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Women in Business: Power UP Your Business – 10 Resolutions for the New Year!
A new year offers a clean slate and time to think about the changes you want or need to grow your business. Take a moment to reflect on the successes and failures in your life over the past year. Have you thought about what changes you want to implement for 2012? Here are 10 resolutions to energize your business for the New Year!
Resolution 1: Get a handle on your taxes
With the new year fast approaching, it’s important to get a tight grip on your taxes. To claim some tax benefits, you need to work after December 31. According to the IRS, here are “six year-end tips to minimize 2011 taxes:”
- Install energy-efficient home improvements
- Make a charitable contribution
- Consider portfolio adjustments
- Make maximum contributions to retirement accounts
- Make a qualified charitable distribution
- Don’t overlook the small business health care tax credit
Resolution 2: Understand your finances
This is extremely important to the health of your business. As a new or growing business, you need to be diligent with your finances. The Number one The reason businesses fail is lack of control over finances.
Some experts suggest reviewing your profit and loss statement, balance sheet, and cash flow statements on a monthly basis. To manage this, there is accounting software like QuickBooks, especially for small businesses. Also, hiring a CPA or bookkeeper can be a wise investment.
Resolution 3: Create a monthly budget
This is important to control your monthly expenses. Creating a budget forces you to check your income and expenses to track how much money you earn and spend. Of course your living expenses, such as mortgage, utilities, vehicles, insurance payments and food are necessary, but additional payments should be allocated to pay off bad debt.
Some handy financial tools:
- HomeBudget is an expense tracker designed to help you budget, track and control your monthly expenses at home.
- MoneyTrackin is a free online web application that allows you to easily and effortlessly track all your expenses and income, thus giving you a clear view of your finances. It aims to be a simple yet powerful online budget management tool.
- MySpendingPlan is an online tool that provides customers with the latest tools to help them manage their personal finances by tracking their budgets, saving money and getting the latest information on managing money and leading a better financial life.
Resolution 4: Get out of debt
Easy to say, hard to do! According to some experts, Americans use Visa, MasterCard, American Express and Discover to charge more than a trillion dollars each year. Money is a major source of stress for many; And it doesn’t help that we’ve had financial problems over the years. This coming year, make it a priority to solve your money problems.
Resolution 5: Set specific time management goals
Why do you want to set specific goals to effectively manage your time? Well, setting simple goals will force you to plan your time wisely, giving you a sense of accomplishment and reducing work and life stress. For example, if spending time with your family is important, try working fewer hours on Fridays so you can honor that goal.
By scheduling your time based on your goals, you can assess whether your goals truly align with your professional and personal core values. If you find that your goals are not aligned, you are able to identify key areas that need to be adjusted before they get out of control.
Resolution 6: Learn how to delegate
As your business grows, your ‘tight grip’ should control every aspect of it. The worst thing you can do is become a slave to your business. This attitude can cripple you! I know this first hand; As a former owner of a building maintenance company; I was the president, HR general, payroll specialist, trainer, janitor, sales woman and more! It took me a while to realize that I simply could not wear every hat effectively, but that I needed to rely on others to expand and regain my understanding.
It is important that you Representative Consider outsourcing non-core business functions to your employees. Play to others’ strengths. A lack of delegation will stunt your growth or worse, you will run your business and find yourself in a hole.
resolution7: Prioritize your day
Starting your day with a ‘to do’ list is a must. It doesn’t matter if your business is small or you run a large corporation, a daily plan will keep you on track to run your business effectively. Start your day by scheduling uninterrupted time to plan and prepare your tasks for the day and rank your list in order of priority. For example, if you have 10 tasks on your list, how many of them do you need to complete? Can you save the least important tasks for another time?
If you’re not completing all the tasks on your ‘to-do’ list, it doesn’t mean you have a problem managing your time. It simply means that you have a limited amount of time each day to complete everything and you may be trying to complete more tasks than you have time in a day.
To manage and prioritize my time, I rely on Microsoft Outlook’s calendar and task manager to plan my personal and professional schedule. I then sync Microsoft Outlook to my iPhone. It helps me stay on task and set priorities for my daily tasks. Find what works for you and make it a daily habit to have a productive and organized day!
Revolution 8: Religious Networks
A successful way to promote your business is through networking. Your business is meant to grow, so make networking a key part of your marketing strategy so you can position yourself to connect with the right people.
Networking is a lifestyle you need to add to your “to do” list. Through networking, you are developing your social skills by participating in informal gatherings or interacting with others to interact with others for mutual assistance or support. By getting to know other business owners or executives, you’re building meaningful relationships. There are many organizations you can join, such as the Chamber of Commerce, Business Network International (BNI), online communities, or professional organizations related to your industry.
Resolution 9: Know your credit
Do you know how important it is to establish a business credit profile? According to some industry experts, “Fewer than 10% of all entrepreneurs know or truly understand how business credit is established and tracked—and how it affects their lives and businesses.“
Be sure to contact the major commercial credit bureaus that compile and provide copies of your credit reports. For a list of business credit reporting agencies, here is an informative article by Marco Carbajo, “Top 10 Business Credit Bureaus.”
Resolution 10: Spend more time with family and friends
One of the main reasons you go into business is the idea of being flexible with your time. So, the idea of spending time with family and friends seems like a no-brainer, right? Recent surveys by General Nutrition Centers, Quicken and others show that more than 50% of Americans vow to appreciate loved ones and spend more time with family and friends this year.
You are in control of your time, so make sure you balance work and life so that you can spend it with those who matter to you.
Last but not least…
If it doesn’t work, drop it early
Don’t waste your time or invest unnecessary energy into something that doesn’t work for your business. Time = money and in our current economic crisis, both are a very precious commodity that a small business cannot afford to gamble with. Go ahead and don’t look back!
By incorporating these simple yet effective strategies, you can position your business for significant growth. Here’s to a great 2012!
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