New Year’s resolutions

Hamish Mexted Business Strategy & Planning, Increasing Profit

It’s that time of year again where people make their new year’s resolutions.  Sure, they don’t usually keep them, but at least they’ve given some thought to where it is they want to head and the things they need to do to improve their situation.

To me, it seems people don’t keep their resolutions for two reasons:

  1. They don’t write them down – if you don’t write it down, it’s not going to happen
  2. They don’t hold themselves accountable to their resolutions – there’s no point setting out to do something if you don’t measure your progress against your stated objective

The same applies in business.  You need to identify where it is you need to go and what it is you need to do to get there.  The New Year is a great time to revise your goals and to set targets for the coming year.  Ideally these need to be built into your business plan which, by the way, is only a one or two page document (no 20 page business plans please!).  The business plan needs to be reviewed every month or every second month to track your progress and to hold yourself accountable to your targets.  The goals and targets also tie back to your key internal processes and key performance indicators which we’ve blogged about previously.

Take some time over the holiday break to make some resolutions for your business.  If you need some help incorporating the resolutions into your business plan get in touch with your Chartered Accountant or give Hamish Mexed at iif a call on 021 752 270 or info[at]iif.co.nz