People make resolutions about losing weight, stopping smoking, and other habits that they probably will not give up. Business owners should take advantage of this time-for-future-thinking opportunity to set goals to enhance their businesses. Here are five resolutions to help entrepreneurs have a more profitable 2016.
1. Do what you are good at. This is usually the way the business got started. An entrepreneur has a good idea or a special skill. Before long, this same innovator is keeping books, designing brochures, tweeting, and sweeping floors. It is worth time and money to hire people to do minor chores, so that you, the CEO, can focus on building the business.
2. Be passionate. One thing Donald Trump has demonstrated is that “energy” counts. There are times to be cool (e.g., when confronting a crisis). But, in general, if you are not passionate about your business, no one else will be. During networking events, interviews, and presentations, be confident, and lively.
3. Give it time. Technology, a bull stock market, even binge-watching television shows have made instant gratification standard operating procedure. But to remain viable, you need a long-term plan, as well as short-term gains. Even if your goal is to be acquired, you should develop a multi-year plan, and be prepared to be patient and profitable, until the right offer comes along.
4. Have a Plan C…and D. With a dramatically-changing, global economy, you need to develop several alternatives (e.g., multiple potential suppliers in different geographic locations), not just one fallback.
5. Bet on it. Wagering seems to engage people and focus them on success. Some put more thought into their NFL fantasy teams than into their business plans. Study the competition, field your best team, set your strategy, and bet on winning. Make a wager with yourself about a specific goal, and reward yourself next year with that cruise you always wanted.
There are numerous uncertainties ahead. The Republicans and Democrats are promoting two different visions of economic development in America. Future incentives and/or regulations would vary depending on which party wins in 2016.
The emerging global middle class offers new huge international markets. But terrorist threats around the world make angels nervous about international investments.
U.S. suppliers or customers prone to hurricanes, tornadoes and blizzards are always at risk.
But, even if you cannot guarantee you will lose weight, you can and should take steps to gain profits.