Ten New Year\'s Goals for Entrepreneurs


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Ten New Year\'s Goals for Entrepreneurs

  1. 1. Contact: Lynda McDermott WPO Tampa Chapter Chair lmcdermott@equiproint.com 813-415-3664 TEN NEW YEAR’S GOALS FOR ENTREPRENEURSSo we’re now in Week 3 of 2011—and how many of you have already broken your New Year’sResolutions?I’ve never been big on New Year’s Resolutions but I am resolute about setting Annual Goals. As aconsultant to growing businesses and executive coach to CEOs and their leadership teams, hereare Ten New Year’s Goals for Entrepreneurs you may want to consider for 2011: 1. Set a 3 Year Vision for your Company. Engage your team in painting a vivid picture of where you could be by January 2014. The vision should be aspirational and offer an opportunity for your team to set stretch goals over the next 3 years to achieve it. 2. Decide on what you need to measure. Read up on the concept of the Balanced Scorecard and set up yours. Do you know how much revenue comes from each of your customers? Which ones are the most profitable? How do you measure customer/client service? 3. Retain and grow your customers. Analyze your top 10 customers and go have discussions with them about their plans and problems. Jointly look at how you can work together to address the problems as opportunities. 4. Find new customers. Look at what products and services can be sold to a new audience of customers. Ask your current customers and clients for referrals. “Sales cures all ills” and you need a targeted plan to pursue your best prospects. 5. Encourage innovation for new products and services. If you are standing still, the world will pass you by. Even if you are not in the high tech industry, technology is impacting how you need to be doing business and what products and services you need to adapt to the technology opportunities in front of you. If you are not a ‘techie’ then invite a group of younger or more tech-oriented clients, friends or family members to form a focus group that will give you ideas for moving your business into this new decade. 6. Be focused on your people. From the Receptionist to the Executive Vice President—ask your people what they want to accomplish for themselves in 2011 and set up Individual Development Plans. . If you care about them, they will care about you. 7. Never stop paying attention to profits. Some CEOs are only concerned about revenues. Look for ways to cut expenses that do not add value to the business. Adjust prices to stay competitive and maintain a healthy gross margin.
  2. 2. 8. Analyze your ‘front stage’ and your ‘back stage’ processes. Look at the customer/client experience from their perspective and identify how to optimize client satisfaction. Then look at how the business could be improved from behind the scenes. Your people are the best source of ideas for that. And then set up a Plan of Action to implement the best ideas. 9. Re-Examine your Marketing Strategy and Materials. Examine your strategy, your messaging and your marketing tools. Does your brand need refreshed? Is your message resonating with your emerging target markets? Does your website provide a positive browsing/shopping experience? Are you maximizing appropriate use of social media tools? Get an outside view and prioritize a list of quick fixes and longer-term changes. 10. Focus on you the CEO. Are you leading your business and your personal lives as well as you could? Are you spending your time on the “important” or just “urgent” activities and issues? The leadership legacy you leave behind is the way you are leading your life today.If you haven’t done it already this new year, take a few quiet days off and do an honestassessment of how you can make 2011 your BEST YEAR YET! Then pull your team together todo the same exercise. As a mentor of mine once said: “A finished leader is a finished leader!”Wishing you a healthy, successful and Happy New Year!Lynda McDermottChairWomen President’s OrganizationTampa Bay ChapterAbout Women Presidents’ Organization (WPO)The WPO is the premier global peer advisory organization connecting top women entrepreneurswho own multi-million dollar companies. In monthly meetings across the US, Canada, Peru,South Africa and the UK chapters composed of 20 accomplished women presidents – fromdiverse industries and backgrounds – invest time and energy in themselves and their businesses todrive their corporations to the next level. Local WPO chapters are coordinated by a professionalfacilitator and meet monthly to share business expertise and experience in a confidential andcollaborative setting. For more information, call 813-415-3664 or visithttp://www.womenpresidentsorg.com.