NEW YEAR'S resolutions are not only for people but also for businesses. After a tumultuous year of both opportunities and challenges, many companies are eager to bid goodbye to 2023 and move forward to a brighter year ahead.
Starting a new year allows us time to reflect, learn and evolve to make 2024 a more rewarding year for you and your company. What is important is that we take our learnings from 2023 and apply them to challenges we may face in 2024.
Below are lessons we share with our independent distributors around the world to help them thrive and grow their businesses.
Stay Positive and Nimble
Despite the challenges of the last few years, there are still reasons to be optimistic. Many small and medium enterprises (SMEs) in Malaysia have found ways to innovate to keep their business going and growing, so there’s no reason that growth can’t continue into the new year. In fact, for the first half of 2023, the SME Sentiment Index survey by SME Bank recorded a positive reading. Being confident about the future is a powerful way to approach a new year and radiate that optimism to your team and clients.
Remember What Worked
A great way to start the new year is by reflecting on what worked well in 2023. Did you find a way to cut costs or streamline your processes? Did you improve client services with added technology solutions? Perhaps you found new, innovative ways to connect more with customers. Some business owners report finding more profound connections with their clients as they shared more personal information about how they navigated recent challenges. Continue to build on what worked to grow your business.
Resolve to Plan
Many entrepreneurs start their businesses to escape the roadblocks of large companies. Along with the freedom to be one’s own boss, there is often a desire to free themselves of endless planning sessions. However, every business, large or small, benefits from a plan. Take time in the new year to write down goals for your business in 2024 as well as tangible actions you’ll take to achieve those goals. Write down what resources you will need to meet your objectives and create a timeline. Then when completed, share it with your team and don't just close the document, but review it quarterly to see where you are meeting or missing your goals.
Find New Opportunities
As the adage goes, “when one door closes, another opens.” Though things may seem challenging at times, remember we are making progress on all fronts, and sometimes just progress, however small, can be enough.
In the new year, entrepreneurs can continue to find new ways to conduct their business. Ask yourself what your customers need from you and how you can best deliver that product, information, or service. As providers of nutritional and wellness products, we know that consumers worldwide are seeking healthy solutions now more than ever. Our independent distributors host online webinars, outdoor exercise sessions and provide valuable health information via emails and newsletters.
Write Notes of Positivity
When was the last time you thanked the clients and suppliers in your life who have supported your business? The start of a new year is a perfect time to check in with them and thank them for their support. Ask them to share with you their goals for the new year and ask how you can best help them. Think about how you would feel if you received a personal – ideally handwritten – letter from a company. Being a small business owner allows you to connect with the people you do business with directly. You are taking the time to check in with them positively to deepen the relationship.
There is something extraordinary about starting a new year. We have the chance to begin again on a fresh footing. We can learn from our mistakes and remember our achievements. The most successful entrepreneurs are constantly innovating, finding new ways to build connections with clients and provide superior service. The new year is a time to take charge of our future with optimism.
This article is contributed by Steven Chin, senior director/general manager, Herbalife Malaysia and Singapore.
