Five Financial Resolutions for 2011

New Year’s resolutions may seem contrived, but a fresh calendar makes for a great time to accelerate your hustle to new heights. Check out these five resolutions, recommended by to bring your 2011 in strong.

1.  Establish personal financial goals.

Your outlook on the year will vary depending on several factors, such as your age or expertise in business. Take some time to plan where you want to be in life–preferably start with the next three to five years–and strategize how your company will align with that plan.

2.  Create a budget.

Budgets are essential to a company’s well being, but few entrepreneurs invest the time in creating one. Consider your cash and credit needs, as well as any seasonal changes you may need to adjust for in the upcoming year.

3.  Discuss priorities with employees.

Your employees can draw energy and understand how best to fulfill their roles in the company if clear expectations are communicated with them. A more formal process can be more effective if your company is larger.

4.  Negotiate fixed costs.

As our economy recovers, vendors and leasers will likely begin to raise prices. Beat them to the punch by negotiating agreements to lock in your current price.

5.  Reconsider delayed expansions.

There is a possibility that lending will pick up once more in 2011, so if your business is performing well this may be the year to secure capital for growth.

Read the full Entrepreneur article for even more insight, and always hustle hard!

Leave a Reply

Your email address will not be published. Required fields are marked *