7 New Year’s Resolutions for Every Business Owner

“It’s so incredibly important to set, track, and measure goals as you build both your personal and professional life. That, however, is often easier said than done, as the many demands of life, both at home and in the office, distract from our desires. We are constantly “putting out fires”, from supplier constraints to employee headaches. While the everyday is the driving force behind our personal and professional growth, our goals form the steering wheel that guides us where we want to go. So, this new year, I challenge you to set new goals and realign with old ones – the sky is the limit in 2024!” says Fred Paatz, Founder and Managing Director of Express Business Funding.

It is with this in mind that EBF has put together the top 7 New Year’s resolutions you should set for 2024.

Tips for setting goals for the new year:

Setting goals is not only about choosing goals which align with your desires; it’s also about choosing achievable, trackable goals. Setting unrealistic goals is as counterintuitive as not setting goals at all.

First, write down your goals. They can be either (or both) physical or digital; so long as you have the means to revert back to them intermittently. Not only are you able to check in with goals when you write them down, but they are also material. Written goals are a declaration that you intend to achieve something – no matter the size.

Next, set timelines in which you’d like to achieve each goal. Make sure that your timelines are realistic – for example, losing 40lbs is both unrealistic and unsustainable in two weeks. Don’t set yourself up for failure but ensure that you are holding yourself accountable. 

Finally, set time aside to check in with your goals. If you are concerned that you may forget or procrastinate doing this, set time aside in your calendar. Depending on the size and deadlines of your goals, as well as the frequency with which you should be checking in with your goals, this can vary. As a rule of thumb, try to check in every two weeks. This allows you enough time to produce tangible results without allowing you enough time to forget about your goals entirely. It is also vital that you properly track your goal achievement. When we see incremental change, it can feel like stagnation, but when compounded by time, even the smallest incremental change can have a massive impact on you. When you check in with your goals, take the time to recognize how far you have come, regardless of how seemingly small the changes may be. Remember positive growth is positive, no matter how you frame it!

With the “how” out of the way, here are the 7 goals you should set in 2024.

Goals to set in 2024:

• Expand Your Network: Placing yourself and your company in front of the right people is a sure way to guarantee the success of your business. This essential part of business ownership is not a skill that everyone possesses, but one that every business owner should strive to refine as they move forward in their ownership journey. If this is something you’re not doing proactively as a business leader, set a goal to expand your network in 2024!
• Boost Customer Service: Customer experience is a complex, nuanced part of the business experience and one that every successful business thrives at. It takes careful planning and execution to get right, though when it is done right, it’s the key to taking your business to the next level.
• Diversify Revenue Streams: A diversified income is a guaranteed income. By setting a goal to diversify your revenue streams, you can protect yourself and your business from potential losses, such as regardless of customer account losses or other issues that may arise. If you do not have a well-diversified customer list, you should prioritize this goal in the new year.
• Embrace Technology: The world of technology is constantly evolving, and it can be a challenge (and intimidating) to adapt to the frequent updates, changes, and new services that become available every other day. Setting a goal to embrace new and existing technology will allow you to place your business a step ahead of the competition.
• Prioritize Work-Life Balance: Burnout is something we have all faced. When building a business, we can tend to overcommit to unrealistic and unsustainable workloads. We can also neglect important aspects of our lives, like family, friends, and hobbies. In the new year, set a resolution to take the time your mind, body, and soul need to recover from the stress of everyday life as a business leader.
• Reduce Environmental Impact: It is critical for mindful business leaders to set plans in motion which reduce the impact they have on the environment. There’s not only a financial incentive to do so, but there’s also a moral incentive. Knowing your business is performing at its peak without hurting the environment is something few can claim, and a badge that you can wear with pride.
• Focus on your employees: The work that goes into running a business is exhausting and requires our undivided attention and energy. It can be easy to forget the hard work and passion that drives our businesses forward from the ground up. This new year, you should commit to investing in your employees. This does not have to be a financial commitment – a simple weekly check-in or lunch may suffice, so long as those who help make your business successful feel seen.

Setting goals is critical if you want to see growth in both your personal and professional life. Not only do they give us a positive direction in which to head, but they also allow us to track growth and recognize positive momentum.

If you need help achieving your business goals in 2024, contact Express Business Funding today and allow our team to assist you in transforming your company.

We wish you a prosperous 2024 and beyond!