Happy 2020! As we’re slowly recovering from our NYE hangovers, it’s a good idea to set some new year resolutions for your business and not just for ourselves. My name is Tatjana and I’m the Co-Founder of teapro.co.uk – an educational tea subscription box that takes you on a discovery journey through the mysterious world of loose-leaf teas.
I’d love to talk to you about the importance of setting new year’s resolutions for your business by demonstrating how we’ve done it for teapro, as well as giving you some ideas on how to best approach this task for your own business.
What’s the deal with business new year resolutions?
Having your own business can be all-consuming and overwhelming. Especially, if you’re just starting up, your business is like a baby. It needs constant attention and support – all of which you might be handling on your own or with a very small team. It’s very easy to get caught up in the day-to-day routine and loose the big picture. That’s where most businesses fail. Rather than growing, you will end up focusing on urgent daily tasks, which over time might cause your business to stagnate and eventually fall apart.
Review past year before setting the new year resolutions for your business
Before we can get started with the new year’s resolutions for your business, it’s important to do a retrospect. Sit down with your team and talk about all the things that went well in 2019, but also make sure to analyse the things that didn’t work out.
At teapro, we only started trading in April of 2019 and we’re really proud of everything we’ve achieved so far. We’ve managed to set up a website, create a unique brand, develop our products, grow our overall social media following to over 15000, get some press coverage and finish off the year with amazing Christmas sales results. However, we can definitely improve on our email marketing, content creation, time management and many other aspects of our business.
Don’t be afraid to dream big
When it comes to your business new year’s resolutions, make sure to dream big! This is the time to decide what actions will really drive your business forward – think about the big picture – you can worry about the details later. To give you some inspiration, here are our big goals for 2020:
– improve our day-to-day processes
– grow the educational side of our business
– expand teapro from B2C (selling tea directly to customers) into B2B (selling tea to bars, restaurants, hotels, boutique shops etc.)
– incorporating tea ceremonies and experiences into our offer
– set up a tea room with a social enterprise angle, by employing homeless people and creating a scheme to get them off the streets.
The idea of this exercise is for you and your team to get excited about 2020 and look forward to all the things you can achieve in the year ahead!
Make your small business new year’s resolutions bigger than YOU
The most powerful reason to get excited about the progress of your business is to incorporate goals that don’t only benefit you, but will also bring a greater good to our society. For us at teapro, it’s things like mental health, environment and homelessness.
Mental health is important to us and we want to do our bit in creating a balanced and happy society. Currently, we’re releasing new audio chapters of Tao Te Ching by Lao Tzu on our teapro YouTube channel each week. Tao Te Ching is an amazing book full of ancient wisdom. Reading it has enriched our lives and we want to share this gift with the world.
When it comes to environment, we want to make sustainable choices, like selecting organic teas, reducing plastic waste by going loose-leaf, as well as striving to eliminate plastic from our packaging. Lastly, we want to make a change in people’s lives by tackling homelessness. We’re currently working on a concept of a tea room with a social enterprise angle, by employing homeless people and creating a scheme to get them off the streets. The concept is still in its early stages, but we’re excited to develop it further this year with the aim to turn it into reality towards the end of 2020.
Talk about BIG small business new year’s resolutions!
How VMOST can help your with the new year resolutions for your business
If you want to give your business new year’s resolutions a better structure, we highly recommend using the VMOST model. It will take you a few hours to write it all out, but it will absolutely be worth your time! At teapro HQ, we have our VMOST printed out and stuck on a wall in a visible place. We also have a great process in place, where we plan our sprints each week and make sure to do daily standups as well as weekly retrospect, to see how we’re getting on with our tasks and whether we’re still on track.
If you feel like your excitement starts vanishing, it might be a great idea to create an inspirational vision board for your business. Maybe you’re dreaming of upgrading your home office, or moving to a bigger one, higher turnover or want to see yourself on the cover of Forbes Magazine? Visualizing these dreams on board and placing it somewhere visible is a great technique used by lots of successful businesses. So what are your goals for 2020?
More must-read stories from Enterprise League:
- Learn from this entrepreneur and how she kept her business alive during the 2008 recession
- Read about the biggest mistakes entrepreneurs make and how you can avoid them.
- Running a business is a real rollercoaster but is the ride that enjoyable?
- 10 ways you can start earning money in 2020? Here are some trending small business ideas.
- These are the must-have apps you’re going to need in 2020 if you’re an entrepreneur.
Learn all about co-branding through these examples of branding. Everything you need to know. From the importance of co-branding, the benefits of co-branding to why it might be for you.
Can you distinguish good from bad business advice? Ten entrepreneurs share the worst business advice they ever got and explain why you should never fall for it.
These digital marketing books are a must for every small business owner. They provide you with proven methods and strategies for growth from experienced digital marketers.
Find out the key difference between bookkeeping and accounting, that will help you clearly differentiate the two. Learn about the impact that each one has on your finances and your business.
If you are planning on starting a meal subscription business, follow these guidelines so you can make sure you set strong fundamentals for your business.