As the new year approaches, many small business owners take the opportunity to reflect on the past year and set goals for the year ahead. While personal goals are important, it's also essential to set goals for your business and family.
Here are some ideas that I'm taking into account for New Year's goals for small business owners:
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Increase profitability: As a small business owner, one common goal is to increase profitability. This can involve finding new ways to save money, such as negotiating better rates with suppliers or streamlining processes. It can also involve finding new sources of revenue, such as expanding into new markets or offering new products or services. Think about expanding your product line with low touch (small dollar amounts) and high touch (high dollar amount) products.
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Improve work-life balance: Running a small business can be demanding, and it's important to find a balance between work and family life. Consider setting boundaries around work hours, delegating tasks, or finding ways to be more efficient at work.
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Strengthen family relationships: It's easy for small business owners to get caught up in the daily demands of running a business, but it's essential to make time for your loved ones. Make a commitment to spend quality time with your family, whether it's going on a vacation together or simply having regular family dinners. I make it a commitment to take the kiddos to Adventure Aquarium at least once a month. My son is OBSESSED with sharks!
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Focus on personal growth: Personal growth is essential for both your professional and personal lives. Set goals for learning new skills, reading more, or taking on new challenges. This can help you stay engaged and motivated in both your business and your relationships. I love listening to audiobooks and podcasts to learn something new. Invest in people and programs that are doing what you want to do, and learn from them!
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Give back to the community: As a small business owner, you are an integral part of your community. Consider setting a goal to give back, whether it's through volunteering your time or making a financial contribution to a worthy cause. I personally love Kings Ransom Foundation, I went to Nicaragua and got to see all the good that my donations were going towards. 100% of your donation goes towards helping the specific cause that you choose to donate your money to.
By setting goals in these areas, you can work towards creating a more fulfilling and successful year for both your business and your family. Here's to a happy and productive new year!