5 New Year’s Resolutions for Business Success

As we close the calendar year, the Christmas break is a good time to reflect on business over the past year and strategise for growth in the new year. Whether you are striving for significant growth or maintaining the status quo, a plan for success is the only way to outperform next year.

Below are our top New Year’s resolutions for the New Year:

1. Plan more – Work ON the business not IN the business

When we speak to business owners, one of the recurring themes is their desire to spend more time working ‘on’, not ‘in’, their businesses. Many business owners get bogged down in the stress of the day-to-day operations that they have little time to step aside and analyse the status of their business. Aim to have more time to innovate, brainstorm exciting strategies, and set new goals for the new year.

2. Review your business goals regularly

Reviewing your goals on a regular basis is a good way to check your progress and review what you did to get there. It will provide you with an opportunity to analyse the status of each strategy and confirm if additional attention should be applied to achieve your goals.

3. Stop the dripping taps

Inefficiencies cost many businesses time and money. Sometimes people, equipment, or processes come at a premium and that’s perfectly all right. Inefficiency is when you spend more money than you needed to in order to arrive at the same result. It’s worthwhile allocating some time to do an expense audit on your business. Look for those little expenses that have become a habit but are no longer needed.

4. Manage your resources better

Managing your resources, whether it’s growing your business by hiring more staff or IT equipment, is an important aspect in managing the efficient delivery of your products and services to clients. To ensure the process is systemised, keep a close eye on your resources – this will maximise the efficiency of the resources you have on hand, as well as minimising any waste.

5. Allocate time for ME time

As a business owner, remember that you’re solely responsible for your own motivation, productivity and well-being. All work and no play is a recipe for mental and physical disaster. There’s no boss to pat you on the back or give you a raise. It’s up to you to keep yourself motivated and inspired. Next year, be sure to reward yourself for specific milestones like a big client win, or working “overtime” for multiple nights on end. A healthy work-life balance demands time out. If you won’t invest in yourself, who will?

Implementing to these New Year’s resolutions is a lofty goal for anyone. Follow the tips that ring true for your situation, and adjust as needed. Do you have other resolutions for your business in the new year? Share them with us.

IMPORTANT INFORMATION: This blog has been prepared by Modoras Accounting (QLD) Pty. Ltd. ABN 81 601 145 215. The information and opinions contained in this blog is general information only and is not intended to represent specific personal advice (Accounting, taxation, financial, insurance or credit). No individuals’ personal circumstances have been taken into consideration for the preparation of this material. The information and opinions herein do not constitute any recommendation to purchase, sell or hold any particular financial product. Modoras Accounting (QLD) Pty. Ltd. recommends that no financial product or financial service be acquired or disposed of or financial strategy adopted without you first obtaining professional personal financial advice suitable and appropriate to your own personal needs, objectives, goals and circumstances. Information, forecasts and opinions contained in this blog can change without notice. Modoras Accounting (QLD) Pty. Ltd. does not guarantee the accuracy of the information at any particular time. Although care has been exercised in compiling the information contained within, Modoras Accounting (QLD) Pty. Ltd. does not warrant that the articles within are free from errors, inaccuracies or omissions. To the extent permissible by law, neither Modoras Accounting (QLD) Pty. Ltd. nor its employees, representatives or agents (including associated and affiliated companies) accept liability for loss or damages incurred as a result of a person acting in reliance of this publication. Liability limited by a scheme approved under Professional Standards Legislation.