The New Financial Year, like the name suggests, is a new beginning. Most of us start this new beginning by making plans or listing down things that we would want to achieve in the coming year. While personal goals range from losing weight, traveling the world to reading more, business goals are more or less centered around growing the business and reaching an X amount of turnover, controlling cost, and getting funding.
Of course, there’s nothing wrong with wanting to grow the business, increase turnover and all the other things. They’re essential. But, they’re not the only things that a start-up or rather a start-up founder must focus on. To ensure that you achieve your basic goals, there are a few other actions that you must plan for or take during the year.
Assuming that you’ve all resolved to grow your business, we’re sharing five other things that you must build into your new year start-up resolutions to make it a fulfilling and a successful year.
1. Plan TLC for Yourself– TLC stands for Tender Loving Care. Yes, for you, the founder. A study by CB Insights found that around 8% of the start-ups surveyed failed due to burnout! This is perhaps the saddest reason for a business failing. So, if you want to ensure that you’re able to give your best to the business, you need take care of your physical, mental, and emotional health first. Take regular breaks that will help you relax and recharge. During these breaks you can either spend time with family, friends, learn new skills, attend workshops, or simply go for a holiday. The idea is to do something that will take you away from the daily grind.
2. Concentrate on Building a Team – A lot of start-ups complain about lack of talent and employee turnover. In the new year, instead of complaining about these things, try to build a team with the people you do have. Spend time with them and help them build the skills needed to succeed in the start-up world. The stress should not be only on developing job-specific skills, but also on building general skills like giving a presentation, understanding the new digital platforms (you are planning to go digital, right?), giving client pitches, and strengthening any other area of work where you feel the employee is lacking. This will not only help you build a skilled team, but also motivate them to do better work and encourage them to make their career with your company. In turn you will be able to polish your leadership skills and also feel comfortable in taking some time out for the TLC without worrying about what’s happening at work.
3. Deliver Customer Delight, Every time –We know that you want to grow and scale your business, so you must have thought about this. But simply thinking about delivering customer delight is not enough nor is doing it once in a while or for only the “big customers”. You must make this your motto and build it into the company culture. Every single employee – whether customer facing or not, should be committed to delivering customer delight for each and every customer, every single time. If this becomes a company practice, it will also ensure that people complete their share of work on time.
4. Try One New Thing – Every year make it a practice to try something new both for your business and for your own professional growth. It could be as simple as exploring new avenues to connect with and engage customers (content marketing and mobile are big right now). It could be attending a new industry meet or sponsoring an industry conference – you could even sign up to speak at one (it’s good for your professional image). You could even plan to explore new markets and regions for your business. Or you could work on developing a product variation or a completely new product. The idea is to do one new thing every year – which, whether it succeeds or not, teaches you and your team some new skill or makes all of you more knowledgeable or adds to your company’s portfolio.
5. Build Your Start-Up’s Brand and Culture –Brand building should not be considered to be only a sales and marketing activity. You must work towards creating awareness about the entire company and the values and ethics that it stands for. The idea is to create an identity for your company and a culture that resonates with that identity and values. Improve your CSR contribution – be a company that believes in doing good. Companies with a strong brand image and an equally good culture have a great customer recall value and are also valued by investors and employees. It’s a win-win for everyone.
These new year resolutions will not only help you in achieving your business goals, but will also help you in creating a better workplace, team, and a professional image. Just try to put them in practice.