Advice for the New Year

Happy New Year! As entrepreneurs, we are always thinking about ways to grow and improve our business. With the beginning of the New Year upon us, there couldn’t be a better time to sit down and plan for the future. Reflecting on the past year allows us to see what has worked and what hasn’t, which in turn, will help build more effective strategies for the year ahead. During this season, I often have people ask my advice on goal setting for the coming year. From one entrepreneur to another, here are my tips:

S.M.A.R.T. Goals
At Far West Capital, we start off by making sure each of our goals are S.M.A.R.T. — specific, measurable, attainable, realistic and timely. Setting the goal is easy, but in order to be achieved, it has to meet the S.M.A.R.T criteria. Remember – you can always break up bigger goals into smaller, more manageable ones that will help move you towards the big picture.

Team’s Goals
If you haven’t given your team the opportunity to set their own goals, now is the time to do so. Rather than just handing out a list of tasks, have them determine their own goals for projects. When they make the commitment themselves, they are much more likely to follow through.

Weekly Check-Ins
Schedule meetings or conversations each week with your employees and use the time to answer questions and find out where everyone stands. Weekly meetings not only show the team you care about the finished product, but also that you are invested in their personal progress.

Celebrate Achievements
This is by far the most important tip I can give you. When your team meets the small goals within a big project, take time to celebrate! Acknowledging their achievements shows them that you are proud of their hard work. Whether it’s ordering catered lunch or taking them to happy hour, celebrating will have them feeling valued and excited to continue working on the project.

Do you have any tips on how to ensure businesses reach their goals? Leave us comments below.

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