The world of business is always changing, so to survive, your business needs to change as well.
At the beginning of a new year, it is a great time to evaluate your business and see what needs to evolve and adapt to keep relevant. Each company will be different, but there are some things you should consider no matter what kind of business you operate.
TECHNOLOGY
The one thing that moves faster than the business world is technology. There are so many tools that technology gives to you to help run your business, but if you are using old or out-of-date technology, then you might be hurting your business. Sit down and do an overhaul of the technology you use to run your business. Apps, software, or other programs should all be evaluated to see if they are still useful or if there is something better out there. Look for ways to simplify or automate some aspects of your business. If there is a piece of technology that will do the job of several things you have running now, then you should consider consolidating. You should even consider using cloud storage to give employees easy access to all the documents they need to do their work.
GO PAPERLESS
Your surroundings have a significant influence on your mood and productivity. If you are feeling overwhelmed continuously, then you may want to consider going paperless. Cutting down on clutter and keeping documents online where they are easily accessible and safe can help your office feel more calm and organized, which will help you be more productive as well. Shred documents you don’t need anymore, go paperless in all ways that you can so the mess doesn’t accumulate again, and scan and store everything else. There is very little that you need to keep hard copies of, so get busy!
TAKE A CLASS
There is always more to learn, and staying current is important to be successful. There are many ways to take classes or lessons to learn more about running a business or your industry in particular. Think about an aspect of your business that you would feel better knowing more about and then find a way to learn it. Expanding your horizons and gaining a deeper understanding of an aspect of your business can help you find new solutions to problems and feel more confident in general.
EXPAND YOUR NETWORK
Knowing more people and growing your list of connections is an essential part of succeeding in business. Often it is hard to reach out first, but don’t be scared! Think about who you admire, and then reach out and take them to lunch. Consider who you would like to work with in the future, and then pitch them a way you can start working together in a small way today. There are also networking groups that you can join to get to know some more people in your industry.
SET GOALS AND DREAM BIG
If you are feeling stuck in your business, then you need to start thinking bigger. Have a brainstorming session and picture your business in five years. Where do you wish it could be then? If you could change anything about your business tomorrow, what would it be? Don’t be afraid to dream as big as you can imagine. There are no wrong answers at this point, and no one has to know what you write down. Don’t hold back! Once you have all your dreams down on paper, then pick one or two to start working towards this year. Good goals are specific and measurable, so break big goals down into bite-sized pieces so you can make actual progress. It is important to have frequent check-ins with yourself to see if you are meeting goals or if they need to be adjusted.
RE-EVALUATE LOCATION
Location, location, location! Where is your business? Is it in the right spot to benefit you the most? You may want to think about moving if it is not. You could reconsider moving to a different physical location that already exists. You could find somewhere that gets more foot traffic, is closer to your home base, or has less expensive rent. You could also consider building your place with building products recruiter to make it easier. Owning your building can make sense down the road if you want to start expanding or renting out to other businesses. You could also consider going entirely online to save on overhead.
DELEGATE
A massive problem that a lot of business owners have is getting burnt out because they take on too much themselves. Take the time to develop a team that you can trust and rely on to help you. It will be incredibly worth it in the long run. If you get nervous handing over parts of your business to other people, you are not alone. This is your business, and you feel responsible for it. That means you feel like you can’t let any of it out of your sight. If this describes you, then you will need to start small. Find something little you can delegate to someone you trust. Follow up with them to make sure it gets done, and then repeat. Trust will build, and you can start handing off more to other people so you can focus on growing your business instead of just maintaining.
FINANCES
No talk about business would be complete without mentioning finances. You need to make an assessment regularly on your finances to see what is working and where you need help. Make sure you are looking at all your assets and liabilities. You should look at all your outstanding debts and evaluate if you should refinance or if your current rates are fair. You should also always be looking for ways to cut back on your expenses.
TAKE CARE OF YOURSELF
If you are running a business, then your life is busy. There is no getting around it. But one thing you cannot do is not take care of yourself amid all the chaos. If you start to not take care of yourself, then all areas of your life will suffer. Healthy sleep habits, eating healthy, exercising, and taking time to spend with the people you love will only rejuvenate you and make it possible for you to put more back into your business.