4 Realistic New Year’s Resolutions for Business Owners
Content was originally published on Inc.com on December 17, 2019.
The end of the year is a time for reflection. It’s a time for planning. It’s a time for growth. As a business coach, this is one of my favorite times of the year because I get to sit down with my clients and go over the victories and the struggles of the past year and help them develop new habits going into the new year.
So, today I want to share some of the things that I think we can all work on this next year as business leaders.
1. Set Boundaries on How Many Hours a Week You Will Work.
We talk about this a lot here at Maui Mastermind and I recently wrote a book on the topic called The Freedom Formula. There is always a never ending to-do list of tasks and projects, and it’s up to you to set hard boundaries on how much you will or won’t work. I have a hard stop at working forty hours a week. This has made me a better business person, as it pushed me to think about my limited inventory of time like a NASA astronaut– as a precious consumable that I have to optimize to complete my mission.
There’s a lot of math behind this one but the premise is fairly straightforward. Instead of thinking of your time management in terms of the old 80/20 rule, I want you to think about the 1% of your day that produces 50% of your results. I encourage all business owners to choose one day a week where they block three to four hours out of their day to focus on the 1 percent that produces 50 percent of their results. Turn your cell phone off, shut down your email client, and work on the A-level tasks and projects that really matter. Avoid distractions and other people’s “fires,” and you will soon begin to see the power that comes with upgrading your time.
3. Hire a Business Coach or Find a Mentor.
The whole idea of leveraging a business coach or finding a mentor is to help you avoid a lot of the expensive trial and error that most business owners take as they build a business. While many of the situations you come up against in your business (whether they be about managing your team, growing your sales, creating your next products or services, or controlling your expenses) may be new to you, a coach or mentor can draw on his or her past experiences to give you clarity on the best path forward.
Every small business has to start somewhere. At one point you were excited about every single sale that came across your desk. You were grateful to be able to pay your lease on your office or pay your vendors on time. Every one of those milestones meant something to you as a business owner. Now, several years later, many of those early milestones may be taken for granted. But if you find yourself getting caught up in the day to day of running your business, stop and reflect on how far you have come and how far you can go if you keep your eye on the prize and focus on growth and scaling your business.
If you want to grow in 2022, set boundaries and focus on the 1% of your time that produces the most growth and value for your business. Then seek the expertise of a business coach, mentor or mastermind group to really compound your growth. And last but not least, be grateful for the journey and how far you have come.
Have a great 2022.