New Year’s Resolutions Tips for Entrepreneurs in 2021
This past year has been a roller coaster for many, yet with a vaccine on the horizon and the New Year around the corner it is time to stop looking back and start looking ahead to what you can accomplish as an entrepreneur in 2021.
While New Year’s Resolutions are historically not the most effective goal-setting method, as an entrepreneur you know no boundaries and have the mindset of accomplishing whatever goal you set for yourself. Start by looking at the big picture and work your way down. A lot changed during 2020, some for worse, but some for the better as new opportunities for entrepreneurs opened up with the exponential growth in online shopping.
Before you open up shop, it is important to make a few New Year’s Resolutions, or “goals” if you prefer, to set for yourself so that you may succeed in 2021.
New Year’s Resolutions Tips for Entrepreneurs
Make Realistic Timelines for Each Goal: Setting goals should be looked at from various perspectives. Don’t set several goals for yourself and your business with the mindset that all of them will be achieved by December 31, 2021. Consider each goal individually and determine what you can realistically achieve on a 30-day, 90-day, 120-day, and 360-day timeline. Using various increments enables you to stretch your goals out so you don’t feel pressured to accomplish all of your goals simultaneously. The purpose of goal setting is to relieve pressure and enjoy the satisfaction of achievement.
Update Your Business Plan to Meet Your Goals: After your goals along with their respective timelines have been set, it is time to update your business plan. Your business plan needs to be reviewed, evaluated, and updated on an annual basis and throughout each year to ensure you can meet your goals. You can update your business plan according to the timelines you established for your goals, or by a quarterly basis. How often you update your business plan is up to you—what is important is that you maintain consistency.
Know Your Financial Limit: No matter what your industry is, as an entrepreneur you must understand the basics of accounting. After all, money makes the world go round and it is what keeps your business afloat. The beginning of the new year is a perfect opportunity to make financial predictions by estimating profits, costs, and assets. Next, create a plan to pay off your debts while lowering personal and business expenses as much as possible. It is important that you don’t let cost-cutting measures interfere with reaching your goals. Make sure you continually monitor the progress of your business and adjust spending accordingly. Last but certainly not least, monitor your personal and business credit score and see how you can raise them if necessary to take out loans in the New Year.
Build Upon Your Leadership Skills: As an entrepreneur, you must continually strengthen your skills as a leader. This applies to members of your team as well as those you do business with. As your leadership skills grow, so does the success of your company and everyone involved from the inside out. Make sure you continue to communicate as effectively and transparently as possible. Build your team with the best talent you can find and know how you can retain that talent. Make sure you lead by example, but also never hesitate to ask for advice. The more confidence you put into your team members the more confidence they will have in you.
Here are a few popular books to help you and your business grow:
The Lean Startup: How Today's Entrepreneurs Use Continuous Innovation to Create Radically Successful Businesses
The Fortune Cookie Principle : The 20 Keys to a Great Brand Story and Why Your Business Needs One
Blue Ocean Strategy: How to Create Uncontested Market Space and Make the Competition Irrelevant
Know What’s Happening in Your Industry: Paying attention to what is happening in your specific industry is vital. There is a lot of news that could be utilized for the success of your business beyond market trends—yet that is a good place to start. In the world of nutraceuticals and gummi vitamins, consumer demand (understandably) tends to shift based on need. Oftentimes, this need correlates with the time of year. This past October we wrote about the current gummi vitamins market trends. And while the market potential remains just as strong if not stronger, the products consumers have their eyes on ebbs and flows based on their own needs.
For example with winter on the horizon, many people experience Seasonal Affective Disorder, which is why they may turn to gummi vitamins tailored to boost their mood. As flu season goes into full force coinciding with COVID-19, gummi vitamins for the immune system are seeing a rise in sales.
However, keeping up with the pulse of your industry stretches beyond market trends. You must also be consistently in touch with your industry as a whole. Ask yourself these questions:
Is there any new technology that can simplify my operations?
What is my competition up to?
What makes my company stand out from the rest and how can I highlight it?
Utilize The Power of Social Media: This may seem like a lot of information to keep track of, which is why social media can become your best friend in 2021. Start by turning on Twitter notifications for specific outlets related to your industry sector, join Facebook groups with other like-minded entrepreneurs, and follow nutraceutical-oriented organizations on LinkedIn to strengthen your professional networking. Experts recommend that you dedicate a minimum of 20 minutes every morning to keep up with your industry. In addition to keeping yourself informed about your industry, social media can be a powerful marketing tool. Make sure you understand what a social media influencer is and how you can make money.
Create a Work-Life Balance:
Out of all the New Year’s Resolutions you make this year as an entrepreneur, this may be the most important. Remember that you work in order to live, not the other way around.
Though this is easier said than done, especially as an entrepreneur. When you are running a business full time, it is hard to make time to enjoy life. While you may get tangled up in all of you tasks to keep your business going or reaching your goals, this can come at the expense of your personal life and those around you. Do whatever it takes—even if it involves your work schedule—to “pencil in” alone time, family time, and time for your friends. If you are finding it difficult to remove yourself from work, look into picking up a new hobby or activity that is unrelated to your work so that you may have this crucial time of separation.
The detachment from work will allow you to dedicate the best version of yourself to your business when the time is right. As for making a list of New Year’s Resolutions, it is never too early to start! Simply bear in mind that when you do make your list, make a commitment to following through with it. It will soon be a new year, and 2021 is your time to shine.
Let Gummi World be a part of your path to success in the New Year.
Schedule a call with a Client Satisfaction Expert today. Each one of our partners is assigned a dedicated Partner Satisfaction Expert that works alongside you to make sure all of your questions are answered, and you have a direct phone number to a single point of contact. Next, our Diamond Team is ready to create a custom gummi made specifically for you and your business.
While we handle all of the production, packaging, and order fulfillment, you can use all of that extra time to concentrate on growing your business and meeting your New Year’s Resolutions for 2021.