Melvyn Mangion speaks of the choices for a better business year

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2020 is finally over. What a year it’s been. 2021 is kicking in. Businesses are eager to turn the page from a disappointing 2020. All entrepreneurs are speaking of their choices for 2021. Choices are based on plans, goals and resolutions. We tend to think that all three are the same. There is a difference between goals, plans and resolutions.

A goal is about the future, an aspiration, what we hope will happen if it goes well.

A plan is a strategy or identified steps, and possibly includes a list of available or dedicated resources and costs.

A resolution is a purpose, something determined, approved, a decision, a commitment of time, money, and energy.

A plan can take the form of a business plan or marketing plan. It can also be a more individualized funding, HR, security, disaster, continuity, or operations plan, for example. It seems odd, but many plans have no specific goal to measure.

It is always good to plan, but planning on its own does not lead to success. Plans can be ruined by outside forces such as political, economic, social, technological, and environmental.

Goals can be part of a stated plan, or be standalone and not very specific: diversity goals, set aside goals, transparency goals. Goals without the resources and support needed to become reality, turn into marketing words or buzzwords. When you choose goals, you need to be specific, whilst knowing your risks.

Resolutions are required by state agencies or authorities. We also find them in politics and many legal documents. A corporate resolution documents the actions and decisions of a board of directors and holds the board accountable to investors, licensing boards, and state regulators by showing the board is acting in accordance with its responsibilities. Resolutions hold people accountable. They may be a good choice for your business.

One makes plans, sets goals, but adopts and commits to resolutions. A resolution is stronger than a plan or a goal. When choosing between a plan, a goal, or a resolution, remember it’s your business and your choice. We judge ourselves and others by our results and keeping the commitments we make, so choose wisely.

Choosing to have a business resolution is possible but you have to define how you are going to make it happen. Most importantly you need to commit to it. If you don’t want to commit to it, you must make a plan or set a goal.

Before you adopt a resolution, instead of just making a plan or setting a goal, be aware of any limitations. Other will judge you and will judge your results. You will also judge yourself. You are in charge so the buck stops at you.

You need to make all three of them: plans, goals, and resolutions. They are all positive steps to business success. No matter the perspective, they show that you, or you and your team, have taken the time to really observe, evaluate, and learn.

2021 needs resolutions, plans and goals. Make them happen.

Melvyn Mangion is an experienced professional with consolidated experience in the financial services industry and public relations sector. Melvyn Mangion works as an entrepreneur and investor. His activity takes place mainly in the international arena, whilst being based in Malta.