New Year is a time when many of us take stock and try to ascertain what is and isn’t working, so we can plan for a better future. On a personal level, this may be eating healthier, exercise or changing jobs, however many businesses also use New Year as a time to reflect and adapt. In such a competitive environment and with external pressures, such as environmental change and Covid-19, it’s never been more difficult for companies. Fortunately, this is the perfect time of year the make the changes needed to flourish.
Obviously, every business is different but there are some good general resolutions, which every company can benefit from.
Business Plan
Every business should have a plan, including a list of goals and ways in which the company plans to meet these goals. New year is a good time to review your business plan and make any potential amendments. Did you meet your previous goals and if so, what’s next? Maybe circumstances have changed and therefore your goals have changed. A plan, whether formal or informal provides a map for the business to follow and therefore offers a greater chance that progress will be made.
Social Media
Many business owners plan to use social media as much as possible but this can often fall by the wayside. However, with each passing year, social media becomes more and more important for businesses, particularly when it comes to marketing, branding and communication. Therefore, it’s extremely important that companies make a commitment to their digital presence and try to stick to it. Especially as consistent and reliable posts are one of the things that customers look for in their favourite brands. Fortunately, there are so many types of social media to choose from, whether it be Twitter posts, YouTube videos or written blogs, with something to suit every company.
Trim the Fat
We are all guilty of becoming complacent and refusing to make changes when we feel comfortable. However, when it comes to business, there are often many ways in which you can trim the fat, making operations more efficient and effective. Obviously, when you think of this, your mind goes to laying off staff but that’s not the only way you can make a difference. For example, if you have a product or service that is continually underperforming, discontinue it and replace it with something new. You could also embrace a hybrid home and office work routine, allowing you to downsize premises and save money. There are so many ways in which to make the company leaner, without negatively affecting staff but still reaping the rewards.
Evaluate Costs
Cutting costs can help businesses make substantial savings, which can then be reinvested into the company. There are many necessary expenses which may seem immutable but with a little bit of research, you can get a much better deal. For example, energy expenses and utilities fluctuate in price and business owners can get round this by swapping to cheaper providers. Another avenue for savings is contracts with other companies, which can be potentially renegotiated for a better deal. No saving is too small and they can all add up to a substantial boost to the business.
Mental Health
It’s easy to focus on the financial side of business without thinking about the human side. A company is only as strong as it’s employees and it’s so easy for workers to become overworked, exhausted and stressed. New Year is a fantastic time to make changes which benefit everyone in the company. However, it can mean making some difficult decisions that may not seem obviously beneficial to the business. For example, encourage staff to come forward with any problems and react to these concerns with effective relief. This can include reduced workloads, regular breaks and potentially time off. This may seem drastic but remember, happy staff work harder, have more loyalty and are more likely to go above and beyond for you and the company.
Resolutions may not always work out but even the smallest changes can help to create a better, more efficient and happier workplace.
