Here’s something worth trying this year: make ten New Year’s Resolutions that you actually track—and keep! I came up with ten different subjects for you to use as a framework for your personal list. They relate to four areas: management, leadership, finance, and personal. And I added a bonus one at the end. Here is the list.
Management
Delegate One Thing. Find ONE aspect of your responsibility that you can delegate to another team member. It should be something you don’t like to do that will “stretch” the recipient. Be sure to delegate the necessary authority.
Set and Track 2010 Objectives. Make your list more than just revenue and profit. Include specific, time phased goals that involve HOW you will achieve the primary revenue and profit goals. Do not forget to assign responsibility for completing each one.
Evaluate Your Website. Take an objective “third party view” of your current website. Does it still look good? It is your “front door” to lots of prospective customers. Take the actions needed to keep it current and competitive.
Finance
Take Vendor Discounts. Make sure your payables system is set up to take all discounts offered by vendors for quick payment and do it throughout the year.
Produce a Cash Flow Forecast. Do this every month or more frequently. Cash is always king and you need to treat the king well or he will punish you. Know when and from where your revenue is coming for several months out, and what your expected cash outflows are in future periods. These can be educated guesses based on historic records combined with actual accounts receivable and payable figures for close in periods.
Leadership
Listen More. This is tough to do. But your team members and your boss often convey messages within their words or by their body language. And it may occur in casual conversations, not in formal meetings.
Recognize Deserving Team Members. Recognition needs to be “public” and legitimate to be most effective. It does not need to be expensive. Often some time off is most appreciated.
Create Real Performance Plans. The people you lead need to know what you expect of them, and they will help you set their goals. Do this early in the year and tie recognition and evaluation to each person’s plan.
Personal
Schedule Your Own Time Off. You owe yourself and your family a regular break from the pressures of business. Weekly time, some vacation weeks, or some other regular down time is important. If you are the owner, your team expects you to take some time away. (They like the time in the office without you and they will surprise you by making good decisions in your absence.)
Learn Something New. What do you want to learn this year? Add to your skills, to your hobby, to your interests, etc. Running a business operation can sometimes become unexciting. If that is your situation, brighten your outlook with the challenge of learning.
Bonus
Smile More. Smiling is a simple solution to making life more pleasant. People will smile back. You will feel better. Make a resolution to be a pleasant person to be around. As a leader you don’t need to be popular, but you do need to be respected professionally. Projecting a positive confidence in a smiling manner is infectious and earns you respect.
So that’s my Ten for ’10. Maybe you have a different list and that is fine. Just make a list and review your progress over the year. Good luck and Happy New Year!
