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Winter 2016 > Resolutions That Every Business Owner Needs to Make

Resolutions That Every Business Owner Needs to Make

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With 2017 peeking around the corner, many people are intent on impressing upon their willpower their clich├ęd New Year’s resolutions. Most will proclaim their need to lose weight in the coming year, eat healthier or quit smoking. Many want to make sure they spend more time with their families or start saving money. The list can go on. Often, these resolutions are not kept. People become busy with their lives and they find themselves once again three days from a new year in this vicious cycle of making promises to themselves and breaking them. As a business owner, running a company can be exhausting. You generally find yourself on call 24/7. When there’s a crisis, you appear, allowing your planned vacation to become a fantasy. We’ve compiled some resolutions which every business owner should be making for the coming year. These are some ways in which you can put yourself first, and in turn help your company.

ValuePenguin’s article states that the philosophy, “New Year, new website” should be a top priority. Have you been putting off your website’s redesign simply because you don’t know where or how to start? Send yourself to an industry conference and learn something new. Investing in yourself and learning a new skill is also something that should be a resolution for you. In addition, learning new skills should not stop with you. Send your employees to industry events so that they may also build an arsenal of abilities which can improve the company. When you invest in yourself, and you invest in your employees, you invest in your company.

Another resolution to make for yourself would be allowing for a vacation. While it may seem impossible to go one day without logging onto email or checking your phone to make sure the business isn’t falling to pieces, it is not. Managers were invented for a reason, and their purpose is to manage your business so that you can get a break. Running a business requires a huge chunk of your life and is a very big time commitment. Unplug, unwind and de-stress. Putting yourself ahead of your business every so often is a necessity, so make 2016 the last year that you play second fiddle and take steps in the coming year to ensure that you can gain a few days to yourself and leave the kid with the babysitter. You’ll end your few days off revitalized and inspired to get back to work. Who knows? You may even stumble upon new ideas for your company where you least expect to find them.

While giving some control to managers is a good thing, there is one thing that you should never allow full control over. Make a resolution to make sense of your financial statements. Do not allow your finances to go unchecked by you, or simply listen to whatever it is your bookkeeper is telling you. Learn how to read your statements and learn what they mean. You’ve invested a lot of time and money into your business. Make sure that you are not being swindled because you are too busy to check your finances.

Last, but not least, we tackle one of the biggest and most difficult obstacles for a business owner to overcome. Releasing bad employees is always uncomfortable, but in the end, your business will benefit. If they are not adding to profitability, what exactly are you gaining? Barry Moltz’s article summed it up best when it comes to a bad employee. “If that employee went on a month long vacation, would the company suffer? Everyone else knows that the answer is no.” Make a resolution to put your business first, and nip your fear of firing an employee who doesn’t bring profits to the table.

Allow 2017 to be a better year for yourself and your company than 2016 was, and may 2018 be even better than 2017. Invest in yourself and your employees by providing education that will improve your business. Allow yourself to get a break, and don’t hold on to negative people.  Make (and keep!) resolutions that all business owners should be promising themselves.
 
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