Adopt these seven resolutions and watch your business grow and thrive.
Resolution Number One. Spend the first hour of each day on marketing. Send emails, write letters, make phone calls—do something that has a chance to generate business! I would credit this one factor above all others in business success. If you just get in front of the right people every day, you have a chance to make a sale! Too many business owners are so busy being busy that they never have time to market! How much time do you spend on marketing per week—really spend?
Resolution Number Two. Spend at least three hours a week (more would be much better) working on your business, NOT in it! That means taking the time to write procedure manuals, business plans, and the other cornerstones of duplication and long-term success. Few people enjoy this, but it is a very important factor if you are ever going to maximize the potential of your business. The more systematized your business becomes, the easier it is to run and the more time you can spend making money or playing golf instead of putting out fires.
Resolution Number Three. Outsource everything you can that is not critical to your core success. That means bookkeeping, cleaning, mailings, and so on. The more time you spend selling and marketing your business, the more money you will make. Look at Nike, a giant of a business success. They outsource everything, they make nothing. Instead, they focus on sales and marketing. There is a powerful lesson to be learned from this!
Resolution Number Four. Focus on your core business. Grow your business vertically, NOT horizontally. That means finding new products and services to offer to your existing market rather than trying to open up new markets. New markets are for the big boys with very deep pockets. For the small business owner or entrepreneur, the money is in your niche, whatever that niche may be!
Resolution Number Five. Try to add a residual income component to your business like service contracts or life insurance! Having your income 100% based on what you accomplish today gets old quick! How can you add something to your product or service so that customers pay you something every month? Even $5 per customer becomes your car payment pretty quickly!
Resolution Number Six. Find backup people! If you have five employees, you have five ticking time bombs! A good friend of mine recently had his friend and key employee of five years leave and start a competing business right out of the blue! Even I couldn’t believe it, and it’s happened to me more than once.
Always have a Plan B. It’s the person who looks least likely to leave or cause problems who undoubtedly will! Don’t get caught in the lurch. Make sure you can find backup people in a hurry! Your best people can fall in love, move, get arrested, and even die! Always keep resumes on file; you will sleep better at night: tick, tick, tick.
Resolution Number Seven. Set performance goals for yourself and your employees. Have something to aim at and keep it in front of you every day. This is Business 101 advice, but you’d be surprised how much more you can accomplish if you keep your goals for the year, month, week, or day right on your desk! Set up rewards for yourself and your staff for reaching goals! What gets measured gets done!
Live by these simple resolutions and you will be happier, stress free, and more profitable!