A start of a new year is an excellent opportunity to rethink our approach to various segments of our life. While most people dream of getting in shape or dropping some bad habits, it might be a good idea to think about a major reform we could do for our business. With that in mind and without further ado, here are the top six business New Year’s resolutions for 2023.
- Become Better at Setting Deadlines
Fixating on the long-term goals can make you lose sight of your day-to-day objectives. They say success is about doing many little things perfectly instead of just pulling off a brilliant move. The best way to ensure that this rings true in your case is to become better at setting deadlines.
The first reason behind this can be found in Parkinson’s Law of time management. According to this witty rule, work expands to fill the time allotted to the task’s completion. This means that you’ll save a lot of time by learning how to set reasonable deadlines.
Second, when setting deadlines, some people love to be too lenient, which is why they allot as much time as they have available to the task. The problem is that many things can go wrong. Allocating a bit more time means making some room for delays.
There are some scenarios in which, before proceeding, you will have to submit the project to a client for review. It’s possible that, even with your best effort, they won’t be content with the outcome, and you’ll have to engage in heavy editing. Make sure you have the time for this.
- Get More Engaged
Another thing you need to do is get more engaged in the ideals and causes you hold dear. The thing is that the market is oversaturated with profit-grabbing enterprises. If they see you as yet another predatory corporate entity, they won’t even stop twice to examine your offer.
There are several ways to demonstrate your values. First, since most of your target audience consists of the local community, you could give back locally. Start by looking for local events and sponsorships. Then, you can start looking for various civic project ideas to participate in.
Keep in mind that this can also be important to your staff. Millennials, who currently make up most of your workforce, want to make a difference. Otherwise, they might feel they’re wasting time in your employ.
Lastly, getting more engaged is about giving your company an identity. Your company is a legal entity, meaning it’s treated as a person in the eyes of the law. Why not try to humanize it to your audience, as well? This is one of the ways to do so.
- Hire Some Help
You’re the most critical person in your enterprise. Therefore, avoiding burnout is a question of the highest priority. While reducing your workload sounds intuitive, it’s not an idea that most people would be comfortable with. Instead, you can hire some help.
Time is a finite resource. Moreover, some tasks have to be done by you, and some can be delegated to someone else. Some entrepreneurs fall into the trap of spending too much time on repetitive administrative tasks and postponing those unique (strategic) responsibilities. By hiring an assistant, you can turn this the other way around.
The most important thing is that this decision is scalable. You see, it’s inevitable that, at one point, you’ll have to hire an assistant. Why postpone an unavoidable decision? Moreover, the more your workload increases, the more you need assistance.
Hiring help can also help you restore a healthier work-life balance. You can afford an extra workout or an extra hour of spending time with your family by delegating some administrative tasks. To keep pushing yourself hard, from time to time, you need to remind yourself what all of it’s for.
- Make Your Team Feel Appreciated
Your team makes your enterprise what it is. So, the most important thing you can do is make them feel appreciated. According to some surveys, people are likelier to leave bad/unappreciative bosses than to leave bad jobs.
Talent abandonment is a huge issue, costing you a fortune. The hiring process is arduous and expensive, the same as onboarding. Now imagine if the new employee was to abandon you as soon as you’re done onboarding (potentially even training them). All of this can be avoided if you show more appreciation.
The word will spread around. So, the next time you’re hiring, you’ll have a much greater application rate. Not to mention that your team will try extra hard. In other words, even a small token of appreciation can reward you disproportionally.
- Improve Your Marketing
The first thing you need to do in the new year is set a marketing budget. The general rule is to set aside 10% of your average annual revenue. However, if you’re in a highly competitive market, you can set aside 20-50%.
Boost your online presence by any means available. Social media marketing and email marketing are something that you’re probably already doing. Still, you might consider investing more in SEO and content marketing.
Don’t forget about conventional marketing, either. Flyers, billboards, TV, and radio commercials are not obsolete either. You should especially pay attention to networking. This, however, means attending various events, which will increase your representation costs.
- Update Your Technology
Your tech arsenal is only good when it’s up to date. This means that you need to make sure that you always have the latest version of your preferred digital tools. Also, don’t get too sentimentally attached to these platforms. If there’s a better alternative out there, you should switch.
Also, remember that beginner-friendliness of technology makes all the difference in the world. Sure, your staff may be able to handle the current arsenal, but what about the future? How hard will it be to onboard new employees?
Wrap Up
Ultimately, decisions mean nothing if you’re not ready to enforce them. The truth is that while all of these decisions sound like common sense, it takes a tremendous amount of willpower to execute them. The results are worth it for those who manage to pull through.