113 - 3 Ways To Redefine Your Business In 2016
For entrepreneurs, the end of the year is a time to look back, take stock and start planning ahead for how to take their businesses to the next level. There are many great opportunities for improvement going forward, and I’m happy to say that none of them require spending more time at the gym or swearing off chocolate chip cookies. If you’re looking for ways you can work on improving your business starting in 2016, I recommend three areas to consider.
1. Setting financial goals.
The researchers at Statistic Brain report that among the general populace, a top resolution is managing money better — specifically, saving more and spending less. This is one area where the entrepreneurial sector isn’t that so different from everyone else. After all, whether you’re talking about personal or business finance, it’s natural to want to improve. And what better time for a fresh start than the beginning of a new year?
If you’re not sure how to determine the best financial goals for your company, the accountants at Smolin recommend goals based on where you are in the development of your business. If you’re a first-year startup, for example, you’ll want to do some basic work on doing a better job of managing cash flow and creating a budget for your business. If you’ve already got a few years under your belt, though, it’s time to focus on goals for growing revenue and reducing costs. And in that sense, an entrepreneur’s resolutions aren’t that different from everyone else’s at all.
2. Creating an innovation strategy.
It’s a good bet that, like many successful entrepreneurs, you’re in business because you know there’s a better way to do something — and you’re the best one to introduce it to the world. An innovation strategy lays the foundation for you to succeed in doing just that. Start 2016 by thinking about what you can do to pave the way for innovation — and resolving to make whatever that is a fundamental part of your company going forward.
Start with a look at what other companies are doing to foster innovation. Fast Company recommends looking at the successful strategies of what it calls big companies that act like startups. Those strategies include tapping outside collaborators to spark creative thinking, taking small steps rather than always waiting for the next big idea and resisting the temptation to invent everything in your company — especially when a perfectly good way of doing something already exists.
3. Developing a succession plan.
Contemplating what your company would do without you probably doesn’t come naturally to you as an entrepreneur. After all, that business is your baby, and you’re the one in the best possible position to steer it forward in the right direction. But let’s face it: Things happen. If the time ever comes that you can no longer lead your company — or no longer wish to for some reason — you need to have a plan in place for what’s going to happen next.
Planning and being prepared for change is an important part of being a successful entrepreneur. And the time when we we mark the transition to a new calendar year is a great time to do some serious business planning. On that note, I wish you and your company a happy and prosperous 2016!
Read the full article here: Forbes
All the best!
Patty Block
