Kicking off the new year as an entrepreneur means taking a step back to lay down a strategic foundation for success. Taking certain pivotal steps can set the stage for a year full of growth, resiliency and accomplishment. But what are the steps that every business leader should take this January to start the new year strong?
1. Reflect On The Ups And Downs
A valuable piece of advice for entrepreneurs is to kick off each new year with some self-reflection on the ups and downs of the previous year. No matter how driven and optimistic you are, success won't magically appear without taking a hard look at your habits and identifying any stumbling blocks that held you back from reaching your lofty goals. Imagine it like someone eager to start their weight loss journey in the new year but only committing to rigorous gym workouts five days a week, all while ignoring their struggles with binge eating. The result? They'll either fall short of their target or never quite get there. Entrepreneurs can make the same mistake by failing to analyze what obstacles hindered their progress in the past. - Travis Schreiber, Erase Technologies, LLC
2. Target Your Blind Spots
I recommend reflection as one of the most important things you can do every January to set yourself up for success. First, examine how your expectations for the last year lined up with what you experienced. When you notice gaps, you can use them as a way to find out where your blind spots are. Target these blind spots with education! Maybe you can catch up with just a few videos from a different perspective. Maybe it's worth investing in a new book or course. Just do what it takes to close the blind spot and you'll be in a better position to plan your new year. - Matt Doyle, Excel Builders
3. Make A List Of Books To Read
If you want to start the new year off right, I highly recommend making a list of books you want to read throughout the year. In my experience, people who find success and hold onto it are avid readers. They are interested in learning and evolving based on new information. By putting yourself in a position where you're reading on a daily basis, you'll begin to notice a change in how you think about things and approach problems. I believe you should read a healthy mix of business and technology books as well as fiction to keep your imagination active and engaged. - John Turner, SeedProd LLC
4. Set Goals For The Year
One thing I recommend every founder do in January to set their new year up for success is to conduct a comprehensive review of the previous year’s performance and set clear, achievable goals for the upcoming year. This includes analyzing financial statements, assessing the effectiveness of marketing strategies, evaluating customer feedback and identifying areas for improvement. By taking the time to reflect on past successes and challenges, entrepreneurs can make informed decisions and develop a strategic plan for the year ahead. Additionally, it’s essential to prioritize self-care and mental well-being, as maintaining a healthy work-life balance is crucial for long-term success. As a founder myself, this is an annual routine that I undertake in advance of a new year. - Eddie Lou, CodaPet
5. Conduct Audits Of Processes And Software
Process and software auditing is a great way to kick off the new year. Shed old processes and outdated modes of operating, and the software that accompanies them, and build new processes that better suit your current and envisioned year ahead. How many times have you signed up for a software or license that renews and you didn’t take advantage of it? Running audits on processes helps dial in where you are spending and how you are performing. Often, there are updates in software and capability during the year that you are not taking full advantage of either. Enlist your whole team in this effort and figure out what processes should be changed and what new software might be available to facilitate greater productivity. Cooperation helps the transition! - Matthew Capala, Alphametic
6. Schedule Time For Networking
Create a networking calendar. Review your goals and find conferences and trade shows that will support them. Find networking groups and set up a calendar to reach out to important contacts to check in. Use the time to build your plan to strengthen your network. - Zane Stevens, Protea Financial
7. Organize A Team Meeting
Organize a team kickoff meeting that brings everyone together, either physically or virtually, to celebrate the start of the new year. In our kickoff meeting, we share our goals for the year and how each team will contribute to achieving the goals. It helps get everyone in the right mindset and aligned. We also transparently review what we accomplished the prior year and how it stacked up to the goals we set for ourselves. This tradition strengthens our culture by ensuring each person understands how their work impacts the overall organization and encourages accountability. As the founder, it helps me reset properly for the new year. - Nanxi Liu, Blaze.tech
8. Create A Compliance Calendar
I often advise entrepreneurs to prioritize setting up a compliance calendar. This means reviewing upcoming tax and reporting deadlines, understanding changes in regulations and ensuring all financial documentation from the previous year is accurate and organized. This proactive approach not only prepares you for obligatory filings but also provides peace of mind, allowing you to focus on growing your business. - Jack Perkins, CFO Hub
9. Make Time For Self-Care
Start the year off right by prioritizing self-care. Most people jump to strategies and goals without noticing what emotional, psychological and mental state they are in. When we are in a bad headspace with low energy, the goals we set and the strategies we consider are limited. Get yourself into a really great mindset by making space for real breaks, workouts, sleep, eating well and doing activities that invigorate your body, mind and spirit. - Rachel Beider, PRESS Modern Massage
10. Set Your Financial Projections
Every entrepreneur should prepare financial projections for the new year to set themselves up for success. Planning and strategizing on cash flow projections helps set clear financial objectives for the new year and ensure you have the money you need to manage expenses, growth plans and goals. By analyzing planned investments, in-flow and out-flows of money, one can avoid emergencies and have the required capital ready to strategize and profit from opportunities as they come up. A detailed budget also helps you save every month and avoid unnecessary expenses that can eat into your balance sheet. It also helps a business strategize a sustainable return on investments and improve its growth potential while minimizing unexpected losses. - Brian David Crane, Spread Great Ideas
Article Posted in Forbes HERE