1. Take time to review
A yearly review of how your business, idea, or venture has developed over the last 12 months is important. It gives you a chance to look back and see what you have learnt, what has worked, and what has not. Then you can move forward to set new goals.
There are both hard and soft metrics you can look at during your review, such as profitability, cash flow, operational efficiency, product mix, your balance sheet, and your customer engagement.
At the conclusion of this review, you need to ask yourself - are you on the right track or do you need to pivot?
2. Get advisors and/or mentors
Look to the industry for mentors, not just your family and friends. A good advisor is someone who asks you questions that you have not asked yourself before.
As soon as your coffee catch-ups become nice and friendly, it is time to move on. Your mentor should challenge and push you, not always agree with you!
Do not be afraid to reach out and ask for help and advice. The Christchurch community is very open to this. It is important to develop your ideas with others and so continuously look for feedback.
3. Make actionable goals
Dream big and then figure out how to get there. Break down your goal into manageable steps - pit stops on the journey to your final destination. You can break up your planning with the 90 - 60 - 30 day method.
Start by looking 90 days ahead into the future to set your big goal and then work backwards. Think about where you need to be by day 60 to keep progressing towards your goal. Lastly think about what you can do within 30 days to get the ball rolling.
If you have a team, engage them in the goal setting too. Get their thoughts and input. This helps to energise and motivate your team for the year ahead.
Remember, a year isn’t a marathon, it is 52 sprints!
4. Keep your goals right in front of you
Once you’ve written your goals, strategy & business plan - don’t put it away in a drawer.
Put it somewhere where you can see it every day. This will remind you of where you want to be and of where you are heading.
Your plan should be a living, breathing thing. Set aside time each week to discuss and review your goals.
Advisors can keep you accountable too. For example by the next time you meet, you must have completed x, y and z.
5. Release the fear of failure!
It is not sustainable to work 80 hours per week. Make time for yourself. Make time for your family and friends, your other hobbies and passions. You will soon realise timeout is just as important for your business as for your own health. You won't be making good decisions for anyone when you're exhausted and stressed.
Failing is normal. Failing is important. It just means you are learning and growing, especially when it comes to pivoting. When you are not afraid to fail, your team will not be afraid to speak up with an idea too. There is always something positive in failing.
Search Porter's 5 Forces and Boston Growth Matrix
Goal setting tools - SWOT and SMART analysis - are also good
Five Takeaways From the Jumpstart Your Startup in 2019: Breakfast Club Event
It was great to see so many of you inspired, motivated, and ready to learn at this month's Breakfast Club - Jumpstart your Startup for 2019!
Thanks again to our three panelists experts; Amy Kimber, Tax Manager at Deloitte NZ, Shelley Magic, MYOB’s Product Marketing Manager, and Mads Moller, Chairman of the Board at Limpidity and co-founder of the XStart Accelerator.