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5 New Year’s Resolutions for Entrepreneurs

Posted on December 27th, 2017
money management

This is the time of year for reflection and renewal. For some, the new year is the time to restart diets and exercise regimens in order to shed the pounds that creep on during the holidays. Others might view the new year as a time to renew relationships or work on other personal goals.

But when it comes to New Year’s resolutions, business owners, freelancers, and entrepreneurs should be making them too. Here are 5 New Year’s resolutions entrepreneurs should make for their business.

1. Review Goals

One of the New Year’s resolutions for entrepreneurs is to review their goals for the year ahead. If they have goals from the year before a good place to start is to take a look at the progress made on them.

Some of the goals from the prior year may have been met. If any were not they should ask themselves why the goals went unmet. Was it due to unforeseen circumstances or poor planning? What could have been done differently to have a better outcome?

After reviewing previous goals entrepreneurs will have a better idea of what goals should be set for the coming year. This gives them a plan or map of where they plan to take their business and how to make it happen.

Entrepreneurs may find they have both a short term list of goals as well as long term goals. They could make a resolution to try and mark off one long term goal each month in order to accomplish their goals.

Reviewing goals and creating new ones provides entrepreneurs with clear direction for the year ahead.

2. Meet With Staff

If entrepreneurs have staff members, the new year is a good time to meet with them. This is especially true if they don’t hold regular meetings.

They should let employees or contractors know of their goals for the coming year and what the plan is to meet those goals. Staff members or contract employees need to know what they can do to help those goals get met and crossed off the list.

3. Update the Website

The new year is the perfect time for business owners and entrepreneurs to update their websites. This includes ensuring their site is mobile friendly.

If they do not yet have a mobile responsive website they should tackle that issue in the coming year.

According to Internet Live Stats, mobile users account for more than half of those who use the internet. That figure is rising continually which means if entrepreneurs are to capture more business they need to have a mobile responsive website.

4. Expand Services

Profitability and growth are two reasons entrepreneurs should consider expanding or diversifying the services they offer. One of the tools that can enable them to realize that goal is marketing.

For example, if the entrepreneur does not have a social media presence they could create one. They can also use email, business cards, signage, newsletters, and many other marketing forms that are inexpensive to help grow their business and generate greater revenue.

But it’s also a good time to decide if more services should be offered. If customers are asking for certain products or services that are not currently offered, should they be? When sales are strong and profits are consistent that is the perfect time to consider expanding.

5. Plan an Exit Strategy

Another of the New Year’s resolutions for entrepreneurs is to plan an exit strategy. As much as they may enjoy and love their business, nothing lasts forever. But even if the business could continue it may need to be with someone else at the helm.

That is why if entrepreneurs do not have an exit plan they should make one. Once a decision to leave a business has been made, selling or closing it doesn’t happen overnight.

However, that can be rectified with the creation of an exit strategy. The plan could be to pass the business on to a relative or close friend. Or, selling the business to retire could be the goal for the entrepreneur. Whatever is decided, they should begin creating a strategy for the eventuality of leaving the business.

It is true that the new year is a time for renewal and making resolutions. Entrepreneurs should remember as they make resolutions to include their businesses as well.

Kayla Sloan

Kayla Sloan

Kayla is passionate about helping people get their finances in order so they can pursue a life of freedom. She quit her job to work for herself with over $148,000 of debt and swears it was the best decision she's ever made!

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