Are you out of breath from the impact the economy had on your business during the last several years? Is it time to develop some New Year’s resolutions that will make a difference in your business? Adopting a new diet, jumping on the treadmill or committing to run a half marathon are common items on the “personal” resolution menu. However, is it time to add energy and resources to your resolutions in order to improve the health of your business?
Try the following ideas as we head into the first quarter of 2014:
- Celebrate the achievements of your team and customers.
The two most important resources of your business are your team and your customers. Take a few minutes to develop a program that recognizes and celebrates the achievements of your team and customers.
- Develop a line item in your budget for continuing education.
During the recession, your professional development budget may have taken a major cut. It’s time to add dollars to the budget for training and continuing education. Consider increasing last year’s training budget by 10 percent.
- Develop strategies for improving the cash flow of your business.
Challenge your management team and your business advisors to develop strategies for improving cash flow. You can’t spend the bottom line profit, but you can use the cash flow to reinvest in your business and community. In addition, a sustainable cash flow model will ultimately increase the value of your business.
- Determine the value of your business and develop strategies to increase the rate of return on your most prized investment.
Obtain an updated business valuation from a certified appraiser and then develop strategies for improving business performance and the rate of return on an annual basis. Develop a goal for a defined rate of return for your business in 2014.
- Buy some new technology for yourself.
We live in a high-tech society and technology will continue to change the way we do business. Make a commitment to buy new technology and then learn the applications inside and out.
- Schedule a family vacation.
A successful business has the understanding and support of your family. Long hours … late suppers … numerous emails and a 24/7 mentality have become part of the routine for the family-owned business. Reward yourself and your family with a family vacation. Use your new technology to research and schedule the family vacation. Get this done by the end of the week!
Need Help and Accountability?
The final strategy for your 2014 resolutions is IMPLEMENTATION. Consider giving your resolutions to a trusted advisor for oversight and accountability. It’s easy to make resolutions; it can be a struggle to stick with them. If you need help, contact Rea & Associates. Our team of Ohio financial and business consultants can help you stick to the resolutions you set for your business.