As we approach the end of the year, we are presented with the opportunity to reflect. As a business owner there are numerous factors to reflect on. Not only the results of the business, but also leadership, management style and teamwork. The past 12-18 months have challenged many business owners. But when challenges arise, so does opportunity.
In this article, I’ll go through 3 business tips that have personally helped me enhance my business. No matter the size or industry of your business, any business owner can implement these 3 tips to enhance their business in 2022. Firstly, take accountability of where your business is now. Then strategise for the future and finally take action.
Accountability is taking responsibility of your actions. Whether your business is performing how you’d like it to or not. It’s important to be honest with yourself and take account of why you are achieving those results.
“We do not learn from experience… we learn from reflecting on experience” – John Dewey
This is a core factor of business growth. Reflect on what processes worked well and what hasn’t for your business. Identifying this will help you understand why you achieved the results you did or what needs improvement.
The results we have from the past, are an indicator of our actions. So, in order to change future results, we need to change our actions and processes. How you use this information from your results will determine the future growth of your business.
“If you always do what you always did, you will always get what you’ve always got” – Henry Ford
Strategise for the Future
After you’ve reflected and taken accountability for your business results. It’s time to put an action plan in place to guide you to success.
A good place to start is conducting a SWOT analysis. Identify your internal strengths and weaknesses, and external opportunities and threats. Form strategies to turn your weaknesses into strengths and make the most of opportunities available.
Look at what your competitors are doing and any other external threats in the market. This can help you identify potential opportunities you can take advantage of. Along with minimising the impact of external threats.
“Our goals can only be reached through the vehicle of a plan” – Pablo Picasso
Another tactic is to create SMART goals. SMART stands for specific, measurable, attainable, relevant, and timely. By using this framework, you’ll be able to create effective goals and keep yourself accountable. This acronym can help you to better set your goals for your business and get the most out of them.
Goal setting is important to get right, as goals that are too challenging can leave you feeling discouraged. On the other hand, goals that are too easy won’t feel enough of a challenge. Making use of a SWOT analysis and SMART goals will give you clarity when strategising to achieve business growth.
The final tip is to take some steps in the direction you want to move in. By now you’ve done all the groundwork. You’ve taken accountability and identified what works and what doesn’t. Along with creating SMART goals and identifying your strengths, weaknesses, opportunities, and threats. Now it’s time to take action and put it all in place.
A strategy to help keep yourself and your team accountable, is to share your goals with your team. This provides everyone with an expectation and motivation to achieve a certain result.
Don’t be afraid to take baby steps. Small actions can make a big impact down the track. “If you can get 1% better each day for one year, you’ll end up 37x better by the time you’re done”. Even allocating a small amount of time to your goals each day, will reward you and your business in the long run.
There are 3 things you can do right now to set yourself up for business growth in 2022. Lay the foundations, reflect and take accountability of how your business is performing. Then create strategies through SMART goals and a SWOT analysis, to create a guide for how you and your team are going to achieve. Finally, take some baby steps and start moving in the direction of where you want to be.
Challenge yourself and get out of your comfort zone, as this is where you will achieve the most growth. Remember growth takes time. Even the smallest steps each day will add up overtime, and eventually lead to you the goal you desire. Don’t try to achieve everything in one day, just lay one brick at a time.
I will leave you to reflect on this quote.
“Rome wasn’t built in a day, but they were laying bricks every hour. You don’t have to build everything you want today, just lay a brick” – James Clear