As we leave 2020 behind, the new year provides many opportunities for entrepreneurs to both grow their businesses and build their ideal lifestyles.
Nearly every business in the world was affected by the events of 2020, for better or worse. And while it was a tough year for many entrepreneurs, some were able to adapt their businesses to the new normal we found ourselves in and come out of 2020 with new strategies, increased resilience, and a new outlook on their business.
I believe that 2021 will be a year of growth, renewal, and potential for business owners. As needs change around the world, entrepreneurs are uniquely positioned to provide more value than ever before and at a time when people need it most. At Strategic Coach, we encourage entrepreneurs to think differently about their businesses so they can build the life of their dreams. This year, we’re on a mission to help them capitalise on all of the opportunities available to them so they can reach their full potential in 2021.
With that said, here are my top five tips for business owners looking to find success in their life and business during 2021.
Set the right focus
As a business owner, you’re able to create your own future and build your business in a way that will allow you to live your ideal lifestyle. Yet many entrepreneurs never take the time to think about what they truly want out of life because they’re too focused on the day-to-day minutiae in their business. It’s a critical error—how can you grow as an business owner if you don’t have a vision of where you want to go?
I recommend setting aside some time to think about this. Start by thinking about where you would like your life to be in 25 years. Then ask yourself, “What needs to happen in the next ten years for me to get there?”
From there, you can work backwards and think about what needs to happen in the next five years, one year, three months, one month—even in the next week. Thinking about this and writing down your answers will help you get moving towards your long-term goals. When you write them down, you’ll have a clear list of goals and action items for 2021 and the years ahead.
Take action and gain momentum
There’s a form of procrastination I’ve noticed over my years of coaching entrepreneurs that holds many people back from making the progress they’re capable of. I call it “getting ready to get ready.” This is common in many different walks of life, but especially with entrepreneurs—it’s the idea that you need to be “ready” before starting something new.
It’s one of the primary reasons why entrepreneurs procrastinate and put things off in their business, even if the project itself won’t take that much time.
That’s why I always tell entrepreneurs to stop getting ready. The reality is that you’ll never be fully “ready” to start something new. Until you actually start something, you won’t know how to get ready for it.
The best thing you can do is jump headfirst into new projects. Once you take action, everything becomes easier—you quickly realise what you need to do and how to do it, and you gain the momentum necessary to keep going.
Develop a healthy mindset
At Strategic Coach, we focus on creating guides and tools that allow business owners to think more deeply about their businesses, their lives, and what they want to achieve in their lifetimes. Time and time again, we come back to mindset as one of the most crucial components of a healthy business and life.
Developing a positive mindset is one of the most powerful things you can do to not only improve the lives of those around you, but to improve all of your interactions and relationships throughout your life and business. The Positive Focus, one of our most popular thinking tools, helps entrepreneurs get in the mindset of constant progress by identifying past achievements and using those to spur future action in their business and life.
If you’re looking to improve your mindset in 2021, focus on your past wins and what’s working. Use those experiences to guide your future actions, and you’ll be on your way to constant progress.
Join a community that lifts you up
Entrepreneurial isolation is a real problem. When you first start off as a business owner, you may be working entirely by yourself, and even as you grow your business and get a team behind you, it can be difficult to relate to those around you. Many entrepreneurs feel like they can’t really be themselves or talk about their business with those close to them, and as a result, they become increasingly isolated.
Joining a community of like-minded entrepreneurs is one of the most valuable decisions you can make for yourself. It gives you a place to speak freely about your business and life as an entrepreneur and can lead to some of the most valuable relationships in your life—people who can truly relate to what you’re going through and offer you sage advice.
But most importantly, when business owners come together, we empower one another and exponentially increase our impact. Entrepreneurs operating in isolation can only go so far, but when we join together in a community, our potential becomes truly limitless.
Make the most of your setbacks
Everyone knows that we learn from making mistakes and overcoming setbacks. But sometimes we encounter setbacks in our businesses that can feel debilitating and frustrating, with no solution in sight. Business owners experienced many of these in 2020, and we’ll likely experience many more in 2021.
Always remember that with setbacks comes opportunity. For every challenge that arises in your business, flip it around and look at the opportunities it may create for you. Look at how you can use this opportunity in conjunction with your Unique Ability—what you love to do and do best—to create a bigger future for your company.
Setbacks give entrepreneurs a chance to hit the pause button. They’re the perfect opportunity to reflect, figure out what you really want, and plan your next move.
The COVID-19 pandemic led to a huge setback for many businesses, but it also created opportunities. It allowed entrepreneurs to rethink their business model. It forced companies to invent new revenue streams that will stay long after the lockdowns are lifted. It helped entrepreneurs uncover the true potential of their businesses.
There is a silver lining to every setback—you just need to find it!
5 tips for complete entrepreneurial success in 2021