Business Resolutions for a Profitable 2018

Statistics say that 80 percent of New Year’s resolutions fail by mid-February. Sure, personal goals can often be the most challenging of any objectives. But what about in the business world? Does the act of creating New Year’s objectives apply to companies? If you’re like the majority of business owners, you have likely begun strategizing your 2018 New Year’s resolutions. In today’s ever-changing, fast-paced environment, savvy entrepreneurs are thinking through exactly how they will propel their company forward in 2018, even brainstorming how to use specific benchmarks and trackable targets to get there. And while this thought process is important, it’s not enough to simply reflect upon business goals for the coming year. The real winners in 2018 will be those business owners who are putting pen to paper on overall strategy and actionable goals.

A business resolution can range significantly, from sales and business development to employee relations and company culture improvements. In order to prepare and activate a profitable 2018, keep the following business New Year’s resolutions in mind:

  1. Establish a method of polling your staff, and start from the bottom. Gathering information from your employees is the easiest way to make quick improvements on pain points within your organization. Dedicate time to sitting down with as many bodies as possible and make sure at least one member from each team gives feedback. From culture enhancements to internal best practices, even the smallest of changes can make a big difference.
  2. Spend a few hours with each department to learn the ins and outs of their day-to-day. Hands-on business owners are able to highlight efficiencies, rethink inefficiencies, and better understand their workforce as a whole.
  3. Write down your top 10 company goals and then write 10 specific objectives under each and every one. In doing so, you will not only emphasize exactly where you want your company to go, but you will unearth exactly how to get that done in the most efficient way possible.
  4. Reevaluate each and every meeting. It’s no secret that company meetings (even small team meetings) waste an extraordinary amount of time. Dedicate 2018 to determining exactly how long a meeting should go. Set time limits and stick to them, then watch as the production of your business flourishes.
  5. Focus on building your personal network. Far too many business owners neglect to grow their network once they’ve established their organization. Building personal connections in the community is one of the most effective ways to grow your client base.
  6. Make accountability a top priority this year. From your staff to your executives to yourself, everyone in your organization should have someone to answer to regarding goal completion. Establish systems to implement accountability checkups and make sure this is continued throughout the year.
  7. Develop your company’s culture through organization social outings, a commitment to time-off, and regular positive feedback. It’s easy to get lost in the day-to-day and then forget to plan a work happy hour or even write a congratulatory email to a stellar employee. Make it your business to dedicate time to developing a happy, positive working environment to greatly improve staff retention.
  8. Pay attention to your company’s digital presence. In 2018, companies who fail to dedicate resources to online marketing are sure to get outperformed by their competition. Whether you are hiring a marketing director or an outside agency, don’t neglect your own business this year.

No matter what your New Year’s resolutions may be, the ability to make a plan and stick to it is key. Talk to your staff, build the energy in your office, and establish a culture of open communication. Then, be sure to write down detailed courses of action to achieve your goals. As a result of these concerted efforts and specific objectives, your business is in store for a successful 2018.