Like any other kind of new year resolution, the majority of resolutions for a new business year will not be successful.
For many people, a new year is the chance to start over, to do new things, to improve. But initial excitement and momentum very quickly give way to previous bad habits, as soon as we get busy, tired or pressured. So we slip back into the rut of doing things the same way we did last year.
It is insanity to expect to do the same things the same way and produce any different kind of results.
So what should you do about it?
1. Recognise the insanity…
Doing the same things for the same customers at the same prices with the same costs will result in the same profit.
A miracle would be required to achieve a better result. In fact, in many cases, the results will be worse because of inflationary costs and wage pressures.
At the same time, many business owners believe themselves incapable of increasing their selling prices for fear that they will price themselves out of the market.
Doing the same things and getting the same or worse results. Let’s face it. It sucks!
Why would anyone continue to run their business this way? Yet thousands of business owners do.
2. Don’t just make a promise: find a mentor or coach
The bright new beginning promised by the new year soon fades for many. And it’s a very short slide back to the way things were.
Think of those ads for fitness programs and weight loss. They abound at new years and during holiday periods.
What they promise is more than the mere motivation to start on a new goal of losing weight or living healthier. They offer an individual plan based on an assessment of your current situation. They also provide the tools to get started, to measure progress, and provide regular feedback on how successful you are in meeting your goals. They may even provide you with a mentor or coach.
The role of the mentor or coach is pivotal here. A good coach provides the encouragement to persevere, correction when required, and assistance to overcome the stumbling blocks when they arise.
A coach or mentor is experienced in the field and able to show you the best way to persevere and meet your goal.
It is not enough just to have a plan. It needs action. It also needs regular monitoring, through measurement of the right indicators that provide ongoing feedback on the results achieved.
If it is not working, then a new approach is needed and the next steps in the process must be identified.
3. Take the first step towards your new year business resolution
Every journey begins with a single step. The journey towards achieving your new year business resolution starts with a single action. Not an idea – an action.
As you begin to think about your long-term strategy, also consider how to get a few short-term successes for your business. To achieve a few ‘quick wins’, implement a few moves to action immediately and bring some momentum into your business.
Recent research has found that when people see incremental progress in their work – and celebrate those small successes – they’re more productive, engaged, and creative.
Quick wins are important for building momentum for your longer-term plan. They also shift your focus from thinking about a goal into actions designed to implement your plan to achieve your goals.
Where’s your action plan?
Do you have an action plan in place for your new year business resolution?
This will help you move past moments of self-doubt that threaten to stall you. As you meet each objective on your plan, you will start to gain the necessary traction you’ll need to succeed.
At Pretium Solutions, we offer practical and professional advice at every stage of your business journey. This can help you rationalise your ideas and assess the feasible options when faced with key decisions.
Our team of passionate, skilled problem solvers work alongside you to achieve strategic clarity as well as structural and operational efficiency.
This is how to stay on track not only with this new year’s business resolutions but all of your business goals for your future success. Contact us to learn more.
We also offer a Client Advisory Board service – a great resource for every business. You get industry experts in your very own board of advisers, ready to help make your business a success. To learn more about this exciting service, download our Client Advisory Board guide.