3 New Years Resolutions Every Business Owner Needs to Improve

I recently read a great blog by Benjamin Hardy, where he shared a conversation between a mentor and student about goal setting, and it went like this…
Mentor: “Are you interested in achieving these goals, or are you committed?”
Student: “What’s the difference?”
Mentor: “If you’re interested, you come up with stories, excuses, reasons, and circumstances about why you can’t or why you won’t. If you’re committed, those go out the window. You just do whatever it takes.”
So as Auld Lang Syne started to play with the stroke of midnight New Year’s Eve, we likely found ourselves saying, “2017 will be THE year… clean slate, going to eat better, quit that bad habit, exercise more, etc.” Yep. Good intentions, but no real commitment. Why do I say that? Because studies show that just 8% of people who make resolutions actually achieve them. Just 8%. That means 92% fail.
So as the company P&L reset to zero 23 days ago, what business resolution did you make? Not sales projections – a business development resolution, make that commitment. Well, if you’re scrambling for an idea, I have three actions that every business owner should consider embracing as a business commitment for the New Year:

What do the CEOs of Google, Microsoft, Berkshire Hathaway, Facebook, Dallas Mavericks and countless other successful companies all have in common? Answer: an intense commitment to reading. Being a life-long learner is a critical component to growing a company, because the act of reading grows you as a person and a leader.
If carving time out to read is difficult than get an accountability partner to keep you on task. I started the Biz Book & Breakfast Book Club a few years ago to help myself be accountable to continuous learning. Judging from its steady attendance, I apparently was not alone! Our next meeting is February 22, so there is still plenty of time to grab our featured book, Originals by Adam Grant and starting reading. Register here and join the discussion & enjoy a light breakfast. Aside from buying the book, it’s free.

Fuel your mind while you fuel your body - this is multi-tasking at its bestThere are a lot of great opportunities out there for Lunch & Learns hosted by industry experts sharing information from technology to leadership to LinkedIn. Just Google the term “lunch & learns in (insert your area)” or check out the events calendar from your local chamber of commerce, business journal or any number of professional associations. There is something for everyone.
For instance, Compass Point Consulting has teamed up with Legacy Planning Partners to co-host a 4-part Business Owner Readiness (BOR) Series that focuses specifically on how to prepare a business for sale and the importance of a succession plan. It’s an RSVP event for business owners with revenues of $5 million dollars or more who are looking to exit the business in the next 5 to 10 years (their lawyers and/or accountants are welcome too). Transitioning out of your business is an event that takes a lot of thought and planning. Our first 2017 BOR event on February 21 only requires a reservation. Lunch provided. Click here for more information.

You believe you have the right people doing the right jobs. Yet sometimes, there is something missing. And that something keeps the company from scaling up and really growing. If your business is not firing on all cylinders, then it may be time to invest in the team with value-added learning.
Consider the Scaling Up Workshop I will be facilitating on March 2. It’s a full day training session for you and your leadership team on the 4 Decisions needed to scale any business: People, Strategy, Execution and Cash. Master these 4 Decisions and your business will have a distinct advantage in the New Year. There is a fee of $595 for this event, with discounts available for multiple people for the same company. Reserve your seat before the close of business February 1st and receive an early bird registration discount – just enter this promo code: CPBlog.
So have you noticed a theme to the business commitments? All 3 actions point to learning – each with varying degrees of time and financial commitment. The key here is the word commitment. We are all busy, but the success of your business in 2017 and beyond depends on your commitment to personal and professional development. It is one of the most critical factors to impact you and your family’s financial future.
Please Note: all events take place in the Lehigh Valley of Southeastern Pennsylvania. Details on the exact location can be found through the links associated with each event.