5 tips to help you get the most out of 2008:
1. Face your demons
Make a list of your worst nightmares. The loss of your most valuable customer(s); a competitor undercutting your prices and squeezing your margins; losing your customer data. Whatever your key issues, make 2008 the year to face up to your demons by devising action plans that aim to avoid the worst case scenarios that keep you awake at night. At first there may be more questions than answers, but facing up to such uncomfortable issues is often more healthy than burying your head in the sand. It could make 2008 your best and least stressful year yet. Or may simply ensure your business survives into 2009.
2. Develop yourself
If 2007 was all about your business, make at least a small part of 2008 about you. Consider your weaknesses and identify areas for self-development. Then explore your opportunities for training, which may include local training events, workshops and seminars, one-to-one training or coaching, bespoke training sessions or online interactive courses. Or even just a holiday and a good self help book! After all, your personal skills contribute to the overall success of your business, so it makes perfect sense to develop yourself.
3. Watch your finances
Continued fears of a credit crunch hitting the UK economy may or may not be realised, but such uncertainties serve as a useful reminder that financial stability is not a certainty. Even if you’re confident that your finances are in order, consider the unexpected - such as how a financial squeeze might affect your customers, suppliers or money lenders, and think about what this may mean to your business. Ensure the basics such as your cash flow, balance sheet and profit and loss accounts are taken care of, and review financial forecasts regularly so that potential issues can be avoided before they happen. The unexpected may not occur, but a solid grasp on your finances means that if it does you are well prepared to ride the storm.
4. Go green
In October 2007 we reviewed a NetRegs SME-nvironment survey indicating that although many businesses have the motivation to go green, a large proportion fail to understand exactly how their business impacts the environment. An estimated 48 per cent of all businesses have taken steps to minimise their environmental impact, but many businesses continue to believe that they don’t undertake any harmful activities and as a result do not implement environmentally friendly practices. It’s likely that during 2008 those NOT acting will become the minority, but many businesses will still need to implement changes if they are to turn environmental consciousness into action.
5. Do something new
The choice is yours, but here’s a few suggestions: Learn a new IT skill. Put a plant in your workspace. Attend a networking event. Make a website. Write a business plan. Delegate. Join an online business community. Reward yourself. Backup your data. Ask someone for help. Review your business performance. Reward your employees. Diversify. Take a holiday. Think of a new way of doing things.
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