This is the first in a series.

New Year's Eve has always been a time for looking back to the past, and more importantly, forward to the coming year. It's a time to reflect on the changes we want (or need) to make and resolve to follow through on those changes. For many business owners though, it's a time of year when you get a little stressed out over all the commitments you have.

The history of New Year's resolutions

The tradition of the New Year's Resolutions goes all the way back to 153 B.C., when Janus, a mythical king of early Rome, was placed at the beginning of the calendar.

The Romans named the first month of the year after Janus, the god of beginnings and the guardian of doors and entrances. He was always depicted with two faces, one on the front of his head and one on the back. With two faces, Janus could look back on past events and forward to the future. Janus became the ancient symbol for resolutions.

Why should you make New Year's resolutions? Because you can do a better job and become a better person. I am sure you know of another business owner who seems to have it together and generates more business than you, a competitor who seems to "luck out", a peer who makes more money than you or a family who looks like they live the "perfect life".

How do they do it? Where do they find the time to fit in: family, business, technology, personal and business finances, exercise, personal development, and charity work? The answer is simple. They aren't satisfied with being average. They want more and aren't afraid of doing something about their future. These successful people actually do something about improving their business, building a balanced life and living their dreams.

A few simple resolutions will help you and your business become better at whatever you want to work on. When will you get it together? Successful business owners and managers know that growing and thriving businesses are never stationary. And while most people have trouble sticking to their resolutions, you won't. Here is the missing piece:

The problem with resolutions

While reflection is an extremely powerful step in the planning process, a resolution is simply a determination ("to resolve" or "to determine") to do something; a course of action that has been decided upon. As you know, conviction alone will not make your resolution a reality by itself. You need an action plan to support your vision.

Resolutions? Goals? Action Plans

Once you are clear about your resolutions, you need to convert them to goals. Goals are different than resolutions. Goals are the purpose toward which specific effort and attention is directed over a specified period of time. Further, each goal requires a written action plan to achieve it.

We'll focus more on converting your resolutions to goals and action plans in the next article. In the meantime we recommend that you set some resolutions. Could you imagine a professional sports coach starting the season without specific goals and a written plan to obtain better results than they did last year? Of course not! A great coach always takes a look at everyone's strengths and weaknesses at the end of a season to determine what it will take to do better next year. As a business owner, spouse and/or parent, this process of assessment and improvement is a necessary factor in achieving success. A year-end review and goal-setting session will get you focused toward new targets with a renewed spirit of excitement.

If you're like most people, you don't make New Year's resolutions. You figure, why waste your time committing to something you'll never do? But now you know that resolutions are just the first step. The question is: What do you really want to change in your business or personal life? Maybe you want to get more organised, spend more time with your loved ones, start living healthier, take more time off from work, delegate more tasks to your employees, seek new business opportunities or start looking for ways to build some wealth. Whatever you want, you'll never get it without taking the first step.

Take our Small Business Assessment http://www.patterson-partners.com/pdf/toolbox2.pdf and our Personal Assessment http://www.patterson-partners.com/pdf/toolbox.pdf and ask yourself:

¦ What do I want?

¦ What do I want to change?

¦ What do I want to do differently?

¦ What can I resolve to do in 2010 to make a difference?

In the next column we'll help you convert your resolutions into an achievable plan.

Patterson Partners Ltd. provides cross-border tax, estate, investment and strategic planning services to dual citizens of the USA and Bermuda, their families and businesses. For more information, visit www.patterson-partners.com or contact Jennifer A. Patterson, CFP®(US), CIMC™, CIMA®, TEP via email at infopatterson-partners.com or phone 296-3528.

Asgill Post Ltd. provides assistance with Business Valuation, Financial Strategy and the Purchase and Sale of Companies. For comments or queries, contact Kumi Bradshaw MBA, CBA, BVAL via email at kumiasgillpost.com or phone at 295-3301