Can it really be? Has another year flown by. I have not made all those changes I thought about last January and the year has escaped from my grasp. Resolutions seem to be as old as time itself. Hope springs eternal therefore, we need to make some resolutions again and really try this time to make them happen. What resolutions can be made for your business that will make a positive change in the results you have?

New Years resolutions are just as appropriate for your business as they are for your personal life so let us consider my top two business resolutions.

Business Resolution number 1: Work ON your business rather than IN it…

This is a concept advanced by Michael Porter in his bestselling book “The E Myth”. He describes the typical business owner’s life like this:

You are working in your business.  You are answering phones, replying to email, talking with employees, fighting fires, juggling all the elements of your business at once – marketing, sales, management, operations, finances, cash flow, debtors, creditors and suppliers.  You are extremely busy and you just realize that you forgot to eat lunch again and someone unexpected has just walked through the door.  Unfortunately that means your going to have to spend time with them instead of completing that paperwork you really wanted to finish.  Oh well, you will take it home and do it tonight.  Sound familiar?

This is what working IN your business means.  You are in the midst of it trying to handle it all and be everything to everybody. 

Picture this instead:

Take a few steps back from your business and look at it objectively saying without me what would happen?  What do I want to happen?  What needs to be done to free me up from working IN my business all the time?  Imagine taking some time away from your day-to-day tasks and looking at your business in the long term.  Think of the creative ideas or opportunities you could come up with.  This is working ON your business.  In the long run working ON your business is the difference between your business just providing you with a job versus helping you attain your personal goals.

Why did you go into business in the first place?  Was it financial independence?  To be your own boss?  To spend more time with your family?  How many of these goals have you actually attained?

A related concept and resolution number two is: begin with the end in mind…

Stephen R. Covey, in his book, [The Seven Habits of Highly Successful People], says to “begin with the end in mind”.  Whenever you start a process understand exactly what the endpoint is before you start.  If you think about it within the context of a business it forces you to focus on what the endpoint is for the business and what it will be like.  End in mind thinking can make a profound difference in what you do today.

What is your ultimate goal for your business?  Begin this end in mind thinking by setting your vision for the business. Fill in the blanks in the following sentence: 

Within the next 5 years grow (company name) into a $ _________ revenue company providing (product classes) to (types of customers) in (service area) while earning a __percentage net profit margin.

Establishing your vision in this fashion clearly sets the goal as to where you want the company to go and how you will define success. This gets everyone on the same page as you move forward.  You now know where you want to be in five years. You have begun with the end in mind!

As you set the vision for your company make sure it clearly sets forth your goals and expectations. Think about the ramifications of the goals. Will the goals require extraordinary dedication such that you will not be able to make it to your daughter’s soccer games? In the end will that be worth it. You may want to make some adjustments now so that all your goals are met- personal and business. Otherwise, you may just be swept away by the business and have to take what comes.

One of the things I have learned working with businesses over the last thirty years is that change does not occur overnight. It takes a diligent effort working toward a clearly defined goal to actually achieve it. In addition, most changes in business come about one-step at a time. You make an effort then reevaluate whether the action moved you closer to your goal or further away. Then you make the next change. If you have your end goal clearly in mind as you make the adjustments you will be moving steadily toward your goal.

It is a whole New Year and the opportunities are endless for making changes in your business so get to it.