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3 smart New Year’s resolutions for business owners

Management

3 smart New Year’s resolutions for business owners

3 smart New Year’s resolutions for business owners

New Year’s resolutions don’t always have to be about losing weight or spending more time with loved ones. If you’re a business owner, some of the most impactful resolutions could be the ones you make for your business.

Whether you’ve been in business for two years or 20, here are three smart resolutions you should consider making for your business in 2019.

Manage your stress level

While many entrepreneurs say it’s less stressful running their business than working for someone else, it’s not easy having to wear so many hats. Of course, it’s normal to have some hectic weeks, but if your stress level is always at a nine or 10, one of the best resolutions you can make is to find a bit of balance.

In addition to stress being detrimental to your physical health, it could also take a toll on your company. As a leader, your employees are always looking to you for direction and watching the signals you give. If you’re always running around frazzled, they may end up doing the same — leading to rushed decisions, sloppy mistakes, or burn out.

To help manage your stress in 2019, try some of the following tactics:

  • Delegate. It can be scary handing things off to people and trusting them to run with it, but the less you have on your plate, the more time you have to deal with bigger issues. Make this easier for your future self by hiring the right people from the very beginning.
  • Take more breaks. Did you know that taking a break can boost your productivity? Whether your go-to strategy is cleaning up your desk or taking a hip-hop class, set aside some time each day to relax. Your business — and brain! — will thank you.
  • Exercise. 15 minutes is all you need to get your heart pumping and reduce stress. And you don’t even need to leave your office.
  • Take a vacation. Sometimes the best thing you can do is drop everything and detox from the hustle and bustle for a week. Sure, your work will probably never leave your mind completely, but if you plan ahead, you should be able to get the rest you desperately need (and deserve).

Make smart money decisions

The phrase “a penny saved is a penny earned” is especially true if you’re a business owner — your business is likely what helps you take care of your family, so you should always be looking for smart ways to save, spend, and borrow money. Here are a few suggestions that may help you do so:

  • Plug money leaks. Are you running your heater 24/7 even though your team is only in the office 40 hours a week? Or spending thousands of marketing dollars on Twitter when most of your customers are on Snapchat? These seemingly small things can really add up, so it’s important to regularly audit your expenses and see where you can save.
  • Improve your personal credit. Yes, this has everything to do with money. You see, the higher your credit score, the more likely you’ll be able to score lower interest rates on the money you borrow. This can save you hundreds of thousands of dollars over your lifetime, so it’s definitely a resolution worth making.
  • Compare financing offers. Some options just aren’t good for your business. Before you sign on the dotted line, make sure you know the APR you’ll be paying, and compare multiple loans to pick the best deal.

Continue to learn

Learning on the job is invaluable, but it does you no good to isolate yourself only in things that pertain to your business. You may feel perpetually strapped for time, but think of this time as an investment in your business.

If meeting weekly with a mentor or going to a week-long conference is too big of a commitment for you right now, don’t fret — there are other ways you can continue to learn. Why not listen to a podcast on your commute to and from the office? Or watch a quick TED talk while scarfing down your lunch? Or visit your favorite resource center while waiting for your kid to get out of school? You never know — just five minutes could improve the way you run your business forever.

Funding Circle

Tags: Management

Updated: Nov 29, 2017

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