Successful businesses need New Year’s resolutions, too

As we enter 2015, it is a good time to reflect back, both personally and professionally, on the lessons of 2014. To ensure that you maximize your opportunities for success in 2015, it is important to reflect on what worked for your business in 2014 while also considering changes that need to be implemented. As an entrepreneur now leading an organization that supports entrepreneurs across the state, I would like to highlight some resolutions that might be worthwhile for consideration for your business.

1. Stay true to your core values

Every organization, regardless of size, needs a set of core values that provide the backbone for the company and its employees. These are also sometimes referred to as beliefs or philosophies. Typically, companies should have three to seven core values, and these need to be reinforced by management on a regular basis. At Launch Tennessee, we have five core values:

•Taking an entrepreneurial approach

•Collaboration is key to success

•Being driven to serve

•Entrepreneurship and innovation are transformational

•Enjoying the ride

These core values drive our culture and business in many ways. For example, in 2014 we used our core values as a litmus test when considering whether or not to collaborate with certain external partners. We also discuss these core values when interviewing prospective new team members. We want to make sure there is alignment and that any new hires will reinforce, not detract from, our core beliefs.

2. Use a system to establish goals and priorities

There are many books and tools in the market that help companies establish priorities and manage their business. Personally, over the years I have found Verne Harnish’s book “Mastering the Rockefeller Habits” to be an excellent resource. At Launch Tennessee, we use the tenets laid out in this book to establish a one-page strategic plan that outlines three- to five-year targets, as well as annual goals and quarterly priorities. We work on 90-day timeframes and typically choose four or five top company priorities each quarter. While there are other things that we are working on, it’s those priorities that are the key “needle movers” for the business. Each priority has an owner, a person on the team ultimately responsible for making sure the targets are met. And then underneath each priority there are typically multiple team members who have related priorities driving toward that same goal.

We get together each quarter for a daylong, offsite meeting where we update our progress toward the annual goals, review the previous quarter and establish the key priorities — and designate responsibilities — for the upcoming quarter.

3. Establish meeting rhythms

It’s easy for entrepreneurs to find themselves in back-to-back meetings for an entire day. Some meetings are unavoidable, but too many meetings leave little time to get the actual work done. Being stuck in useless meetings can be mentally draining and also gets in the way of achieving necessary priorities.

Meetings should be held for one of three objectives: to share information, to solve existing problems or to brainstorm new ideas. Make sure that all participants know the purpose of the meeting and have set timeframes. Start and stop on time and get the work done.

Also, as spelled out in the “Rockefeller Habits” book, have a rhythm of daily, weekly, monthly and quarterly meetings. While that sounds like a lot of meetings, these are very focused and, in the case of the daily huddle, last less than 15 minutes.

Above all else, make sure that you don’t have those awful “throw everything onto the table” meetings that can drag on for hours and leave all attendees whipped and discouraged.

4. Time blocking

Setting aside regular intervals to focus on certain business strategies or tactical activities is key to productivity and efficiency. Despite what we think about our ability to multitask, emails and other activities often get in the way of strategic thinking time and it’s hard to bounce back and forth. This is one of the hardest things for most people, including myself, to do on a regular basis. However, if put into practice, you will find productivity and efficiency greatly increased.

Thus, whether considering strategic partnerships, doing sales prospecting or reviewing financial projections, put a set amount of time on your calendar each day — and/or week — to focus on that particular activity.

Most importantly, regardless of what your resolutions are, it’s paramount that you write them down and then share them with your team members. Hold each other accountable — not just in January and February, but also throughout the year.

Entrepreneurs are passionate and usually willing to work long hours, but it’s best to spend those hours on the right things, and it’s crucial that inefficient work practices are alleviated or eliminated. As a founder, make sure that you take time to work “on the business” and not just “in the business.”

Happy New Year, and best wishes for a successful 2015 in your professional and personal growth!

Charlie Brock is CEO of Launch Tennessee (www.launchtn.org), a public-private partnership focused on supporting the development of high-growth companies in Tennessee with the ultimate goal of making Tennessee the No. 1 place in the Southeast for entrepreneurs to start and grow a company. For more information on Launch Tennessee’s entrepreneurship conference, 36/86, visit www.thirtysixeightysix.com.