New year habits entrepreneurs should adopt

Time management and staying connected top the list

The beginning of a new calendar year is a time to look ahead and set new goals. Entrepreneurs can commit to staying on track throughout the coming year by adopting these habits.

Quick tips to take your business to the next level

  • Stay on top of quarterly tax payments Many business owners pay quarterly taxes based on estimated profits. Focus on quarterly and annual profit changes to better gauge next year’s estimated taxes.
  • Reassess your business goals Learn how to detect changes in the economy, market and your industry to prevent business plans from becoming static. Learn how to bend with economic changes to increase employee retention rates and customer satisfaction.
  • Deepen your understanding of customers “It is equally important to know who your customer is and is not,” said Charles Matthews, University of Cincinnati professor of entrepreneurship and strategy for the Carl H. Lindner College of Business. “Knowing both ensures your mission/customer alignment.”
  • Strengthen connections with customers Reach out for more than just their business. Finding ways to continuously show them you care goes a long way in growing profits and satisfaction.
  • Assess your digital and data needs The rapid pace of digital transformation has many implications, more so than just adopting the latest technology. Develop a digital technology plan with benchmarks, timeline and assessment tools that provide insight into increasing, keeping the same or actually slowing down the pace of digital transformation.
  • Manage your time efficiently Shut off distractions during high-priority work tasks and tailor time-management strategies to increase productivity and better peace of mind.The Burner Method is an excellent way to keep your work flow simmering.
  • Leverage resources within the Cincinnati Innovation District Small-business offerings include a pre-accelerator program through the UC Venture Lab, prototyping and fabrication equipment in the UC Ground Floor Makerspace and consulting services from the UC Center for Entrepreneurship.

Featured image at top: Photo by Kevin Ku/Unsplash

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