2020 Business Resolutions to Make (AND Keep)
Welcome to 2020! It’s a new year, and for many entrepreneurs a new year means a fresh start. And with every new year comes the oft dreaded New Year’s resolutions. But fear not! We aren’t here to suggest giving up your favorite junk food or spending hours at the gym. Rather, we’re talking about business resolutions. We kept them practical, attainable, and capable of helping you be more profitable in 2020 than ever before!
Unless you’re the type of person who can’t function without everything in your life and business being perfectly organized, chances are there’s room for improvement. The beginning of a new year is a perfect time to reorganize, restructure, and declutter. The old saying “out with the old, in with the new” is an apt sentiment to keep in mind when you’re struggling to let go of older inventory or systems that are no longer working for you and your business. Remember to keep an open mind and stay on top of the latest business trends and best practices to help you navigate what will work best for you moving forward.
A while back we jumped on the Marie Kondo bandwagon. Check out our article on how to apply the Konmari method to your business to stay organized and less stressed. We offered tips on managing inventory, organizing product, and balancing your books.
And speaking of your books…..
Keep Your Finances On Track
Money management can be one of the most stressful things about running a business. However, keep in mind that disorganized books, monetary discrepancies, and inaccurate accounting will be a heavier burden to bear in the long run. While no one may particularly enjoy the mundane task of sorting through costs, profits, and ROI’s for each item in their inventory, starting off the new year with clear and precise numbers will keep you on track for the months to come.
Control Your Spending
While we’re on the subject of money, start off 2020 by knowing exactly where you need to trim the excess fat from your spending. Before you splurge on anything, a new computer, shipping materials, software, or even new employees, sit down and take a long, hard look at your monthly overhead and profit. Ask yourself if new expenditures are absolutely necessary and if they’re necessary now. If the answer to both of those questions isn’t a resounding “yes” then either reconsider or table the expense until a later time when it makes more economic sense.
Try Something New
If your books are in order and you have a clear view of your spending needs and scope, consider trying something different. Consider a new system for inventory management, payroll, or even a new app that may benefit you and/or your employees.
If it’s just not the right time to implement a new process into your business, consider trying something new just for your own personal satisfaction. Some of your options can include taking a class, starting a hobby, or pampering yourself physically and/or mentally.
Dedicate More Time For Fun
We tend to schedule everything in our lives: work, school, meals, etc. that we often forget to put aside time just to have some fun. Try making more of an effort to squeeze in social activities with friends and family to keep yourself from feeling too overwhelmed by the responsibilities of your business. Whatever fun looks like to you, whether it’s staying in and watching movies or something as extreme as skydiving, plan it, schedule it, and make it happen. Running a business can be serious business, but it doesn’t mean you shouldn’t be having fun along the way.
Welcome to 2020!!