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5 New Year resolutions for entrepreneurs

January 11, 2016 | Financial Saviour

The thought of New Year resolutions tends to hit most people once all the excitement of Christmas has passed and the idea of making a positive change for the impending New Year becomes prominent.

Give up something, do more of something, New Year’s resolutions are notoriously difficult to think up and then attempt to persist with when there is always the question hanging over you of – does it really matter anyway if all those good intentions are pushed to one side before the New Year is even a week old?

At Financial Saviour, we’ve gone through all the various problems that entrepreneurs face when both starting out and then keeping their business at the forefront of the market to present what we believe to be five great New Year’s resolutions for not just 2016, but for many years to come.

Don’t worry if you didn’t make one, or if you did and have already failed to keep it (the thought was there!), as we hope that one, two, three or all of the following help you make progress with your business in both the near and distant future.

Get clarity on your finances

Predicting finances

First and foremost, gain a clear picture of your current financial predicament so you can understand exactly where your business is at and begin to identify how you will get it to where you want to be. Hopefully you also have a good idea of whether you are hitting your business targets, as this will majorly help when it comes to assessing your finances for the current year.

Entrepreneurs can make financial predictions for certain timescales into the future based on their current financial situation and proposed future costs.

Lowering your expenses is always a good start to help yourself and business financially, and after thoroughly assessing your finances you might not have to lower them as much as you may have initially thought.

Experiment with Social Media

Social media

Being an entrepreneur and running all aspects of your own business is very demanding; alongside work and meetings, you may hardly ever get any time to make amendments to your business website, never mind social media, but is definitely something worth experimenting with this year.

Implementing a basic social strategy need not take over everything completely, or become a substitute for your website, but engaging and interacting with individuals and businesses through the likes of Twitter and LinkedIn is massively important for spreading awareness of your brand and finding inspiration in sometimes the most unlikely of places.

Remember too that social media is the best source for keeping fully up to date with current news and events.

Attend events and conferences

Business conference

Whatever market, industry or sector your business operates in, there will be an abundance of events hosted regularly throughout the year for people exactly like you. As a resolution for the New Year, aim to attend at least one every month and take at least one useful aspect away to apply to your own business.

Not only are these events and conferences great for providing useful business tips, but they are worth attending for the networking opportunities alone. Whatever event you attend, you are always going to meet like-minded entrepreneurs, and engaged in discussion with them may end up leading your business on a whole new successful division.

Find out about such events by signing up to the e-newsletters for industry-relevant events companies, and connecting with the right people on social media means you will be able to see event notifications.

Create a health plan

Meal plan

Staying sharp and healthy are crucial traits to function as an entrepreneur, particularly in the early days of setting up your own business. Creating your own health plan is probably the toughest of our New Year resolution suggestions so far as it requires a huge amount of endurance to set up and then to actually persevere with.

We were cautious of this slipping into the realms of generic resolutions such as ‘exercise more’ and ‘eat 5 a day’, but believe that tailoring a plan to your exact needs is much more useful. For example, if on a particular day your plan allocates an hour to exercise, or specifies one meal as a certain dish, this will gradually become part of your routine and not just an ‘as and when’-type resolution.

Get out more

Walk outdoors

Different to the health plan in the sense that getting out benefits your work more than your personal wellbeing. As an entrepreneur, your office is wherever you choose it to be. No doubt you have a comfy and professional space set up at your company building or at home where everything is in order and the productivity flows.

This year, however, attempt to leave the office a bit more and spend breaks outside rather than in just a different room indoors. Take a short walk and even if it lasts longer than you anticipated, you will always come back feeling more refreshed than before and this is when your productivity has the best possible chance of reaching its peak.

For help and advice concerning any entrepreneurial matters, get in touch with Financial Saviour today. We are industry experts with extensive experience dealing with all aspects of tax and business structuring for entrepreneurs and SMEs.

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