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 Channel Futures

Uncategorized


7 Strategies for Entrepreneurs in 2014

  • Written by Elliot Markowitz
  • December 17, 2013

Solution providers are an interesting bunch. Each one is unique, with specific skill sets, customers and fire drills. What most do have in common, however, is that they are entrepreneurs—calculated risk takers.

Solution providers are an interesting bunch. Each one is unique, with specific skill sets, customers and fire drills. What most do have in common, however, is that they are entrepreneurs—calculated risk takers.

As such, many solution providers are trying to squeeze in too much as 2013 draws to a close and 2014 approaches. That can be a mistake, as your customers, business partners and employees may not be in the same mode. The next two weeks is a time to take a step back, review the year and show appreciation, as well as prepare for the coming year.

A bunch of successful entrepreneurs from the Young Entrepreneur Council were recently interviewed by Inc. regarding what every business founder should do before 2014. The advice was sound and smart, balancing business common sense with appreciation. Below are some of their thoughts for business owners with additional insight.

  1. Plan your marketing efforts and big events for the New Year: Set up a master calendar that shows all the big dates that are important to your organization. This should include milestones, celebrations, product releases, major customer service renewals and industry events.
  2. Show your gratitude for 2013: There is a saying that you should not worry about tomorrow, tomorrow will come soon enough and bring its own problems. Smart businesspeople, while always keeping an eye on future opportunities, take time to appreciate their business partners and employees. Before 2014 comes around, don’t forget to show your appreciation for those that made 2013 a success.
  3. Review your goals: No year ever goes according to plan. Sometimes that is good, sometimes not. Before the year is up, review what went right and what went wrong and fix those metrics, processes and procedures to get back on track. Remove what doesn’t work and do be afraid to implement new ideas that better handle the business direction.
  4. Finalize your 2014 budget: If your 2014 budget is not complete, complete it. Don’t go into the New Year without revenue, profit and cash-flow goals. That is a big mistake. Any budget can be reviewed and adjusted but the business goals need to be planned out. Also, assemble a looser three-year and five-year plan. That will help you stick to your current budget and objectives when connected to a bigger picture.
  5. Learn from your successes as well as failures: Most business owners beat themselves up over what went wrong, swearing not to repeat the same mistakes. However, just as much can be learned from your successes. Review what went right throughout the year and try to replicate it.
  6. Take time off: Solutionn providers, like most entrepreneurs, can be workaholics, but it's important to take time to unwind. All work and no play makes Jack a dull boy. It also makes for one stressed-out Jack, who, in turn, will stress out his family and employees. Getting away from the businesses reinvigorates the mind and body and makes you a better businessman.
  7. Re-evaluate your position:
 Many entrepreneurs start businesses because they are tired of working for somebody else and want to do something they enjoy. However, many just end up creating a job for themselves because they haven’t trained or prepared their employees properly. Take this time to evaluate your own job description and make sure you are doing what you set out to originally.

All too often entrepreneurs are in constant "go" mode, especially in the IT space. But although there are specific business items that must be taken care of before the New Year, solution providers must balance them with reflection and appreciation.

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