Do you ever wonder how entrepreneurs start their year?
The first week of the year is not a time for entrepreneurs to slack off. In fact, this period is so important for business owners that they do significant tasks that will influence their performance for the rest of the year.
Here are a couple of things entrepreneurs need to accomplish at the first week of the year.
1. Create a 100-day plan.
Newly elected Presidents of the US have been creating a 100-day plan since the 1930’s. These plans consist of attainable short term goals that represent the President’s long term vision for the US. In order to increase the profitability and productivity of a business organization, an entrepreneur must create a plan that establishes 100 tasks with specific steps and resources. This plan will enable entrepreneurs to establish achievable objectives. Moreover, entrepreneurs can assess their 100-day plan by mid-April and determine whether they should make some modifications on their efforts.
2. Declutter your work space.
Entrepreneurs might find it laborious but decluttering is a necessary task that will allow the business organization to operate more efficiently. At the first week of the year, entrepreneurs must make their team tidy up their work space by disposing unnecessary items like product samples, old files and equipment, and other unproductive items. Aside from tightening the space, they must back up electronic files for fast and convenient recovery.
3. Say goodbye to weak members of your team.
Most likely, entrepreneurs already know the person they need to fire. These are weak members of the team that cost reduced productivity, additional supervision, damaged client relationships, low employee morale as well as lost revenue. If the entrepreneur has delayed getting rid of them by giving them several chances, now is the perfect time to say goodbye to them. Keep in mind that this is the right thing to do, no matter how heartbreaking it is to lose them, since they are dangerous to the health of the business organization.
4. Consider getting high or higher.
There’s a perfect time for every entrepreneur to raise prices of their products or services and the first week of the year is the perfect time to ponder on that idea. While many business owners lower their prices right after the holidays, entrepreneurs might want to start doing price revisions with their competitive landscape in consideration. They must check for some white space that would allow small but profitable price increases.