We’ve all set New Year’s Resolutions only to see another year go by and resolution not met. That might work personally, but in business, our resolutions should be solid and must be met, especially when it comes to our business finances.
Why you may ask? It’s because according to research from Fidelity Investments, 56% of businesses who make financial New Year’s resolutions, will keep them!
What are the top three financial resolutions made in business according to the research?
- "Saving more" cited by 54 percent of respondents
- "Spending less" with 19 percent; and
- "Paying off debt" with 16 percent.
The fear of uncertainty in terms of rising costs both now and into retirement are a few factors why these top the list.
In business do you go about having resolutions and actually fulfilling them? For many business owners, that’s largely determined by your business goals…….
January is a great time to review your business goals for the next 12 months. Remember, business goals should be SMART goals – specific, measurable, achievable, realistic and time-based.
Publicly declaring them has been show to help you be more accountable about them. It adds pressure for you to fulfil what you said you will. Perhaps, in your business, this can be shared with your staff. This will have the added advantage of your staff being invested in your business goals.
A really important component of setting business goals is having a reward for when you achieve them. Even a small yet symbolic reward is enough to ensure you remember your achievement.
If you have questions on setting smarter goals for your business, or you’d like help in developing goals which will suit your business, contact your hotels advisors on (07) 5413 9300 or book a no-cost consultation here.