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New Year’s Resolutions for Your Small Business

New Year’s Resolutions for Your Small Business

By Tom Irmen

The origins of New Year’s resolutions, which were primarily religious in nature, date back to the ancient Babylonians. Today almost 40% of all Americans are estimated to make resolutions annually, despite the fact that their failure rate is a whopping 88%.

The failure rate of New Year’s resolutions is based on the failure to achieve a stated goal; for instance, losing 25 pounds. But the real success, I believe, results from acknowledging a needed area of self-improvement. Execution of your plan to achieve your desired results can be refined through trial and error over time. So don’t give up on identifying areas of self-improvement just because you’ve come up short in the area of execution.

Here are sure ways to succeed:
» Identify areas requiring self-improvement.
» Implement a common sense approach to achieving your goals.
» Make yourself accountable to a trusted friend.

Want to stretch yourself just a bit further in 2015? How about combining your personal resolutions with those of your small business? Just like yourself, your small business most likely can benefit from resolutions focusing on its financial health, well-being, and its relationships with customers. Ask yourself these questions for starters:

» Are you managing your small business or is it managing you? Identify possible areas for healthy future growth, and invest time implementing a well-thought out plan for success. Try delegating routine tasks to co-workers to free up the needed time.

» Can your customers and prospective new clients differentiate you from your competitors? Don’t expect great success in a generic marketplace. Identify those areas where you can successfully differentiate your small business and then implement a marketing strategy to educate existing and future new customers.

Like personal resolutions, success with business resolutions begins when you identify areas of improvement and then implement an achievable plan for succeeding. But consider supercharging your potential for success by becoming accountable for your resolutions to a trusted friend, mentor, or co-worker.

Happy New Year!

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