New Year's Resolutions for Your Business
ask an expert: work and financecanada
(Jan.04.11)
In this monthly contribution, Amy and Danielle, founders of Admiral Road Designs, share the trials and tribulations of being moms and entrepreneurs. Check back the first Tuesday of each month for a new post.
Happy New Year!
Are you making personal resolutions this year? Most of us decide that a new year is a perfect opportunity to make some changes. Usually we decide we’ll hit the gym more often, watch our spending, lose that 5 pounds — in general, we resolve to tackle our vices. Even if you’re not the New Year’s resolution type, we’ve all got some aspects of our business that could use a little tweaking. What better time than January than to take on what ails us in business?
Here are some resolutions to think about for your business this year:
1. Make a plan! Determine your broad goals for the year and then develop some strategies for reaching them. We find it helps to really break down what needs to be done into small pieces and then assign responsibility (if you have help). Also, plot your initiatives on a calendar and then stick to it. Looking at the big picture early in the year helps you to see what is achievable.
2. Get on top of your financials. A bookkeeping system is essential. It’s not just for the taxman either – knowing what you’re selling and what it costs you is key to forward planning. If you’ve got the budget, you can hire a bookkeeper to take care of the books for you. Alternatively, you can keep it in-house. There are a number of user-friendly accounting software packages out there. Get some advice from your accountant about what will work best for you. Don’t have an accountant? Make that your first priority!
3. Track where your sales come from. If you don’t find out where your new business comes from then you don’t know what marketing initiatives are working. Tracking is invaluable when it comes to figuring out where to allocate your resources.
4. Get outside of your comfort zone. Make a goal to make X number of sales or networking calls a month (make it a reasonable goal, otherwise it’ll never happen). We’ve found that practice makes this easier, if not perfect.
5. Vow to celebrate your successes this year. Self-employment can sometimes be a grind, but if you take time to applaud your accomplishments – big or small – you’ll stay more motivated and focused. A celebratory coffee date or pedicure might be just the thing to keep you going!
Whatever you resolve, here’s wishing you a wildly successful 2011!
Amy Ballon and Danielle Botterell are the co-founders of Admiral Road Designs. Prior to establishing their personalized blanket company, Amy and Danielle both attained their MBAs and worked on Bay Street. Both women live Toronto with their families. Amy and Danielle’s book on mom entrepreneurship, will by published by HarperCollins in early 2011.
Thought that was sweet? You'll enjoy: