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ChapterTitle
Education
Nine New Year's resolutions

for small business success

which is normal. However, let it out and move on.
You're a clever small business owner, not a victim.
You can adapt to changes and realign your business
in fresh ways.
6. I will remember that comparison steals joy. It's
fine to look up to others who have had great success.
Yet it's so easy to then become disheartened. Don't
become lost in comparison when doing so is totally
unfair on you and your unique business path.
Promise that in the new year you will release the
compulsion to compare your business to others.
By Chad Otar
Lending Valley 7. I will refinance any debts. When was the last time
A Do you know what they are? If you have business
you looked at the interest rates you are paying?
new year can breathe new life into your busi-
debt (or even personal debt), the new year can be
ness—if you plan for it. Here are nine resolu-
the time you get things in order. Finance rates have
tions to get you started:
refinancing. It normally takes only a small amount
1. I will outsource whenever I can. While it can cost improved. You could save thousands of dollars by
money to outsource tasks, many small business of research and time; there are no good excuses for
owners fall into the trap of thinking that if they do not shopping around.
everything themselves, they will save money. This
is not true. Your time is best spent doing what you 8. I will make marketing the first priority. Many
are the expert at, which is usually the crux of your small business owners unconsciously avoid
business. Stay in your lane. Do what you do best; marketing. Perhaps it feels too "sales-y" to market
outsource anything else you can. what they've got, or maybe they have no idea where
to start. However, if you want your business to be
2. I will dedicate daily undistracted time. When you profitable, your customers need to know you exist.
are your own boss it's easy to waste hours doing Make a dedicated commitment with set times to
tasks that don't make money or progress your take action.
business. Even worse, some distractions aren't even
business-related. Set clear boundaries for periods 9. I will upgrade my online systems. Technology
of focused action—no distractions. changes quickly. Nothing is more off-putting than
researching a business only to find their website
3. I will drop whatever isn't working. Just because is outdated and they haven't posted on social
you put time and effort into something doesn't media for months. This inattention drives potential
mean you have to trudge along with if it's clearly customers away. Commit to reviewing content on
not working. Don't be afraid to drop what isn't all your online spaces to make sure it's current
working. Be ruthless, but ensure you aren't giving and relevant. Also, consider whether the programs
up too early on a good idea. you're using are the best fit. Don't be afraid to
switch if it creates greater ease for your business
4. I will hold weekly progress meetings. Even if long term.
you are the only one in the meeting, this is vital—
actually, especially if it is only you or a very small Note: I referred to the following in researching this article:
team. Don't waste meeting time. Go over the www.forbes.com/sites/rohitarora/2019/12/21/small-business-
numbers and goals. Use them to motivate you for new-years-resolutions-for-2020/?sh=6e55172f127a ; www.
the following week. It's too easy to lose track of thebalancesmb.com/top-new-year-s-resolutions-for-business-
how you're really doing if you never set time to success-2947126 ; and www.biznessapps.com/blog/9-new-
look into it. years-resolutions-small-business-success/ .

5. I will not be a victim. Yes, 2020 was a difficult
time for almost everyone. But don't fall into victim Chad Otar is CEO of Lending Valley Inc. For information about the
mode, because this will doom your business. You'll company, please visit www.lendingvalley.com. To reach Chad, send an
have moments when you need to let out frustration, email to chad@lendingvalley.com.

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