Time to set some business goals

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It's the time of year for setting resolutions. Have you already decided 2017 is going to be the magical 12 months where you'll eat better, exercise more and save more money?

While you're in goal-setting mode, it's worth setting some resolutions for your business, too. Here are a few suggestions to help you get started.

Review your business performance

Before you set any goals it might pay to review the year to date. What are the key performance areas of your business that need to improve? If you're stuck on where to start MBIE has a quick focus business plan on their website that you can download to help you get going.

Start setting achievable goals

Lots of businesspeople have big ambitions but the years tick by without them coming closer to fruition. Make this year the time you get serious about goal-setting. Set some big goals and then break them down to a series of mini goals that you'll need to tick off each week and month to reach that big goal. Set aside time each week to check whether you are on track.

Find a mentor

No matter how long you've been in business, it can be helpful to have someone to discuss your ideas with and to make sure you're on track. There are formal arrangements that can match-make you with someone who can offer mentoring services, or you may be able to set up a coaching relationship with someone you already know, such as your accountant. Your local Chamber of Commerce may also be able to help you find a mentor. Having an objective person keeping an eye on your progress is a good way to keep you on track.

Check in with your staff

Do your staff have a clear idea of what you expect from them? Get the most out of your team this year by taking a proactive approach and identifying any areas of potential weakness. You could offer training to fill any gaps in knowledge or look at opportunities for promotion for staff members you want to engage, retain and challenge. Involve them in a planning day to make sure everyone is on board for the year.

Check your systems

When you've been doing something a long time it's easy to just carry on, and not question whether there's a better way. Are lots of your records paper-based? Are there opportunities to use technology to improve your productivity? Seek advice to find out whether there are any shortcuts you've been missing.

Delegate

If you're a bit prone to doing everything yourself, resolve to hand over some of the work to someone else this year. Delegating will free you up to focus on the things that you do well, and help your business become more profitable. Opening the mail, paying and collating bills and sending invoices are some examples of tasks that can be delegated to others to free up your time.

Join a networking group

Networking groups are a good way to build a system of referrers to your business. There are heaps of options around, which should create an invaluable network of contacts. BNI, the chamber of commerce, are some examples but there are also be industry specific groups which may become sources of referrals.

- Jeremy Tauri is an associate at Plus Chartered Accountants.