Strategies: Seven New Year's resolutions for my business

— -- This time every year, people draw up lists of New Year's resolutions: lose weight, exercise, quit smoking. New Year offers us a sort of "restart" button. Sure, we're not cleaning out our mental or physical hard drives entirely. None of us change ourselves completely. But we can use this time to "reboot" — take a pause and, hopefully, perform somewhat better going forward.

That's why in business, too, it's a good idea to commit to New Year's resolutions. So here are mine for 2009. Feel free to add any of these to your own list.

1. Listen more. This is my No. 1 business — and personal — New Year's resolution because listening is a critical skill for both business and personal success. Listening — really listening and not just thinking about what you're going to say next — enables you to understand others, empathize, build relationships. That's critical whether you're interacting with customers, employees, suppliers, or your family members and friends.

I owe my business success to listening. I had only been in business a couple months when I got a call to meet with a big prospective client. My younger sister, Janice, had gone through sales training, so I asked her how to handle the pitch.

"Listen" was her advice. Don't be quick to start talking about myself. Instead, ask questions, find out about what the prospect needs, why they need it, what motivates them.

I landed the client — and they paid me enough to sustain me my entire first year.

2. Embrace change. Frankly, embracing change is something I'm pretty good at, but this year, there's going to be an abundance of change, much of it undesirable.

For instance, I don't just expect a shake-up in the retail landscape, I expect an earthquake. Some major retailers will shut their doors, some shopping malls will become ghost towns. I get a hefty portion of my income from the retail channel, so this has dramatic implications for my own business. That's why I've been in the process of strengthening other distribution channels. This takes time and money. It also takes courage — leading me to my next resolution ...

3. Be brave. There's no question that 2009 is going to be a challenging year. Frankly, it may turn out to be the toughest year for business in my lifetime. It's going to take courage to get through this. But I know that the economy goes in cycles. I have great faith in the resilience of the American people and American businesses.

4. Grow. Yes, even now I plan to grow my company. I absolutely know that many companies come out of recessions much stronger than when they went in. That's because many competitors are weakened or go out of business altogether. And disruption creates opportunities. I plan to take advantage of them.

5. Get even closer to my banker. I'm fortunate to have a good relationship with a bank, and during the past few years, my line-of-credit has saved my business (my distributor went bankrupt in 2007). Credit is going to be tough in 2009, and some sources of credit that many businesses have used recently, such as home equity lines and easy credit card credit, are less likely to be available. So get to know your banker and have them get to know you. Take the business loan officer to lunch, invite them to visit your business, explain what you do, discuss your business plan.

6. Save cash. Now, more than ever, cash will be king. Since I'll have to invest in growth and developing new distribution channels, it means that I'll have to watch every penny. I'll negotiate hard with suppliers, cut down on every unnecessary expense, find innovative (inexpensive) ways to keep marketing.

7. Clean out my e-mail inbox. This may not seem like the most important resolution, but my inbox is a mess and it makes me much less productive. I'm going to unsubscribe from mailing lists, set up more filters, and just get rid of completed items every day.

Is it realistic I'll achieve all this in 2009? Perhaps not. But drawing up a list of resolutions sets a course for the new year. Try it. And have a happy and healthy New Year.

Rhonda Abrams is president of The Planning Shop, publisher of books for entrepreneurs. Her newest book is Successful Marketing: Secrets & Strategies. Register for Rhonda's free business tips at www.PlanningShop.com. For an index of her columns, click here. Copyright Rhonda Abrams 2009.