Happy New Year and Welcome 2012! As we start the year, it’s a good idea to reflect on the past one, and try and start this New Year with a fresh and positive attitude.
The Toronto Board of Trade compiled 10 New Year's Resolutions that every business owner should make to start off 2012 on a high note!
1. Stop being negative about the state of the economy.
This country is still staggering through tough and turbulent economic times. The reality is this economic state could continue throughout 2012. That said, in a trillion dollar economy there are definitely more than a few new prospects that can help grow your business. While complaining doesn’t help find them, offering solutions to solve their problems does.
2. Critique the performance of your employees.
Stop holding onto the people that are poor performers, don’t fit within the culture, or don’t augment the bottom line. If that employee went on a month long vacation would it negatively affect the company? What impact would their absence have? Be objective and make those tough decisions.
3. Market to prospects that meet my product purchasing criteria.
Businesses spend a lot of time trying to market their products to an audience that simply does not possess the financial means to make a purchase. Businesses spend a lot of time on these “Maybes” (prospects that show inconsistent interest). Separate these “Maybes” from buyers by determining the customer’s income bracket, their influence on decision making, and timeframes for their purchases.
4. Do not lower prices to substitute a real marketing strategy.
Have the confidence in what your company sells and do not lower prices in an effort to win business. Focus on prospects that recognize the value your company or products delivers. Leave the price wars to your competitors.
5. Meet with customers and vendors face to face.
Stop relying on email and the phone as an exclusive way to talk with customers. Even in a social media world, deep and long lasting business relationships are still built through face to face meetings and conversations.
6. Attend at least one major industry event.
A big part of success in business is to never stop learning from others. Attend a conference, and focus on the discussions and content. Don’t spending the time working on issues that are happening back at the office.
7. Invest in yourself and learn a new skill.
“Old dogs can learn new tricks." Most companies invest in training and professional development their employees. Take this year to become proficient in a professionally weak area or an area you lack the courage to tackle. Furthering your skill set will ensure success and growth, personally and professionally.
8. Recognize when you need to take time off.
Professional and personal lives are merging. Take one vacation of seven days or longer this year and leave the computer at home. Go at least one day this year without using your work cell phone. You can do this!
9. Truly understand your businesses financial statements each month.
Many business owners are too busy to check or don’t understand their financial statements. Make a commitment to learn what the profit and loss, balance sheet and cash flow statements mean to your business and use them as a guide for future action. Do not delegate that understanding to your bookkeeper, CFO or accounting professional.
10. Be proud you’re a small business owner.
Celebrate the big achievement of creating a company, successfully establishing products and/or services, assisting your customers and empowering your employees. As a small business owner your energy and entrepreneurial spirit is the economic driver of the region and this country.
To read more helpful and interesting articles check out The
Toronto Board of Trade's weekly bulletin board
here!
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