Many of us during the month of January develop New Year’s “resolutions” while others believe it is a foolish activity. They do not develop a set of resolutions, goals, or a plan until there is pain or a fire. I on the other hand believe it is a good start for the year and helps one set up a strategic plan for personal, and business.
The writing of resolutions that you develop in January lead you to push yourself and your business to develop their goals, and plans for the new year. The use of the list of resolutions helps as the cornerstone of the business planning process.
You may say it is mid-February, am I too late to push myself to develop the resolutions? Of course not, you have almost 10 months left in this year.
Development of the resolutions could be divided up in two categories: Personal, and Business. I would set out four to five short term goals within each of these two categories and make them as detailed as possible making sure they are measurable, attainable, specific timetable, and accountable.
The list of resolutions for business become the outline for the strategic plan process for the business. I have learned over the years that one needs to refresh their goals and plans for the new year.
RESOLUTION MISTAKE
Development of new year resolutions can lead to goals for you and your business, but does not eliminate the process of doing a detail strategic and execution plan. I know of an entrepreneur determined he wanted to be located in a prestigious location in a certain shopping center. He was so anxious to attain his resolution and goal in 2018, he made a number of mistakes along the way:
- He did not do a detailed strategic or execution plan based on his resolutions/goals.
- He failed to do a complete review of the lease, making sure all the verbal commitments of the landlord were stated within the lease, such as free advertising, marketing, and signage.
- He did not develop alternative plans for if that location did not work out or if the landlord did not deliver what was promised.
This entrepreneur did not push himself to develop a set of detailed plans. After six months in the location he came to realize that he attained his resolution and goal of 2018, but he failed in the fact that he did not develop an execution plan to ensure his success.
This year, his 2019 resolutions and goals involve cutting his losses and getting out of his dream site. Now he has been forced to make painful choices and he has come to Elanstrategic to help him take care of his goal to exit the location. This has become an expensive lesson.