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January, the month of great determination and resolve to change, is coming to a close. While a new year is an opportune time for small business owners to evaluate the prior year, visualize a new direction for the business and set goals for success, a study shows that 80 percent of resolutions fail by the second week of February.
As this critical period quickly approaches, now’s the time to reevaluate your commitments to action this year. Is 2018 the year you’ll hire your first employee? Will you finally open a new location? Maybe your business goal is simply to reach more potential customers with an email newsletter. Whatever your business resolutions may be, here are three things you can do to sustain the motivation you started the year with and ensure your goals materialize in 2018:
- Write Down Your Goals and Share Them
To keep your resolutions among the 20 percent that succeed, don’t just share your goals on January 1, keep talking about them all year long. I was inspired by learning about the goals these small business owners have for 2018 and know their commitment to growth will encourage you as well:
- Goal: grow marketing and social media presence
“I am launching a monthly subscription option in February, so the goal is to really focus on growing that, which involves a lot of email marketing. So really the goal is to grow my email list/ subscribers,” shares Sanah Sadaruddin, founder of Grilled Cheese PR.
- Goal: hire additional employees and focus on employee success
Patty Delgado of Hija de tu Madre is currently running her business on her own and wants to change that this year. “In 2018, I am particularly interested in exploring business partnerships and startup financing. I’m in dire need of more hands … so financing a small core team is my immediate goal.”
- Goal: increase revenue and financial stability
“We have goals to wholesale our product, to spread brand awareness, and position ourselves for franchising. We are currently seeking a 15K grant or loan that would help us in launching our wholesale program,” shares Lisa Schulte, owner of Quarks American Bento.
Jeff Mackie, President and Founder of MMGBCS has very clear revenue goals for 2018: “I am aiming for 12 percent revenue growth. I want to achieve 3 percent gross margin growth. I wanted to get 15 percent EBIDA growth.” To help support this growth, Mackie is planning on “getting financing for capital equipment like trucks and more portable restroom units.”
- Obtain the Right Financing You Need to Grow
Among the small business owners I invited to share their goals for 2018, a common theme emerged: obtaining the right financing to grow. Working capital is a crucial factor for the overall health of a business; it allows business owners to cover routine payments in daily operations and create liquidity to propel their business forward.
Running a small business is no small feat, and when it comes to taking your business to the next level this year—whether that means hiring more employees, growing your marketing efforts or building financial stability—applying for a small business loan can give you the working capital you need to kick off 2018 on a healthy financial note.
January 31, 2018 at 01:19PM
Forbes – Entrepreneurs