We know this year has been a wild ride due to the global pandemic, but as we’re rapidly approaching the new year, it’s time to let go of the past and start thinking about the resolutions we want to work on for 2021. Some may say that the term New Year's Resolution comes with negative connotations, and that’s due to setting unrealistic and unreasonable goals. Being entrepreneurs, we’re always trying to conquer whatever we set our minds to. It’s time for a little reality check.
Setting goals should be looked at from a short and long-term perspective. Think about what you can realistically achieve on a 30, 90, 120, and 360-day timeline. Using these four increments can help you stretch your goals out so you don’t feel overwhelmed with having to do everything at once. It’s all about easing your mind so you can actually enjoy achieving your goals.
Now the big question is, what resolutions should you make if you want to grow your business and make big strides in the new year?
We have some ideas to consider! Here are the top 7 resolutions every entrepreneur should make in 2021:
Review Your Business Plan
It’s key to review, evaluate, and update your business plan every year, and throughout, to ensure that you’re on track to meeting your goals. Try doing it once a quarter. Remain consistent with this for both the immediate future and for the long term.
Understand Your Finances
Just because you’re not in the financial industry doesn’t mean you shouldn’t understand the basics of accounting. Familiarizing yourself with the basics can help you immensely. After all, money is what keeps your business afloat.
Start by making financial predictions by estimating future profits, costs, and assets. Then, plan to pay off your debts and lower expenses (personal and business) as much as possible. After, measure the progress of your business so that you know whether you’re on track to meeting your goals. Lastly, work on your personal and business credit if you’re wanting to take out loans in the next year.
Become A Stronger Leader
As entrepreneurs, we must continue to strengthen our leadership skills. This doesn’t just apply if you have a team because you can be a leader in any business setting, whether it’s a client meeting, event, or charity work. There are classes, events, and books specifically focused around leadership that are worth investing in.
Keep Up With Your Industry
Paying attention to what is happening in your specific industry is important. There is a lot of news that could be leveraged for your business. For example, if a story just broke out about a product that could help simplify your internal systems, you can jump on it and run your business more efficiently. Or if a big scandal about a competitor just occurred, hop on it and write a blog about how others can avoid becoming a victim of similar scandals and drop in a bit about your company ethics.
You can do this easily by turning on Twitter notifications for specific outlets, Google Alerts for specific keywords, or signing up for industry newsletters that come straight to your email. Try to dedicate at least 15-20 minutes every morning to keep up with your industry.
Simplify and Systematize
Running a successful business means being as efficient as possible. One of the best ways to do this is by systemizing as much of your business as possible. It can save you time, energy, and manpower, so in 2021 make it a resolution to review where you can be doing so.
You can create systems for training, tech requests, customer orders, team development, and so much more. If it’s a repetitive task, you can likely create a system for it to save yourself a ton of time in the process.
Make Time for Yourself
This might be the most important resolution to make every year. Don’t be so consumed with making a living that you forget to make a life.
It’s important to note, and something that all of us entrepreneurs can understand, when you’re running a business full-time, having time to enjoy life isn’t just going to happen. It’s easy to get swept away in all the to-do’s of running a business, but it’s often at the expense of other areas of your life. Make time for yourself, your friends, your family, and your other hobbies and passions outside of your business. Even if you have to schedule a time for everything.
Entrepreneur burnout is REAL. So, making time to take a break and live your life is imperative. The disconnect from work will allow you to give your business the best version of yourself.
As this year finishes out, keep these things in mind. It’s never too early to start a New Year’s resolution list. Just remember that when you make it, you also need to make a commitment to sticking to it!