Successful businesses need New Year’s resolutions, too

As we enter 2015, it is a good time to reflect back, both personally and professionally, on the lessons of 2014. To ensure that you maximize your opportunities for success in 2015, it is important to reflect on what worked for your business in 2014 while also considering changes that need to be implemented. In this spirit, we would like to highlight some resolutions that might be worthwhile for consideration for your business.

Stay true to your core values

Every organization, regardless of size, needs a set of core values that provide the backbone for the company and its employees. These are also sometimes referred to as beliefs or philosophies. Typically, companies should have three to seven core values, and these need to be reinforced by management on a regular basis.

These core values drive your culture and business in many ways. For example you could use your core values as a litmus test when considering whether or not to collaborate with certain external partners. You can also discuss these core values when interviewing prospective new team members. You want to make sure there is alignment and that any new hires will reinforce, not detract from, your core beliefs.

Establish meeting rhythms

It’s easy for entrepreneurs to find themselves in back-to-back meetings for an entire day. Some meetings are unavoidable, but too many meetings leave little time to get the actual work done. Being stuck in useless meetings can be mentally draining and also gets in the way of achieving necessary priorities.

Meetings should be held for one of three objectives: to share information, to solve existing problems or to brainstorm new ideas. Make sure that all participants know the purpose of the meeting and have set timeframes. Start and stop on time and get the work done.

Above all else, make sure that you don’t have those awful “throw everything onto the table” meetings that can drag on for hours and leave all attendees whipped and discouraged.

Time blocking

Setting aside regular intervals to focus on certain business strategies or tactical activities is key to productivity and efficiency. Despite what we think about our ability to multitask, emails and other activities often get in the way of strategic thinking time and it’s hard to bounce back and forth. This is one of the hardest things for most people, to do on a regular basis. However, if put into practice, you will find productivity and efficiency greatly increased.

Thus, whether considering strategic partnerships, doing sales prospecting or reviewing financial projections, put a set amount of time on your calendar each day — and/or week — to focus on that particular activity.

Most importantly, regardless of what your resolutions are, it’s paramount that you write them down and then share them with your team members. Hold each other accountable — not just in January and February, but also throughout the year.

Entrepreneurs are passionate and usually willing to work long hours, but it’s best to spend those hours on the right things, and it’s crucial that inefficient work practices are alleviated or eliminated.

Happy New Year, and best wishes for a successful 2015 in your professional and personal growth!