Start-up as you mean to go on
For small businesses of all shapes and sizes, the new year is an ideal time to set your goals for the year ahead, and to make some resolutions about how you will make your business bigger and better for the year ahead. Whether you are a startup, or an established company, here are some ideas for new years resolutions in your business:
1. SCRAP THE “ANNUAL” RESOLUTIONS AND GOALS!
Yes, this might sound strange given the article, but the first resolution every business owner should make is to scrap the annual reflection process, and instead work towards 90 day sprints.
We all know what it is like over the Christmas break. Some of us decide to lose weight, others decide to quit smoking or to join a gym. Whatever we choose, it takes a lot of willpower to make it through to February! Goal setting is the same, and whilst good intentions are there, a year is so long and entrepreneurs can always procrastinate. But by setting 90 day sprints, every target and resolution is achievable within 13 weeks, and action needs to be taken much sooner. By setting goals in this way, it is easy to chunk down the quarters target into weekly actions, meaning that the end goal is much more likely to be met.
2. FOCUS ON THE IMPORTANT
Many business owners focus on a range of KPIs (key performance indicators) - some of these are vital to the success of the business, but many are immaterial and take away the laser-sharp focus needed on the key numbers. A personal resolution of mine is to focus on what makes my businesses successful, and to limit the amount of data that I review.
That’s not to say the other numbers aren’t important - they are. If they don’t make a meaningful difference to your business though, they are simply a distraction from the important stuff. So focus on these key statistics, and make sure that every effort is made to hit these targets. By doing this, you can avoid justifying poor performance because of an increase in an irrelevant KPI, and work towards the numbers and targets that matter.
3. KEEP A WORK/LIFE BALANCE
This might sound like “self help” advice, but it is important to remember that we work to live, not live to work. That advice is often easily accepted by employees; however in my experience, entrepreneurs suffer from poor health, poor relationships and ultimately unhappiness due to a lack of work life balance.
The reason for this is simple. Many entrepreneurs are extremely passionate about their business. It’s what they live for, and it doesn’t feel like work. Whilst passion in any business is fantastic, it is important that the same effort is put into other areas of life. Every business owner should resolve to place at least an equal level of passion and work into their physical and mental health, and their relationships. We only have one life.
4. FOCUS ON WHAT YOU CAN CONTROL
It seems that the wider world is throwing every possible curveball to us. We’ve had distractions from Brexit to the US Elections, and if there is one thing that the business world dislikes, it’s uncertainty.
As a business owner, it is easy to be sucked into the headlines and to fear the worst. The reality is that this stuff that is going on is very big-picture, and can only serve to distract us from our businesses. Whilst it is important that you are aware of any threats to your business model, you must ensure that you don’t get consumed by them, and instead work with the situation in front of you.
Remember, in any game - we can’t always dictate the rules, but we can play to the best of our abilities within them.
Carl Reader, is the coowner of D&T and business improvement experts The Bear Group, and is the author of The Start Up Coach. @carlreader (Martin Lewis is away)