5 business basics you should revisit
The New Year is a great time to try out new strategies, make improvements and solidify those all-important skills.
Brad Farris, an American business advisor at Anchor Advisors, says having solid goals set at the beginning of the year is a great way for entrepreneurs to stay focused during the year ahead.
“Whether it’s growing your small business, learning a new skill or managing your finances, having a concrete set of resolutions is a great way to stay focused in 2016”, Farris says in an article on Huffington Post.
Here are 5 basics Farris says entrepreneurs should keep coming back to in 2016.
1. Take the time to understand your finances
The best way to gain a better understanding of your business is to take the time to review the financial performance of the business. This can be done by going through the business’ previous income statements, balance sheets and cash flow statements, says Farris.
“Understanding the nitty gritty of your finances is crucial to running a successful small business,” says Farris.
2. Let go of bad employees
Employees are the lifeblood of the business and non-performing employees can put a serious strain on the business performance. Farris says business owners need to be strict when it come to employee performance, regardless of the bonds built.
“Small businesses often mean small teams, which may lead to more familial bonds with your employees. This may mean feelings of guilt and frustration when you have an underperforming worker whom you genuinely like as a person,” he says.
3. Have a realistic growth plan
Every business’ objective is to grow, however, business owners need to set realistic growth plans for achieving this.
Instead of coming up with growth projections out of the top of their head, Farris recommends that business owners analyse “their current growth trajectory” and use that as a “baseline for future goals.”
“Once you have goals in place, start quantifying how you’ll turn them into a reality”, Farris says.
4. Get your business out there
Business owners need to continually find ways to get themselves and their business out there. Farris says meeting up with new people is a great way to expand your brand.
“Start by picking one big industry conference a year, and if you enjoy the experience, consider adding smaller networking events into the mix. Learning what others are talking about and struggling with is a great way to keep your finger on the pulse of the industry as your business grows,” says Farris.
5. Make time to relax and unwind
Most entrepreneurs work long hours and often miss out on spending valuable time with friends and family. Because of the constant long hours, Farris says entrepreneurs often neglect taking care of their health.
His advice is for entrepreneurs to include exercise in their morning routine. “It is something you can do every day and feel like you’ve accomplished something.”