Setting Your 2020 New Year Resolutions
The big year is upon us. We are going to be talking about how to make sure you have 20/20 vision in 2020. It's clever. You can't do that many times. So I'm going to say it as many times as I can. So we've got a pretty good episode today. I guess it's all around making sure that you have the appropriate goals for your New Year. How do you work out what your New Year's resolution is, and why do most of them fail?
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What Is in the Future?
One big scary thing for businesses in Australia in 2019 particularly is where the interest rates are going, and I am not your financial advisor and if you're trying to get financial advice from me, wooo, you've got to sort that out first. But that should be your New Year's resolution: don't take your financial advice from a dork.
Having said that, the financial situation in Australia with the interest rates potentially going into the negative very shortly shows that we've probably on the verge of a recession, and that means that you need to consider that when moving into 2020. So not only do you need to make sure you have great New Year's resolutions, you need to make sure your recession-proofing your business. This document will cover off on that as well.
Don’t Aim Too High
The reason most people fail in achieving their goals is because they set them too high. This goes for personal goals as well as for business goals.
A personal goal, if you weigh 150 and you say you want to get down to 95 kilos in six months, you need to realistically think about how that's going to occur, how energy works, how those calories sit in there, what are the little building blocks to allow for you to achieve that goal? And you should then consider the little building blocks as the goal or part thereof, as opposed to the huge big goal of losing such a massive amount of weight, which is a huge achievement, but it's difficult.
Don’t Give Up
When you crack out that first chocolate bar or beer or whatever it is, whatever your crutch is, and then you notice the scales aren't moving, and you had a bit of dopamine released, you decide let's not bother. And 2020, January, you give up. So you don't want to have that as a situation, as the outlook. Make sure you have a large goal in mind and then have smaller goals to allow you to achieve that. With the recession possibly coming onboard and how to recession-proof your business, you want to make sure that you're looking at what the building blocks are that you're offering your customers, and you're not just looking at your whole business as a big entity.
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What Are your Building Blocks?
If you're a pie store, you can say, "Oh my goodness, people aren't pies as much because they're going to the supermarket, because they're in and out of a job because of the recession," or whatever the case is.
You have to think of yourself not as a pie store. Think about the actual items that people are buying within your pie store. If they're buying all the vegan pies or the chicken pies, whatever it is, promote that item and make sure that you're able to see across the board which of the items that people do buy and which ones they do not, and give them reasons to continue to shop and buy with you.
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Communication Is Key
Make sure that you know your customer, and that your customer knows that you exist. Make sure you have a voice. Don't sit in the corner waiting for them to come to you. Speak up. A lot of the time, they've just forgotten that they enjoyed the pies that you sell, or the haircuts that you cut, or whatnot.
So if you don't have a way to talk to your customers currently, to keep you front of mind with a digital fridge magnet or otherwise, get that as your first goal. Don't say that you want to increase your bottom line by 20%. That's great. That's a great goal, but that should be your yearly goal or even longer than that.
You should have a smaller, more achievable bite-size chunk as to how you do that, and to increase your bottom line by 20%, it could be something such as creating a marketing plan or refining your current marketing plan or looking at your current customers and creating a referral program or an affiliate program, or anything like that. Just having a second set of eyes on your existing work, or getting in an advisor that can give you that information to help you out and to build your business.
What Would You Like to See Happen?
Dream, plan, execute. Have a great idea of exactly what you'd love to see happen. Increase your bottom line by 20%, but then plan how that's going to actually occur. Bettering your marketing plan, doing door to door sales, getting an affiliate program. So plan that all out into bite-size bits, and those bite-size bits should be your resolution, your New Year's resolution. Execute, and make sure that you have a schedule in there that you say, I want to do this on this date, I want to do this on this day.
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Then celebrate the victories. I call them champagne moments. I think that's become synonymous with the industries. It is when you decide, not I got to 20%, but you finished the marketing plan. Champagne moment.
You achieved your first new customer through that marketing plan. Champagne moment.
And keep doing that.
Don't make the bite sizes too small though because you'll end up just being a drunk and you don't want that. If your bite sizes are small enough to say, I just wrote my signature on a piece of paper that says marketing plan, you're not going to finish that.
Keep yourself in line, and keep yourself with realistic goals where you are rewarding yourself and you are releasing that dopamine for doing that, and giving yourself that success to drive to the next thing. Because you don't want to be removing a whole bunch of baggage, whether it be 50 kilos or more from your body in one fell swoop, because you'll put it all back on, and you'll feel terrible about doing it.
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The Final Word
So keep your business lean, keep your business clean, keep yourself recession-proof through looking at the trends of what's selling well in your business. Check out this document that we've got here. It is going to give you heaps of information about how to do that for your business, and overall Happy New Year. Merry Christmas. Stay good. Drink too much and be jolly!
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