On the personal side, January is a good time to scoop up some bargains or find your way to the gym again. But what about for your business? Does January lend itself to some specific kinds of activities?
As a matter of fact, it does. A lot of businesses, after the frantic pace of the holidays, experience a lull or a slowdown early in the year. You can use the month of January to tie up loose ends and make sure you’re well prepared as the pace of business picks up over the coming weeks and months.
Small Business Trends says that in January, business owners can create a to-do list that will set the stage for a more profitable year ahead. Contributor Rieva Lesonsky suggests five items for this list:
- Update your technology.
- Get mobile, if you aren’t already.
- Kick your marketing and networking into overdrive to fill your pipeline.
- Overhaul your pricing (if necessary) to make sure you’re getting paid what your products or services are worth.
- Get help. Make a list of friends, colleagues, potential mentors and advisors—anyone who can offer new insights and perspectives.
Online MBA says that above all, January represents a clean sweep, a fresh start, an out-with-the-old, in-with-the-new reset. So why not apply the same sense of renewal and determination to our businesses that we do to ourselves? Within a framework of reflection, reassessment and moving forward, the site offers some resolutions and items to add to your January to-do list:
- Reflect on the past year. What can you build on—or do better?
- Review/set new goals for this year. Don’t forget that goals can be weekly, monthly or quarterly.
- Clean house. You’ve heard it before: The condition of your workspace has a huge impact on your performance! Use January to organize, recycle, file and upgrade your space with artwork, plants and even a better chair.
- Resurrect old ideas. Were there good ideas last year that slipped through the cracks or were put on hold? Dust them off and re-evaluate.
- Revisit your customer experience. Review every touch point in every corner of your operation to make sure your customers are front and center.
- Keep better records. Who couldn’t improve their systems for record keeping?
- Regain your balance. Value your personal/family time, and make work-life balance a priority in January. It will become a regular habit!
- Anticipate your financing needs. Prepare for opportunities that could arise. Research funding sources, especially non-bank alternatives that provide short-term loans designed especially for growing businesses. Have some conversations, even prepare your application/paperwork ahead of time. You just never know!
It won’t surprise you that a Yahoo! Finance contributor suggests that small business owners start the new year with a financial to-do list. So many small business challenges revolve around finances of one kind or another. Among the areas to zero in on this month:
- Taxes. Not just wrapping up for last year, but getting off on the right foot for this one.
- Retirement planning. Make contributions now and throughout the year if at all possible. Try not to wait until the end of the year.
- Make a cash flow budget. Start meticulously tracking cash in and out.
- Tie better time management to revenue. Repurpose the time you spend on extraneous emails or non-priority items to revenue-producing activities.
Apply lessons learned to this year. Be specific. Write them down. Include what worked and what didn’t. Now make them a part of your January—and the year ahead.
Image courtesy of digitalart / FreeDigitalPhotos.net
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