6 Ways To Set Your Business Up For Success In 2018
by Cindy M
03/16/18 Merchant Qtly
The New Year is Here!
This means business owners everywhere are wondering how to set themselves up for success in 2018. If they are smart, they are also starting to work on goals and strategies now.
The main thing you need to do to set yourself up for success in 2018 is to be willing to grow. While that looks like different things for different people, here are some ways to get started.
1. Commit to earning more money. For many business owners, success in 2018 looks like more money. While money isn’t necessarily a sign of success, it is a tangible measurement we can use to see whether or not a business is doing well. That’s why so many people lump the two together.
The first step in earning more money in 2018 is to commit to it. This means you’re committed to doing the work and making the decisions required to earn more money. For example, it may look like putting yourself out there or asking for more money, both of which can scare people out of being successful. If you commit, you’ll be more likely to do the scary stuff.
2. Practice self-compassion. We can be so hard on ourselves as business owners. I coach clients who really just tear themselves down when something goes wrong. The sad part is this often leads to a lack of success because it takes them longer to rebound. Mistakes happen. We will screw up. We’ll also lose money and fail at times. These are all just par for the course in business. Therefore if you want to set yourself up for success in 2018, you’ll need to practice self-compassion when these things do inevitably happen.
3. Start seeing yourself as an expert. Regardless of what type of business you have, if you want success in 2018 you’ll need to see yourself as an expert. Here’s the difference between a freelancer and an expert:
A freelancer gets paid for a skill, an expert gets paid for their knowledge.
Now, take a guess at which one makes more money, has multiple streams of income and generally enjoys a better quality of life. The person who sees themselves as an expert, of course.
4. Update your systems. Technology is always changing the game. Therefore, if you want success in 2018 you’ll need to make sure you have the technology to handle it. Maybe you know you’ve been needing to upgrade your email marketing software. Maybe you need to automate a sales funnel. Or maybe you need to move to a payment processor that isn’t charging you as much in fees.
5. Update the way you take payments. Begin with the end in mind and eliminate endless manual hours of reconciliation. Consult with your payment provider to automate reporting for your accountant or for Quickbooks import. It may only take a few minor changes to update the way you accept payments from your clients to get the necessary data to automate endless hours of balancing the books. Get in touch with ClearPay Financial (a Merchant Quarterly Sponsor) to help you update the way you currently take payments.
6. Build your team. No one builds a business on their own. Even those of us who are “solopreneurs” have contractors we hire. The reason is because we know we can’t possibly do everything by ourselves. If you want success in 2018 – and life in general – get in the habit of building a team and asking for help.
Final Thoughts Regardless of what your version of success in 2018 is, there’s a good chance that having a business running smoothly is one of them. By implementing these strategies, you’ll set your business up for success in the new year.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq or Merchant Qtly.