Making resolutions for 2016

The future comes one day at a time. ~ Dean Acheson

As entrepreneurs start into the New Year, you need to have some meaningful resolutions and here are my thoughts:

1. Do your best to make sure that every single staff member feels appreciated. Appreciation is more important than salary increases (not that these are not important). Go out of your way each day to find one thing a staff member has done well and tell them about that no matter how busy you are.

2. While interest rates are expected to rise slowly, this year is the time to do any needed financing. Look at all of your assets and assess which ones need to be replaced and which ones can wait. For those assets that either need to be replaced or updated or those assets that are close to this arrange financing. Financial institutions have plenty of cash they need to lend out, so now is a great time to borrow money.

3. Look at new technologies coming out for your industry. Talk to other people in your industry and see what they are using and how effective it is. While you do not need to be at the bleeding edge of technology you do not want to be at the dull edge either.

4. For this year, focus on your succession plan. How are you going to extricate yourself from your business and how is this

going to happen? Are you going to sell your business, give it to your children, or have your successor take over? As well as having plans to exit your business, how are you going to spend your time after the exit. Are you going to play golf everyday, volunteer your time, or travel, it is important to have a plan for this exit.

As part of this exit plan you need to train replacements for the key people in your business. Too often in small business, key people cannot easily be replaced. Planning can reduce your worry, plus make your own exit easier.

5. Finally, resolve to spend more time away from your business just to enjoy life and see the world from a different perspective. Getting away from your business will empower staff plus help you live a better life for your health and your family.

Jerry Osteryoung, Jim Moran Professor of Entrepreneurship (Emeritus) and Professor of Finance (Emeritus) at Florida State University, can be reached at jerry.osteryoung@gmail.com.

This story was originally published January 7, 2016 at 11:59 PM with the headline "Making resolutions for 2016 ."