5 Resolutions Every Business Owner Should Consider

new year resolutions

January is a very exciting time of the year for businesses. After coming off all the increased activity of the holiday season, it’s great to know you have a fresh 12 months to drive your business forward. Since there are so many possibilities for the coming year, it can be helpful to set clear resolutions. By setting resolutions that cover exactly what you want to accomplish, you’ll have a great map to follow throughout 2018.

If you like the idea of setting resolutions for your business, get inspired with these five useful ideas.

1. Follow the 80/20 rule.

This rule, which you may have also heard referenced as Pareto’s Principle, states that “80 percent of the effects come from 20 percent of the causes.” As a business owner, this means a few things. One is that 80 percent of your profits likely come from about 20 percent of customers. Another is that 80 percent of the problems you encounter stem from about 20 percent of customers. By resolving to use this rule as a type of lens to look at different areas of your business, you’ll be able to find some very interesting opportunities throughout the year.

2. Get rid of distractions.

Related to the 80/20 rule – about 80 percent of your business results are driven by 20 percent of your efforts. This means both you and your team are likely spending a considerable amount of time on tasks that simply don’t matter all that much. While many of these tasks may seem important, they’re actually nothing more than distractions. Identifying and eliminating distractions throughout the year in all areas of your business will make your team more productive and help them feel great about what they’re doing on a daily basis.

3. Implement sprints.

While setting clear resolutions is a useful activity, 12 months is a long time. That’s why it’s helpful to break up the year into sprints. This is a concept you can borrow from software engineering. Pick a project or focus that’s most important to your business and then focus on it as much as possible for the next 3 to 6 weeks. Repeat this throughout the year and you’ll be amazed by how much you’ve accomplished by the time 2019 arrives.

4. Eliminate paper.

Managing significant portions of your business on paper greatly increases the likelihood of things falling through the cracks. It’s also not ideal in terms of eco-friendliness. On top of that, the cost of doing business on paper can really add up over the course of a year. Resolving to eliminate as much paper as possible from your business can make all of your operations more nimble and efficient.

5. Stay on top of expenses.

The costs of seemingly small things (like paper) can actually be quite a lot when you look at them in aggregate. That’s why staying on top of expenses throughout the year can do a lot for your bottom line. If this resolution leads to you noticing that you’re paying too much in payment processor fees, be sure to take a look at the rates offered by our top credit card processors.

 

 

Posted on Tuesday, January 9th, 2018