4 Things Every Entrepreneur Needs to Do the First Week of the New Year
Now that the holidays are over and the new year is in full swing, it’s time to head back to the lab to formulate fresh, smart, and effective ideas that will grow your organization.
Whatever the size of your firm, whether you’re B2B or B2C, and regardless of the industry in which you operate, here are four must do’s that you need to launch if you’re aiming to increase profits and market share over the next 365 days:
1. 100-Day Plan.
Since the 1930’s when Franklin Roosevelt pioneered it as a means of gauging his effectiveness in the Oval Office, the 100-day plan has become a tradition for newly elected American Presidents. The plan consists of achievable short term goals that adhere to a President’s long term vision for the country. Entrepreneurs should write their own 100 day plans as blueprints for advancing their organization’s productivity and profitability. Such a plan establishes 100 tasks, and requires business owners to consider the specific steps and resources that are needed to bring them to fruition. While there’s a time and place for visionary long term planning, the 100-day plan allows entrepreneurs to craft and pursue attainable objectives and start the year off with a burst of energy. When the 100-day finish line is reached mid-April, entrepreneurs will know if they should be celebrating or if they need to recalibrate their efforts.
Related: How This Mom Grew Multiple 6-Figure Businesses From Home
Whether you want to improve the feng shui of your office or just make it easier to find and store your stuff, a comprehensive tidy up of your company’s work space is a laborious yet necessary task. To make it happen, set aside a Saturday when your team can come in, rent a dumpster and high capacity paper shredder, and destroy unnecessary documents, presentations and files, and toss out old equipment, brochures, books, product samples, and other unproductive items. Once your space has been tightened and tidied, implement a cloud-based backup system that allows for fast and convenient recovery of your organization’s electronic files. The decluttering will not only allow your team to operate more efficiently, it will also help your office to look more streamlined and professional.
Related: 5 Marketing Essentials for Your Business to Appeal to Millennials
3. Fire the person you know you have to fire.
Maybe you’ve tried to intervene to help turn things around, or you’ve ignored the problem in hopes that it would eventually take care of itself. But however you’ve handled the challenge of having weak members on your team, you know that they’re there and that they’re dangerous the to the health of your company. If you didn’t have the heart to do any purging during the holiday season, delay no longer. The costs to your firm in reduced productivity, low employee morale, additional supervision, damaged client relationships, and lost revenue that are caused by substandard employees can be as high as $190,000 per year, so make a decision now to either remedy a situation that’s fixable --- or to clean house.
Related: Pay Yourself: Why Founders Should Set Aside Profits Every Month
4. Get high or higher.
While 26 states and the District of Columbia have laws legalizing marijuana, the suggestion here isn’t that entrepreneurs should light up more. Instead, the first week of the new year is a perfect time to review and possibly raise the prices of your products or services. Too many small business owners try to compete by lowering their prices, and that’s often a mistake. Instead, devise a plan by studying your competitive landscape; looking at your firm’s pricing history; reviewing the calendar to determine the best time to bump up your rate, fees, or prices; and thinking about how you can enhance the value of your offerings in order to justify price revisions. If you detect some white space that would allow for small yet profitable increases, you should absolutely seize it.
After the joy and frenzy of the holidays, it’s understandable if it takes a minute for business
owners to snap back to attention and keep their ships moving forward, but the upside to getting started is significant. Entrepreneurs who have the discipline to leverage these four steps as an annual early January organizational “reboot” will help to energize their teams, inspire exciting ideas, and generate new opportunities for innovation and growth.