Goals for Small Business Owners

We’re still in the beginning of this year, 2013… If you haven’t thought on your goals, it’s not too late.  Enjoy.

 

goal
goal (Photo credit: Sean MacEntee)

 

With each new year comes a new set of goals. As humans, we’re constantly aspiring to improve ourselves, whether it’s wanting to lose weight, exercise more, get organized, spend less money, etc.

 

In light of this yearly tradition of creating lists, here are five attainable new year business goals for the small business owner:

 

1.  Delegate More

 

When you’re just starting out with your business, money is usually tight and it’s natural to want to tighten your purse strings.

 

However, small business owners are also notorious for having trouble handing over the reigns. Trying to take care of everything yourself can be harmful to both your well being and your business. With only one person in charge of the whole show, there’s only so far you can scale.

 

This year, consider tasks that you can delegate down, such as the countless tasks that are easy to do and don’t require specific expertise. If you’re worried about costs, just remember how much of your valuable, revenue-generating time you’ll be freeing up.  Your business can’t grow when you’re focused on busy work.

 

In addition to delegating down, think about areas of your business that you should delegate upThese are the tasks that require special knowledge and skills and ones not related to the core wheelhouse of your business.

 

While DIY may seem easier on the wallet in the short term, it’s typically better in the long run to hire a specialist to handle complex issues, such as an accountant for bookkeeping or taxes or an expert for handling your legal paperwork like incorporation.

 

2. Get Your Books Ready for Tax Time Early This Year

 

Are you guilty of waiting until the last minute to organize and file your taxes? Do you find yourself wading through emails, drawers, and your car to find any stray business receipts you can expense? Do you need to try to remember a full year’s mileage expenses on April 13th?

 

Don’t wait until April to start on your tax forms this year. Start fresh by organizing your books from day one of the new year and start gathering what you need for your prior year’s taxes now (even if that means outsourcing your accounting or signing up for a new cloud-based application).

 

3. Protect Your Assets with an LLC or Corporation

 

While legal fine print isn’t the most exciting part of running a business, forming an LLC or Corporation can be critical to your business and personal financial health. These business structures protect your personal assets from any liabilities of the company.

 

This means that if your business can’t pay its debts or happens to be sued, your own personal property may be shielded from any judgment. In addition, these formal business structures can improve your tax situation and carry other benefits that you may want to discuss with your CPA or tax advisor.

 

If you’re not quite ready to take the plunge to incorporate, you should at least register your business name with the state. This simple step is known as filing a DBA (Doing Business As or Fictitious Business Name) and it does two things:

 

  • It makes sure that you’re legally able to use a business name.
  • Ensures that no one else can use your business name in your state.

 

4. Put Your Customer First

 

As a small business owner, you know you wouldn’t be anywhere if not for your customers. As you move into the new year, put your customers first in all that you do. A small business can stand out in a crowded market by offering impeccable, personal, and customer-centric service.

 

Treat your customers as people, not numbers or sales figures. Listen to your customer’s needs and bend over backwards to make them happy.

 

5. Set Aside Time for Yourself

 

As an entrepreneur, you probably suffer from little separation between your personal and work life. This year, make a point to set aside time for yourself each and every day. Go to the gym, do something you enjoy or just turn off your phone and other devices for a half hour each day.

 

It’s important to recharge your batteries in order to stay focused and motivated throughout the year. A change of scenery can stoke your creativity. Who knows what brilliant plan you’ll dream up when you step outside your daily grind.

 

Sticking to a goal is tough for anyone. The most important thing is to create realistic ones that make sense for you and your business. What are the goals you’ve set for your business in the new year?

 

More at New Year Goals for Small Business Owners.

 

 

 

About Kelly Business Advisors, LLC

Early in his career John started-up and sold 7 years later a Moving and Storage Company in Milwaukee. He acquired and was President of Kelly Pickle Company f/k/a Bond Pickle Company, in Oconto, WI for 12 years. Built a monthly round-table networking group of manufactures in Oconto. Developed marketing plans, sales plans, products and implemented lean manufacturing practices with many North American companies. Worked with non-profits as both a front line leader and behind the scenes. He is active in his church, a member of the Green Bay Chamber of Commerce,Business Networkers International (BNI) and now is joining the Green Bay Downtown Rotary.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s