Top 7 tips on getting your business back on track in 2019
by Startacus Admin
The no-bullshit-business coach and founder of consultancy firm RenOC, Karen Kwong, shares her top tips for getting your business back on track in 2019.
"Whether you’re a new startup or established company, these tips will help you make the most of the new year.
1) Learn from this year's achievements and mistakes
Reflect back on the year with honesty. Focus on objectives met and exceeded, goals that you didn't achieve (could be because you changed your mind or all sorts of reasons, not just 'I'm a failure') and why and how you got there. Ask yourself: What did I learn last year that I will and won't repeat? Where can I improve? And where am I wasting my time? By having an unbiased look at your year, it'll help inform the decisions you make in 2019. Start a journal which you can use all the time too, so this exercise is easier at the next year end.
2) Put together a plan that gets you towards your bigger vision
Split it into 12 months so it doesn't seem so overwhelming. Consider the possible hurdles that might occur and if encountered, what you might do to overcome them. When doing this, don't forget to include your personal wellbeing into the mix; too many business owners forget about themselves and focus solely on work. That's all well and good until you burn out – then who is going to make well-thought-out decisions and run the business? It certainly won't be you!
3) Make yourself and your employees more effective
Are you working the best way you can? Make a list of what you can do to be better and help your company grow. Consider if your business is even prepared to grow or if it should / can wait another year. Check in with your team and work together to prepare for 2019. If you can talk to them about your vision and the mission for the year, together you can help the business be more effective. This could be mean hiring more people, or reviewing how everyone works and what they do, or training, or making small adjustments to existing plans. The more effective you and your team is, the more sustainable your business will be.
4) Do your research
Many companies start up with a fabulous idea based on someone's anecdotal observations or instincts. However, basing a complete business model on those instincts and some casual questions to your friends and family on the viability of your idea isn't a good sample for data gathering, even if the idea is based on improving something simple. The market changes constantly – you need to research it, find out who your new competitors might be, if there are changes in pricing, branding, costing, logistics etc. – all sorts before you even put a plan together. Most people think this information is just for potential funders. It isn’t. This information is for you, so that you build a robust business, rather than one based on sheer guesswork and a large dose of wishful thinking. It's known as responsible business leadership.
5) Choose the right partners (or review the ones you have)
One thing I have noticed with so many businesses is that they make very bad decisions when it comes to hiring people. Not only is this a lengthy disruption for the business, it can also be an expensive one. Many are in a rush to hire so that things can get going but 'act in haste and repent in leisure'. Others might make bad technical hires or choose inappropriately experienced people.
Skills and competencies are so important, but so is the person’s ability to fit into (does not mean be or think the same) and grow with your business. And clearly there is always a big no for assholes – stop making excuses for them and say goodbye in the new year. Remember that your employees are the best sales people for your business because they represent you and your values.
6) Invest in learning – for yourself and your team
If you stop learning and developing, your team won't see the need either. And guess what? Your business will stop learning too. Most people make the very basic and costly error of failing to keep educating themselves – this leads to stagnant thinking and will not help inform you or your business on how to progress.
7) Have discipline with your own and your business' health
If you don't look after yourself, you will burn out. If you burn out, no one will run your business which means it too will eventually burn out. Look after your health – eat, sleep, exercise, rest and do all the good things associated with healthy and successful living. In turn, do the same for the health of your business. Keep focusing on your vision, think about your mission and strategy. Regularly review your progress (or lack of) and ask good, objective questions as to why you are doing well and where."
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Published on: 9th November 2018
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