Research shows that more than 65% of New Year’s resolutions fail within the first month. Therefore, when making business goals for the new year, you should create a plan that will help you remain focused on your goals long after the New Year’s resolution fades.
Here are five tips for achieving your business’s New Year’s resolutions.
Have SMART Goals
The type of new year business goals you make greatly determines whether you will manage to achieve them or not. Like any other goal, your business goals for the new year should be specific, measurable, achievable, realistic, and time-bound. For instance, if your goal is to generate more leads, ensure you establish a specific number of leads you would like to generate by the end of the year and make sure it’s attainable.
Break Your Goals into Manageable Bits
One reason why people abandon their resolutions is that they feel discouraged, particularly when their efforts don’t seem to be bearing fruits. If, for example, you intend to increase brand awareness in your business by the end of the year, it will take a lot of effort and strategic planning to achieve that. Just one month into the process may feel like a lifetime, especially because your business isn’t yet used to the changes. As such, you may anticipate making tremendous progress within a short time and give up altogether when you don’t achieve that. Therefore, ensure you split your long-term goals into sub-goals that can be measured within short time-frames. This way, you will notice progress and stay motivated throughout the year.
Meditate on Random Ideas
A random thought may cross your mind during your daily business operations or even personal time. However, some thoughts can actually turn out to be viable and successful business ideas if you take the time to internalize them. Therefore, whenever you come across random ideas, evaluate them carefully and meditate upon those that seem helpful. By doing so, you can get the right thoughts that will help you stay focused on your business goals even when things don’t seem to be working.
Remember Why You Started
Making New Year’s resolutions is one thing, achieving them is another. While many people want to achieve their resolutions, only a few are willing to put in the work and stay consistent throughout the year. However, always remember that while there’s no guarantee sticking to your goals gets easier with time. For instance, when you introduce new business models to your employees, they may not respond well for the first few weeks. Even so, they will eventually adopt them and perform better. Therefore, when your business resolutions start fading, remember why you started the process and focus on the end picture. If your goal was to open a new branch, visualize the new premise in your mind and focus on it throughout the process. Eventually, giving up will seem more difficult than staying on course.
Celebrate the Small Wins
According to Cornell University Foundation, immediate rewards can help boost motivation significantly. Therefore, instead of waiting till the end of the year to celebrate your achieved goals, ensure you reward yourself and your employees for every sub-goal you achieve. For instance, if an employee takes personal initiative to contribute towards the achievement of a sub-goal, be sure to reward them. This will help keep them motivated and even compel others to work harder. Additionally, recognizing small wins enables you to see progress, which will help you stay focused on your business goals.
For more expert tips to grow as a business owner, contact our experts at Economic Development Collaborative today!