Ready or not, 2017 is here. As we say goodbye to 2016 and usher in the new year, it’s time to set some *achievable* financial resolutions for your business. Research shows that setting annual financial goals tends to pay off for businesses. In fact, according to a recent study from Fidelity Investments, about 50% of those who set financial resolutions for 2016 achieved 80% or more of their financial goals. That’s a number we can get on board with!
While financial goal setting looks different for every business, there are a few universal goals that apply to every business, big or small. Crush your financial goals in 2017 and beyond with these five resolutions:
1. Quit Thinking Short-Term
You’ve been scrambling all year to keep up with your responsibilities, but now is the time to set the short-term aside and think big picture. The best way to do this is visually with a pen and paper. I can’t stress this enough (and also can’t take full credit, my dad imparted this wisdom onto me years back), if you’re serious about reaching your financial goals in 2017, get it all down on paper. You become 42% more likely to achieve your goals simply by writing them down on a regular basis. Place them somewhere you’ll see often to help you make better business decisions all year long.
2. Slow Down to Build Better
So many entrepreneurs are running on warp speed and forget to take the time to reflect on and learn from the previous year’s wins and losses. Before moving full steam ahead into 2017, take a good look at the financial health of your business in 2016. What worked? What did not work? Where can you improve? What needs to be eliminated? These are the kind of questions that will help you learn from your successes, as well as your mistakes, to build a better, more effective business in 2017.
3. Set a Revenue Target
Having a concrete revenue goal is essential for making business decisions. Don’t be scared to go big – we recommend that businesses use their highest historical revenue year as a benchmark and go from there. While we’d all love to double our sales and scale at warp speed in 2017, don’t forget to set some sort of counterbalance goal that will make sure your products or services stay quality.
4. Commit to Moving Forward
You’ve seen it all over your newsfeeds, 2016 was a strange time for business. The economy faced a number of hurdles, most notably the pause on hiring and investing spurred by the presidential election. The uncertainty of the health of the economy sent many small business owners into a frenzy. Here’s the thing – if your business is fundamentally sound, you shouldn’t spend your valuable time worrying about outside factors outside of your control. In 2017, commit to focusing on what you CAN control and take action to build a better business.
5. Invest in Better Financial Tools
If there’s one thing we learned in 2016, it’s that businesses everywhere are experiencing app overload. Today’s financial accounting technology landscape is massive, and it can be incredibly confusing for entrepreneurs to navigate as they simultaneously build their business. Resolve to consolidate your accounting software in 2017 and only commit to the very BEST financial tools. If you need help determining what accounting technology will be most effective and beneficial for your financial engine, drop us a line. We provide expert guidance to entrepreneurs looking to reach their financial goals and insights into the ever-expanding accounting ecosystem.