Entrepreneurs: Resolve Not to Resolve This New Year
It's that time of year again. The time for people to set expectations and goals to better themselves -- or their businesses. Some squirm in their seat when hearing those three words, "New Year's resolutions." Oftentimes those resolutions don't even see the end of the year. In fact, New Year's resolutions have a failure rate of around 90 percent, according to various studies.
The problem? Setting unrealistic goals.
For small-business owners, 57 percent set annual goals for their businesses, while the remaining 43 percent hold back, according to a recent survey of 217 small businesses from The UPS Store. The main reasons for not setting yearly resolutions include business and market unpredictability, not seeing a need in setting goals, owning a seasonal business or having the mindset that the business is too small for goals. However, setting yearly goals is beneficial for every business. And turning those goals into achievements doesn't have to be painful. Follow these helpful hints to make your 2018 business goals a success.
Avoid lofty goals.
One thing that will end your resolution quicker than it started is being unrealistic. Set a series of short-term goals that make a long-term impact. Increasing sales and acquiring more customers are among the most popular business goals of 2018 from small-business owners. Many times, people set goals that are unrealistic for their situation. Set yourself up for success by knowing or making a more realistic guess of what will work for your business.
Make it measurable.
Make quarterly or monthly plans to work your way toward your ultimate goal. According to The UPS Store's survey, 44 percent of respondents check their progress monthly to keep on track. Track your progress and keep records to hold yourself accountable. Having tangible evidence that you're getting closer to your goal will keep your mind at ease and focused.
Knock down the hurdles.
Sometimes you are your own worst enemy. Did you slip up? Take note of it and move on. Fight the negativity and doubt, and remember why you made the resolution in the first place. Keeping your end result top of mind will keep you motivated to ultimately make it happen, no matter the obstacle.
Just because it's a new year doesn't mean that your goals will be accomplished immediately. Not only should you plan what to do to reach your ultimate goal, but you should also plan for roadblocks. Sometimes life can get in the way -- planning for setbacks before they happen will make the coping and rerouting process more seamless.
Revisit your passion.
What did you envision when you started with just an idea? What made you or motivated you to start your business to begin with? Revisit those roots. Visualizing what you imagined your business to be before it all began can reignite your passion to achieve the goals that will help drive your business forward.