New Year’s goals and resolutions are a time-honored tradition; they don’t have to be limited to personal goals. Whether you’re a solopreneur or have a small team, this is the time of year when you can take stock of your business and make changes to help it grow and thrive over the next 12 months. So what should your business’s New Year’s resolution look like? Here are some ideas.
Set Goals & Make Plans
The most important thing is to set yourself up for success by setting clear goals for the upcoming year. This can be anything from increasing revenue by 10% to launching a new product or service line. You should also create action plans that will help you achieve those goals. Think about specific activities you can do each month and assign deadlines for each. This will give you something concrete to work on throughout the year so you don’t get overwhelmed and lose focus halfway through.
Delegation helps big time!
One of my first goals is to delegate. I like to brainstorm all that I do and categorize it. Mainly, I like highlighting the admin tasks that take me a long time. Once I’ve identified them, I create a process, a training video, or a step-by-step process and share them with Luz, my virtual assistant.
Once I get a ton of admin off my plate, I can refocus my time on current and prospective clients. I love this time! And boosting my sales goal is always a win.
Review Your Finances
It’s also important to review your finances for last year at the start of the new year. Take a look at your income and expenses and any debts or investments you may have made during the previous 12 months. This will help you understand where your money is going and where it could be better spent. It’s also a good idea to assess whether any changes need to be made to ensure your finances remain healthy throughout 2023.
Uplevel this with Boss Friday
I always have my clients prioritize reconciling their bank statements at the end of each month and then block off lunch on Boss Friday. What’s Boss Friday? Boss Friday is the Friday of the first whole week of a month. For example, on January 6th, 2023, at noon (your time), you should analyze your P&L and find ways to make/save money. Do this each month. Trust me; you don’t want to wait until the end of the year! Doing so leads to so many missed opportunities.
Retool Your Marketing Strategy
Finally, take some time at the beginning of 2021 to reassess your marketing strategy and make any necessary changes or improvements. Are there new platforms or systems that could help you reach more people? Are there old strategies that no longer work? Have there been any significant developments in digital marketing over the past year that could benefit your business? Answering these questions now will help ensure that your business remains competitive throughout 2023 and beyond.
Look at each of your marketing tools and track their ROI. For example, BNI costs $700/year to join. Did my BNI group help me attract $700 worth of business? If yes, stay! If not, it’s OK to consider moving on. Before making a drastic decision, I’d first talk to your mentor and see what you can do to increase sales through your group.
With all these tips in mind, January is an ideal time for solopreneurs to review their businesses and set themselves up for success in 2023—and beyond! By taking stock of their finances, setting realistic goals, creating action plans, and retooling their marketing strategies, they can ensure their businesses remain competitive while helping them reach even greater heights this coming year!
Would you like help with any of this? Feel free to apply for a free consultation to see if I can help.
Janet Johnson is a small business advisor and author of My Money Pivot: An Entrepreneur’s Guide to Finding & Making More Money and this educational blog. All views expressed belong solely to Ms. Johnson and do not represent the views of her employer. The website, MyMoneyPivot.com, is currently managed by Luz Marcos, Virtual Assistant.