The start of the New Year can be a good time to sit down and reflect on your current business practices and think about your future business resolutions.
What’s working well? What could be improved? Do you want to expand your business? Increase profits? Or free up time to do more of the things you enjoy? Perhaps you’d simply like to make your current working practices more efficient?
We work with a range of small businesses in and around the Loughborough area to make New Year business resolutions. We then support them throughout the year to keep them!
Here’s some ideas
#1 Make business planning a regular event – Planning is vital if you want a healthy, growing business. Business planning lets you take stock of what has worked and what hasn’t. It helps you set new directions and adjust existing goals.
Setting time aside to plan might not be realistic on a weekly basis. Although at the same time yearly reviews just don’t keep your plans focused enough. Ideally, make business planning a part of each day/week or at the most month. Not only will this help you avoid costly mistakes and stay on track, but you’ll feel more focused and relaxed.
#2 Involve others in goal setting and planning – Yes, it is your business but your team members are invested in your business also therefore wouldn’t you like them to feel more personally invested?
If so, you have to involve them in the goals and planning for the business. You may set the overall direction, but let them be involved in the creation of the outcomes. Some of the many benefits are: increased employee engagement and satisfaction, reduced expenses and increased revenue.
#3 Keep goals in front of yourself and everyone one else – Have you ever set a goal only to later not remember exactly what it was? This resolution will keep that from ever happening again!
Once goals are created, everyone needs to be reminded of them regularly. Employee motivation is the key here. Use bulletin boards, regular conversations in team meetings or email, find ways that work for your business and employees and stick with them.
#4 Promote your business regularly and consistently – The task of promoting your business can all too often slip to the bottom of your to do list. However if you want to attract new customers and maintain relationships with existing ones you do need to spend time on marketing. Consider delegating the task if you know you can’t regularly make room in your schedule.
#5 Be aware of your risks – It’s important not just to look at the opportunities, but also to review the risks to your business as it grows. This will help you to adjust your business continuity plan accordingly. Are you meeting all your contractual obligations? Are you covered should the worst happen? Make sure you are doing all you should to look after your business. Ensure all the right insurances are in place so you’re protected if you need it. Read more about why a Business Protection plan is so important and how we can help.
So, whatever your business resolutions are for the year ahead, or if you could do with some guidance setting goals. Get in touch with our experienced, friendly team today….01509 816150 or via the form below. An initial consultation is FREE of charge and should you want to work with us further our services and fees are tailored completely to your needs.