Walk 10,000 steps each day. Read a new book each month. Learn how to play the flugelhorn.
The sky’s the limit when creating your list of New Year’s resolutions.
But while you ponder the merits of your next personal goal, there’s another area of your life that could benefit from a little introspection at the year’s end: your business.
As a small business owner, you invest a lot of time and effort into running and growing your business. That means the idea of adding one more thing to your list of year-end to-do’s or strategic planning could seem daunting. That’s why we’ve put together a list of small, achievable goals you can resolve to accomplish in the new year to improve your business ‒ and your well-being as a business owner.
How closely did you manage your cash flow in the last year? Keeping a sharper eye on your expenses will not only help you know how much money is going out ‒ it will help you reach your financial goals. It also can provide some extra deductions come tax time. (For specific advice about your individual tax situation, always consult a tax professional.) To kick-start your efforts, check out 6 Tips to Track Your Small Business Expenses.
Any introvert reading this probably just cringed. But experienced professionals know the value of networking. Look online to see what events may already be scheduled in your area. Some organizations even sponsor virtual events if travel or scheduling are a challenge. Use networking as an opportunity to find a business mentor. This person can share their wisdom and experience to help you make better decisions as you navigate the ups and downs of being a small business owner.
Related: 5 Books Every Business Owner Needs to Read
As a business owner, it may feel like you don’t have a minute of extra time to take care of yourself because you’re so busy taking care of others. Make it a goal to shift that mindset in the new year.
The Harvard Business Review article “Serious” Leaders Need Self-Care, Too recommends that leaders practice the following when it comes to self-care:
As a small business owner, you’re pulled in a million different directions. But if your to-do’s seem to continually fall by the wayside, make a resolution to find new ways to manage your time in the new year.
Amazon Business recommends that small business owners try the following:
Think of it like your business’ annual physical. A lot can change in a year. If you don’t have adequate protection from a business insurance policy, an accident of any kind could be detrimental to the health and well-being of the business you’ve worked so hard to build. So schedule a meeting with your agent to review your policy. Together, you can make sure you have the proper coverage that fits your company’s needs and covers any risks associated with your operations. Find out more about Why You Shouldn’t Cut Corners on Business Insurance.
Sure, it may not seem like one of the most exciting topics. But a well-crafted succession plan helps ensure you have the right talent, people and roles in your organization. So, when the time comes for the next generation of leaders to step in, the transition will be as seamless as possible. That’s peace of mind that any business owner could use! Get started with 8 Things to Consider When Building Your Business Succession Plan.
Resolve to try something that isn’t “business as usual” for the new year. Perhaps you’ve always wanted to try a customer loyalty program. Or, if your business has grown, why not explore what it would take to expand and open a second location? Take a look at your business plan for the year, along with your budget, and see what’s in the realm of possibility. Get your team involved, and get creative!
Your business is your life’s work. At Erie Insurance, we’re here to safeguard your business with personalized advice, superb coverage and unrivaled service. In turn, you gain insurance that reflects your business priorities ‒ and your budget. Talk to your local ERIE agent today to learn more and get your free quote.
