course, you’ll want to update your business plan, create a cash budget, and put together a tax plan for 2020. But you’ll also want to make improvements as a business owner and leader of your company’s culture. So, take a look at these recommendations for New Year’s Business Resolutions for business owners.
2020 Business Resolutions for Leaders
Know Your Numbers: Set Sales Goals, Track sales, Adjust as you go, and be sure the entire team knows what their goals are in sales, labor, and otherwise. Here are our recommended New Year’s Resolutions for business leaders:
- Build Your Network: Having a strong network of partners will help bring in new business, cultivate innovation, and provide support when you need it. Connect with others serving your market. Take your key partners and clients out to lunch. Attend networking functions and trade meetings.
- Set New Boundaries: Something we can learn from the younger generations is building a healthy work-play balance. Having time to “fill your bucket” and recharge is just as important as being on the go 14-hours a day used to be. Sit down with your calendar and plan out some time to unwind and work on your hobbies, friendships, and family.
- Work on your EQ: We’ve learned how important Emotional Intelligence is to business success. You already have the strong IQ, so make it a point to work on your EQ this year.
- Focus on Your Customers’ Challenges: It’s easy to focus on your own challenges — cash flow, employees, logistics, sales, etc. and lose focus on the reason you do this — to make your customers’ lives better. Make it a point to get refocused on how you help them solve their problems and overcome their challenges.
- Update and Share Company Values: This is the “Why” of your business. Reconnect with what inspired you to get started. Write out a simple Value Statement and share it with your team.
- Communicate Better: Every year, CEOs list “Communicate Better” as one of their top three goals. Communication is key to success. Resolve to communicate better with your team, your suppliers and your customers.
Happy New Year!
Here’s to a new year, a new decade of growth, prosperity, and fulfillment! Let us be your partner as you take your business to new heights in 2020.
Happy New Year, from the whole team at ASCEND Business Advisory!