Setting the Right Priorities for Your Business Venture in 2012

A new year is upon us again and this seems to be a busy time for most 9japreneurs. Usually, the beginning of a new year is viewed as a fresh start and a time of new possibilities. Most business owners will be busy re-strategizing and seeking the best way to move their business forward. However, if things are not properly managed at this time you might get overwhelmed and burnout before you know it, especially if your business is still in the boot-strapping phase.

We have highlighted below some great tips you can use to prevent this burn out and achieve maximum value from your effort by setting the right priorities.

1. Understand the direction for your business

The very first thing is to understand what you intend to achieve in this year. Basically, this will involve taking a look at how things fared in the past year, what you did right and wrong, a full fledged market analysis, competitor evaluation and opportunities for growth. There is so much to do in this regard.

My advice is that you focus on the top five internal and external factors that can affect your business while trying to better understand the direction for the year. This way, you can then narrow down to the actual goals and objectives for your venture in 2012.

2. Write down your goals and set realistic targets with timelines

Ensure that your goals for the year are written down, critiqued (by yourself and others) and refined to ensure that all possible areas have been covered. Then, you should set realistic targets and timelines for the achievement of these goals within the year.

Even if these goals are a carry-over from the last year, make sure they are written down so that you will not lose focus on any one.

3. Involve your team and delegate appropriately

If you have the luxury of a good team within your employ, the best you can do is to get them to participate fully in strategic activities as the year begins. Even though you have your vision for the company clearly set out, it is usually more rewarding if you seek their opinions or buy-in on the way forward. This way, they feel more respected within the company and will probably perform better on the tasks assigned if they were part of the formulation. Remember that “our budget” is always preferred than “my budget”, “his budget” or “her budget”.

In our usual manner and for the sake of practicability, we would love that you start out with these three tips and see how well it is helping you move forward as a 9japreneur. We would love feedback from you and also willing to help with any challenges you are facing as a business as the year begins.

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