Business Resolutions
 December 22, 2006

Q: Steve -- Do other small business owners ever make New Year's business resolutions?  I do.  If others do too, I hope they are more successful than I was in carrying them out.  Do you make business resolutions? -- Anthony

A: No, I do not make business resolutions per se, but what we do do in my business is undertake some comprehensive year-end reviews and subsequent business planning for next year. They are both useful exercises.

Apparently we are not alone. I just saw a survey from Braun Research that says that, while many small business owners are busy with increased sales and demands during the holidays, what they would prefer to spend their time on right now is year-end administrative tasks like getting final bills out, and planning for next year.

It's not hard to understand why. Planning makes sense. I find that thinking about and discussing the year in review is actually a good first step in planning for next year. It helps you see whether you got to where you wanted to go, and if so, why, and if not, why not. It enables you to step back and look at what seems to be working and not working and thus to make adjustments as necessary.

A good year-end review will also allow you to

We find the review process always useful because it allows us to take a step back from the business and look at the big picture. Many small business people get so caught up in running their business on a day-to-day basis that they fail to see the forest from the trees. But it is precisely this sort of big-think that can make all the difference. An annual year in review can become your time to do just that.

But don't just take it from me. Here's another pretty successful entrepreneur who engages in a similar activity:

Twice a year, Microsoft Chairman Bill Gates engages in what he calls his "Think Week." These seven day events find him holed-up alone in a secluded cottage in the Pacific Northwest, contemplating the future of technology generally and his company specifically.

Microsoft employees are encouraged ahead of time to draft white papers for Gates to review and peruse. Microsoft executives, engineers, and product managers take advantage of the incredible opportunity to influence one of the world's most influential people. Reading as much as 18 hours a day, Gates' record for one week is 112 such papers.

And the result for the company is no less impressive. Inspired during Think Week 1995, Gates ended up drafting a paper called "The Internet Tidal Wave," directly leading to the creation of Microsoft's Internet Explorer and eventually, Microsoft's .NET framework.

So business review and preview can take any form you want it to take. Maybe it's a group meeting for a half a day in the conference room, maybe it's a weekend to Vegas with your partner, and maybe it's a week alone in the rainy Northwest. The important thing is to think big, think about what works best, and noodle a bit on how you could make more money and have more fun in the process next year. That sounds like a process that could create some resolutions worth keeping.

Now if I could only get rid of these darn 20 pounds!

------------------------------------------------------------------------------

Today's Tip: Health insurance premiums got you down? Instead of struggling to keep the group plan afloat, consider bringing in an insurance broker to share with your employees the possibility of their buying their own individual and family health care plans. Such plans are customizable, can be affordable, and are owned by the employee, so that if he ever goes on to a new job, he could take it with him or her.


 

Back to "Ask an Expert"          MSCE Home

Batesville Memorial Public Library