It's not too late to make business resolutions for 2016

"The future comes one day at a time." ~ Dean Acheson

As entrepreneurs start into the New Year, you need to have some meaningful resolutions. Here are my thoughts to help you and your business.

1. Do your best to make sure that every single staff member feels appreciated. Appreciation is one of those things that is so much more important than salary increases(not that these are not important). Go out of your way each day to find one thing a staff member has done well and tell them about that no matter how busy you are.
2. While interest rates are expected to rise slowly, this year is the time to do any needed financing. Look at your all of your assets and assess which ones need to be replaced and which ones can wait. For those assets that either need to be replaced or updated or those assets that are close to this arrange financing. Financial institutions have plenty of cash that they need to lend out, so now is a great time to borrow money. As part of these assets that might be needed to replaced or upgraded is computer equipment and software. While upgrading is a main, it is one that needs to be managed as much as fixed assets.
3. Look at new technolgies that are coming out for your industry. Talk to other people in your industry and see what they are using and how effective it is. While you do not need to be at the bleeding edge of technology you do not want to be at the dull edge either.
4. For this year, focus on your succession plan. How are you going to extracate yourself from your business and how is this going to happen. Are you going to sell your business, give it to your children, or have your successor take over? As well as having plans to exit your business, how are you going to spend your time after the exit. Are you going to play golf everyday, volunteer your time, or travel, it is so important to have a plan in place for this exit.
   
   Also, as part of this exit plan you need to be training replacements for the key people in your business. Too often in small business, key people just cannot easily be replaced. Planning can reduce your worry here plus make your own exit so much easier.
5. Finally, resolve to spend more time away from your business just to enjoy life and see the world from a different perspective. Getting away from your business will empower staff plus help you live a better life for your health and your family.

Now go out and see how many of these resolutions you can buy into and then make a plan to make them happen.

You can do this -- and my best for a wonderful and happy New Year!!

Dr. Osteryoung has directly has assisted over 3,000 firms. He is the Jim Moran Professor of Entrepreneurship (Emeritus) and Professor of Finance (Emeritus) at Florida State University. He was the founding Executive Director of The Jim Moran Institute and served in that position from 1995 through 2008. His newest book co-authored with Tim O'Brien, "If You Have Employees, You Really Need This Book," is a bestseller on Amazon.com. He can be reached by e-mail at jerry.osteryoung@gmail.com.

Tags: Florida Small Business