New Year Resolutions for Better Business in 2011
The coming holiday break is a good time to think about what’s working in your company and what’s not working.
Was 2010 a successful business year for your business or as is the cases of many others difficult to handle?
Do you have a plan of looking forward to 2011 being better than 2010? Or are you setting and committed to the type of goals that can bring about a change by taking advantage of the time off to figure out what you will do to accomplish them?
With the right mindset with the right motivation, the New Year Business Resolutions will give you a solid foundation that will help you achieve your business’s success in the next twelve months.
Based on the most well-known personal self-improvement promises Here’s a list of the kinds of pledges that will give your company an impressive 2011 overhaul.
1. Find a Better Job
If your business isn’t thriving the way you’d like and you’re beginning think about whether it is worth the effort to carry to the end of the road, take some time to look at your business’s model. Can you bring your business online or revitalise your company by forming alliances with affiliate companies using different channels for market access? Would technology be able to make your company more responsive? The most important thing is to think about what you can enhance or remove from your offering to improve its relevance as well as easy for customers to do business with you , and more engaging for your customers. Think about if you’re the one to make this transformation -, or is anyone on your team who has the experience and skills to meet the challenge, while you focus on areas that you enjoy the most?
2. Find Your Soul Mate
It is not easy to be alone at the top, especially when you’re a sole trader. The presence of a guide, or even just someone who you can count on to share ideas with or discuss your issues with, can give you an understanding. Your soul mate could be working in a different field or even be your business associate. If you do find them seek out people who’s mindset is similar to yours. If you’re an idea person, you should look for someone who enjoys digging into the minutiae of things. If you’re a people person, search for someone who enjoys numbers and facts.
3. Learn Something New
Running a business is a learning experience – there is no way that business school classes or books can show you what it takes to succeed. Entrepreneurs who are successful are always the kind of person who is curious. Try new methods take a look at what’s happening on the internet, and ensure that you’re up-to-date with current marketing and customer trends, even if you aren’t necessarily follow these. If you’re confronted with new business challenges, perhaps it’s time to explore something different. If you’re facing the same problems in your business It’s definitely right time to experiment with something different.
4. Quit Smoking
Do you have poor business practices? Maybe you are wasting your time on customers who have a vanity past history of small and infrequent orders, or clients who make a big purchase but take up your time and your employees in uncosted support for your product or other service needs. Be sure that all your services and products are paid for in a timely manner. You may want to consider adjusting prices for clients you are certain will be charged additional fees to service , or revisiting your contract in general and ensure that your customers or clients be aware upfront that any demands equal extra costs.
5. Shape Up and Lose Weight
Take a good hard look at every member of your team. Are all team members making the type of contribution that you want to succeed in the current market? Are they displaying the appropriate behavior and have the required capabilities and experience? The dead weights must be removed however, before doing this, ensure that you’re not merely misusing their abilities. Would they be able to provide a greater contribution in a different position? Are they knowledgeable and have capabilities that you’re not tapping into? Perhaps additional training is required or more input from your side to ensure they’re driven to be successful and adhering according to the correct objectives.
6. Stay on Budget
Are your sales targets realistic? In the current uncertain economic climate it’s just as easy be overly optimistic about sales as to be over optimistic. Whatever your goals for sales revenue be sure to keep a constant eye on your performance. When sales diverge from your estimates, be sure to identify and comprehend the reason. If there is a drastic drop, you must take immediate actions to improve the cost base. Is there a chance to change fixed costs to a rent or pay-as-you-use basis. What is the flexibility of your office staffing costs and staffing?
7. Reduce Debts
Cashflow issues are the primary reason behind small and early growth businesses failing. It’s essential to ensure that you’re paying your customers in full and promptly and in advance when you are doubtful about the creditworthiness of your customers. One of the best methods to guarantee your financial security is to check the credit of every new customer and get an accurate understanding of who owes you money and when the payment is due to be due. This is the only way to properly control your trading and outgoings. When did you last examined your terms of payment? How much of your clients have paid on time? Did you notice any slip-ups in payment over the last couple of months? In difficult times, it’s easy to give major customers a little time when it comes to payment times, but make sure that you know the consequences regarding the payment of your suppliers. Consider prompt payment discounts or late payment surcharges. Look out for warning signs of problems in the future – for instance, if you receive a large bill from customers who have not paid on time Can your business endure?
8. Take Time to Enjoy More Quality time together with Family & Friends
If you’re not solely trading and a business is by definition a business that is in constant contact with individuals at customer companies. It’s an established fact that in business-to business transactions, buyers purchase from other people. Professional relationships are essential and although not every interaction can lead to the sale, being in the forefront by maintaining regular contact with your customers and expressing keen interest in daily lives of important people at your workplace and in the companies of your customers can pay off.
9. Volunteer and Help Others
It’s been a tough year for a lot of businesses both customers and suppliers. Support and service does not necessarily mean the financial burden and frequently it’s the people who give that support who are the ones who later receive. What information could you impart with your customers that could simplify their lives and what additional value can be added to your products or services that are free of cost? Perhaps a simple thank you mail with each purchase or an advice newsletter blog site that will help customers make the most of the products they purchase from you. In providing customers with a constant satisfaction with your business by giving them more than your product of service or product is the basis of long-term customer loyalty and a powerful form of marketing through word-of-mouth.
10. Get Organised
Finding the data or documents you require is an essential part of being organized, but having access to it immediately is better than needing to search through file cabinets or go back to your office to get it. With the help of a safe online connection, you can be sure that each aspect of your company is less than a mouse click away, regardless of the location or it is at. Being organized will allow you to be more efficient and more focused. You will also be less stressed, which is precisely what you require to succeed.