This is the time of year when we make New Year’s resolutions for ourselves. The most popular include weight loss, exercise, and being nicer to our in-laws. Twenty years ago, I first published this article. I think it’s as relevant today as it was in 2006.
What about your business? Have you made any New Year’s resolutions for your business for 2025? If not, here is a list of ten that I suggest for any business, large or small. Feel free to pick any one or all of these resolutions for your business.
#1. Have a plan. Develop a “road map” for your journey into 2025. It doesn’t
have to be a full-scale business plan. TEC speaker Kraig Kramers suggests you
start with a one page business plan with your company mission, vision, goals, and
strategies. The Wall Street Journal reported that a small business’s chances of
success increase by 50% if that business has a business plan. You decide…
#2. Develop your Unique Selling Proposition (USP). In order to be (more)
successful, a business must differentiate itself from its competition. The
best way to do that is by creating a USP for your business.
#3. Create Customers For Life. It is not enough to satisfy customers anymore.
Satisfied customers are not loyal customers. Satisfied customers will leave
you in a heartbeat for a better deal. Your objective is to “own” lifetime
customers. Read Ken Blanchard’s book “Raving Fans” for a refresher course on
this resolution.
#4. Think Global. According to best-selling author Thomas Friedman, “The World is
Flat”. What are you doing within your business to capitalize on global
opportunities? The options are limitless: importing, exporting, outsourcing, et al. If
you are not currently capitalizing on these strategies, now is the time to begin
exploring your options.
#5. Assemble a Board of Advisors. Every business can benefit from getting the
insight of a non-partial, third party advisory group on a regular basis. They
don’t have to be a formal group or even be compensated (maybe a meal). The key
is to find a group that has no direct fiduciary responsibility to you. Their primary
interest needs to be your growth and success.
#6. Invest in Training. The American Society of Training & Development has
determined that for every $1 a business invests in training, it can expect a $5
return on investment. That beats the Stock Market…My recommendation is
to set a goal of one day of training per month.
#7. Be Healthy. Your physical and mental health will have a dramatic impact
on your company’s bottom line. Exercise at least 30 minutes each day. Learn to
better manage your stress levels. Watch your diet. Get an annual physical.
#8. Keep Score. Managing a business is a lot like playing a game. It might be
fun for a short period of time not to keep score, but ultimately we need to
know who’s winning and losing. The only way to do that is to keep score
regularly (daily). For every business, there are at least three numbers that
you should be tracking every single day. You decide what those numbers
might be for your business (sales, receivables, bank balance, inventory, etc.)
and start keeping score.
#9. Network. It is important that you leave the friendly confines of your office
on a regular basis to interact with current & potential clients, suppliers, lenders,
advisors etc. I recommend that you belong to three networks: an industry group,
a local business group, and a service club (Rotary, Kiwanis, etc.)..
#10. Become an Expert on your Business. Write a newspaper article, give a talk,
get quoted…Position yourself as the local expert in your field. This may be the
most cost-effective form of “Guerilla Marketing” available. In most cases this type
of publicity costs nothing and could generate considerable results in terms of
increased sales, new clients, and positive public relations.
Bonus!
- Have Fun! You chose to own this business. Likewise, you can choose to have fun managing it. Your new top title is CFO (Chief Fun Officer). Sometimes you have to make work fun. Celebrate new accounts. Take your employees to a ballgame. Be spontaneous. Be the employer that clients want to work with, and employees want to work for.
Have a happy and profitable New Year in 2025.