Seven resolutions for the 2018 entrepreneur

It’s a new year and a great opportunity to start afresh with new ideas, new rules and new principles. While a lot of individuals would be making new-year resolutions to improve their health, relationships and finances, I believe organizations and entrepreneurs should be doing same, picking specific, realistically achievable and measurable goals.I would like to suggest seven resolutions every entrepreneur should consider this new-year.

Hire right: Every organisation can be as successful as it desires to be if they have the ‘right’ people on board. Employees are the most important and valuable assets to any organisation. Without them, there is no business that could operate efficiently and successfully. This year, I urge you to quit hiring based on family connections and sentiments. If need be, explore the help of a professional recruiter who can revamp your entire Talent Acquisition process from preparing job descriptions, to advertising and eventually hiring competent hands who can deliver in line with your vision.

Effective cost management: There are financial impacts to every decision you make in your business. Healthcare! Transportation! Energy! Overhead! Etc. These costs are constantly rising, as such, it is very important that an entrepreneur becomes cost conscious and seek to effectively manage their finance.  Effective cost management ensures that you implement effective strategies and provide the resources and process discipline needed to enable and ensure the highest level of productivity, reliability and quality at the lowest possible costs. That wasteful attitude has to be left back in 2017. Look for fresh new ways to cut cost and save more money for your organisation. For example, this is the digital age, try as much as you can to run a paperless organisation, the amount you will save on ink and paper will amaze you.

Improve financial management: Financial management of your small business entails much more than keeping an accurate set of books and balancing your business checking account. You must manage your finances so you don’t overspend and so you remain prepared for all expenditures. Be financially responsible. Enough with the pilfering of company funds for personal use. Engage the help of professionals and ensure your financial books are well managed and up to date. Do not default on government regulations and ensure to work with a professional auditor to check your account books from time to time.

Partnerships: I know most people are wary of partnerships, either due to stories they have heard or bitter past experiences. This year, I urge you to re-think again. Having a great partner can help you double your resources, give you the ability to reach more customers, promote greater creativity and innovation, serve as a model to your employees thereby fostering collaboration and teamwork, multiply the ideas, background and the experience your business needs to grow. Ask Debola Williams and Chude Jideonwo of Red Media or Dave Packard and Bill Hewlett of HP, they will agree with me.

Diversification and expansion: Diversification is about building new products, exploring new markets, and taking new risks. The private sector is generally unpredicatable and customers tend to change their minds quickly on various products and services. It is paramount that every entrepreneur seeks to diversify in their current business no matter how confident you are of your current offerings. Seek for ways to either currently expand or diversify to something completely new but will appeal to a new set of customers.

Personal development: “Your level of success will rarely exceed your level of personal development…” – Jim Rohn. Most entrepreneurs tend to focus on training their employees or in a bid to save cost refuse to personally develop themselves. 2018 presents a great opportunity to develop new skills and increase capacity development. Explore free online courses, coaching sessions and mentoring relationships that can boost your knowledge.
Be aware: Ensure to stay up to date with happenings that concern and surround your business. Don’t wait until it’s too late to know that a new legislation has been passed as regards your current service offering. Start your day by catching up on news releases and spend some free time carrying out new research.

It is not enough to have passion to run a business, every good business owner must ensure that they are deliberate about taking steps to improve their business regularly.