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4 New Year's Resolutions for Small Business Owners

4 New Year's Resolutions for Small Business Owners

“Next year is going to be even better than this year.”

This might normally sound like a worn-out cliché, but after the year we've just had, hopefully most people can agree with the optimism!

There’s a good chance you’re looking forward to putting 2020 behind you. January 1st is always a great opportunity to reflect on the past year and plan for the future, which is especially welcome this year. Here are some new year’s resolutions that will be particularly relevant for small business entrepreneurs this upcoming year.

2021 New Year Ahead

1. Set SMART Goals

SMART goals come from the project management world and are useful in many areas of business. SMART is an acronym that stands for “Specific, Measurable, Attainable, Relevant, and Time-based.” The idea is that these four guidelines make goals more detailed, easier to achieve, and ultimately more impactful.

If you’re an entrepreneur, the chaos of 2020 probably led to considerable amounts of pivots and changes in strategy. The new year is a great time to focus on the processes you use to determine new goals for your business, even if you aren’t following the exact SMART template.

Woman writing goals on whiteboard

2. Relax and De-Stress

This one is probably much easier said than done! Business ownership can be draining, and 2020 certainly was a year for the books.

Stress can have a major impact on your small business. It costs American companies billions every year in absenteeism, turnover, and lost productivity. Entrepreneurs themselves frequently deal with workplace stress. Even if your workplace isn’t a stressful environment (which it hopefully isn’t!), there’s always room for improvement.

Managing stress as a leader can include focusing on things that are going well, taking breaks, and taking care of yourself. It is also important to ensure that your employees are able to do the same. This will better serve the health of your business and its people.


3. Express Gratitude

The challenges of 2020 tested the limits of small businesses throughout the country. With as quickly as things shifted, it may have been easy to have not adequately expressed how thankful you are for the employees, customers, suppliers, and communities who’ve helped keep your business going through all of this year’s obstacles. The new year is a great time to reaffirm your appreciation for all of these people and their efforts.


4. Stay Positive

Positivity is a valuable business tool and a very productive trait for leaders to have. Optimism helps entrepreneurs navigate new challenges, and it also creates positive energy for their companies and employees.

If you’re already positive about the prospects of 2021, you aren’t alone. In fact, a wide majority of small business owners remain optimistic about 2021. Although many of 2020’s issues will linger into the beginning of the new year, you are likely much better equipped than ever to handle them, after almost a year of adjusting to quickly changing conditions.


Two masked coworkers bumping elbows

If you’re a current entrepreneur ready to expand your business, or an aspiring entrepreneur interested in fulfilling your dreams of business ownership in the new year, it’s critical to work with a trusted funding provider. FranFund provides custom strategies to meet entrepreneurs' unique needs, which is especially important in these dynamic times.

Our complimentary funding webinars allow current and potential entrepreneurs to learn about funding strategies in a casual setting.

To register for our upcoming webinar, sign up here. If you’re interested but unable to attend, feel free to register and we’ll send you the on-demand video afterward. We look forward to meeting you!


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