It’s not just individuals who should take time to reflect and make New Year’s resolutions for the year ahead. It should also be resolution time for SMEs in RAK. Our MEO Business Center team created 3 New Year’s resolutions you should make and keep.
When setting New Year’s resolutions, the first step is to plan wisely. Set some specific and inspiring goals. Have a closer look at the key areas of your business you wish to improve. Begin by asking yourself what you will stop doing as well as start doing in 2018.
Resolution 1: Learn from last year’s tops and flops
Place the previous 12 months under your microscope. Analyze the projects that worked and those that didn’t. Why did some products or services succeed when others flopped? What changes could you make to ensure not to repeat mistakes? Subscribe to educational business newsletter and make sure to keep yourself updated. Don’t miss out on great business opportunities in 2018.
Resolution 2: Pay more attention to cashflow management
Cashflow often is the top concern keeping small business owners up at night. To find better sleep, a useful resolution would be to improve your cashflow management. Now is the time to do financial housekeeping, put more robust systems in place and finally get VAT ready. Take some time to improve your invoicing process and amend payment terms and increase overdue payment rates. Some minor adjustments can really speed up your payment collection cycle and bring more cash into your business.
Resolutions 3: Achieve a better work-life balance
Marketing, accounting and now also VAT, several tasks and long hours go into running your small business. Also, the 24/7 nature of digital technology means that business owners are always accessible and work around the clock. It is worth making New Year’s resolutions that help you to achieve a better work-life balance. This doesn’t mean to only take time off to refresh for the new year ahead. Moreover, it means to source out activities like marketing and accounting to have more time for your most important business projects. Accomplishing a better work-life balance also means to schedule non-work meetings, events and activities that give you a break and bring you pleasure.
When you generate an efficient work-life balance, you will have more energy during the time you spend with your business. Furthermore, you will have powerful inspiration to create new business opportunities and to become even more successful in 2018.