A few weeks back, Inc. Magazine asked a number of successful members of the Young Entrepreneur Council what strategies they felt business owners should employ to maximize their potential for success in 2014. Their answers, originally posted by TheVARGuy.com were as follows:
1.) Plan your marketing efforts and big events for the New Year: Set up a master calendar that shows all the most important dates to your business including milestones, celebrations, product releases, major customer service renewals and industry events.
2.) Show your gratitude for 2013: They say you should not worry about tomorrow, tomorrow will come soon enough and bring its own problems. Smart businesspeople, while always keeping an eye on future opportunities, take time to appreciate their business partners and employees.
3.) Review your goals: No year ever goes according to plan. Sometimes that's good, sometimes not. Review what went right and what went wrong last year and fix those metrics, processes and procedures to get back on track. Remove what doesn't work and don't be afraid to implement new ideas.
4.) Finalize your 2014 budget: Don't go into the New Year without revenue, profit and cash flow goals. That's a big mistake. Any budget can be reviewed and adjusted but business goals need to be planned out. Also, assemble a looser three-year and five-year plan. That will help you stick to your current budget and objectives when remaining connected to a bigger picture.
5.) Learn from your successes as well as failures: Most business owners beat themselves up over what went wrong, swearing not to repeat the same mistakes. However, just as much can be learned from your successes. Review what went right throughout the year and try to replicate it.
6.) Take time off: Entrepreneurs tend to be workaholics, but it's important to take time to unwind. Getting away from the businesses reinvigorates the mind and body and makes you a better businessman.
7.) Re-evaluate your position: Many entrepreneurs start businesses because they are tired of working for somebody else and want to do something they enjoy. Take this time to evaluate your own job description and make sure you are doing what you set out to originally.
For a more detailed look at these proven entrepreneurial strategies, click here.