A new year has begun and it is up to you to decide how your 2023 would be regardless of all that happened in the previous year. Another opportunity has presented itself for you to learn and grow. This is a chance that successful businessmen and women do not take for granted because they always approach the new year with purpose and determination. Hence, they review and refine their game plan to take them closer to their long-term goals.
Below is a list of things that successful entrepreneurs do in the beginning of the year, that is in January, in order to excel in their line of business.
1. They Create a Budget Plan
The health of a business is dependent on effective budgeting. Analyze and estimate costs against your profit margin?
If you cannot do this yourself, you could enlist the help of someone knowledgeable in accounting. This exercise is important because it makes things clearer for you to see and understand your business status so that you can make informed decisions.
2. Reflect and ask relevant questions
While some people might reflect and evaluate what happened in their businesses at the end of the year, others prefer to think deeply about their company in the first or second week of the new year. Reflection helps you in realizing what went well in the last year and areas to work on. This could lead you to asking questions probably on how to boost marketing and sales, the location of your store and its impact on cashflow and several other questions that might pop up.
Asking these smart questions will make you a better value-provider for your customers.
3. They create SMART Goals
Successful entrepreneurs use the month of January to set SMART ( Specific, Measurable, Achievable, Relevant, and Time-Bound) goals for themselves and their businesses.
Specific: Clear and well defined.
Measurable: With success metrics or criteria that shows that a goal has been accomplished.
Achievable: Possible to achieve or happen
Realistic: Within reach.
Timely: With a clearly defined timeline.
4. Create a vision board
Visual representations are really powerful as they allow you see what is possible. It stays fixed in your mind’s eyes. This is the main reason why vision boards have proven to be effective when planning. Successful people in general, whether they are business owners or not, have used vision boards to constantly keep their priorities at the forefront of their minds.
A vision board could simply be made by using a piece of cardboard, mobile apps and so on. The aim is basically to represent your target goals of the year using images. If you plan to open a new branch, include a picture to indicate a chain store, if you would want to invest in a sound mind to help you make better decisions, you could attach a photo that would remind you of that as well. The idea is to see all your goals at a glance anytime you look at your vision board.
5. Commit to learning and improving
Right from the beginning of the year, successful founders and CEOs figure out ways to improve on their knowledge or find entirely new ways of tackling things so that they can apply their learnings to their business. This could range from taking online or physical classes to trainings and events.
6. Determine how to check in quarterly
To maintain a healthy business, successful entrepreneurs, in january, set up structures in place that will be used to evaluate progress.
It is important to check in every quarter to make sure that you are still on track in achieving your set goals. These reviews are always a great way to know what is working for you and the rate at which you are moving towards your objectives.