When did resolutions fall out of fashion?
Every year I see or read an anti-resolution social media post or I see it in the subject line of a newsletter I’m subscribed to. But, aren’t goal-setting (or better yet, goal setting AND goal achieving), new-year vision board events, or, more recently, the “journaling your goals” events the same thing?
I feel like it’s just been repackaged into something more palatable. According to Merriam-Webster, a "resolution" means the act or process of resolving such as:
a: the act of analyzing a complex notion into simpler ones
b: the act of answering: SOLVING
c: the act of determining
That sounds like effective goal-setting to me. Maybe the anti-resolution attitude is because it’s often linked with big (and tough) personal goals like losing weight, quitting smoking or drinking, saving money, etc.
But, I absolutely love resolutions and setting and achieving goals (or getting really close), and I think entrepreneurs should embrace them because setting clear goals and staying focused on achieving them is critical to having a business that is thriving and goes the distance.
Just make sure those resolutions are meaningful and SMART (Specific, Measurable, Attainable (or Achievable), Relevant, Time-Based).
Not sure where to start? Here are a few ideas. This year resolve to:
1. Establish a system to maintain good records.
Write out the steps, share the new procedures with your team, and follow them daily. You need good customer records, financial records, and employee/vendor records to operate successfully. This may mean you need to start using a customer relationship management (CRM) or a program management tool or start making use of the other functions of tools you currently use.
Whatever you do, make sure you keep it simple enough so that everyone on the team will actually do it and keep up with it.
2. Be kind to your Bookkeeper/CPA.
Help them, help you. See #1.
Keeping up with your receipts and records regularly will make for a somewhat easier tax time. And not handing over a mess may mean a lower bill for you, or more importantly, more accurate and timely financial reports that you can use to make decisions in your business.
3. Prioritize the legal and operational tasks you continue to put off.
Often, the one-off tasks, or things that do not directly involve your customers, are put off until you have the time or the resources to address them. Tasks like:
The operating or partnership agreement you never had drafted and signed by the partners
Working with contractors without agreements
Filing taxes
Protecting your intellectual property before one of your students, clients, or social media followers copies it
Creating a business plan instead of flying by the seat of your pants
Outsourcing so that the business can grow without sacrificing your sanity
Getting proper business insurance
4. Get insured and take care of your estate planning.
You transitioned from corporate, and except for your health/dental/vision insurance, you’ve been putting off all the other benefits your former employer had likely provided.
As a business owner, what happens if you are not able to work for a long period or at all?
Do you have the right insurance to cover the loss of your income? Who in your life can make decisions on your behalf? Make this the year you take care of your estate planning.
Clarifying goals, making improvements, and overall embracing resolutions can help you stay motivated and focused on achieving.
Here at MC Law, we encourage small business owners to be proactive. Check out our Business Planning page to learn how we help you have peace of mind about the operation of your business and our Intellectual Property page for more information on how we help you protect and maximize your business assets.
And stay tuned this year as we share more about getting your house in order – Estate Planning.
Cheers to 2023!!