Table of Contents
As New Year resolution time rolls around spare a thought for your business, because every business can benefit from a few resolutions of its own. Here are a few ideas that any business can build some New Year resolutions around.
Make sure you have an up to date business plan.
Many business plans sit gathering dust on a shelf, or haven’t even been committed to paper. But a well thought out, written and effectively implemented business plan is an invaluable tool for any business.
Creating a business plan is a major undertaking – definitely worth a New Year resolution – with some of the key sections being:
- Business description.
- Products and services.
- Market analysis, including customers and competitors.
- The all-important SWOT analysis (strengths, weaknesses, opportunities and threats).
- Organisation and management.
- The financial plan, including funding and financial projections.
Plenty of detailed information on creating a business plan can be found online.
Implement a plan to promote your business.
An important section of any business plan is the marketing plan. How are you going to let potential customers know you exist? What story do you want to convey?
The Internet has lead to an explosion in the number of ways in which businesses, even very small ones, can promote themselves. Websites and blogs, email newsletters and social media posts, search engine marketing and online ads allow businesses to market themselves to highly targeted audiences, sometimes at low or zero cost. So this is a perfect resolution.
All this can take a considerable amount of time, however. So while it is possible for many small businesses to manage their own digital marketing, outsourcing this function to experts may be a more cost effective option.
Conduct an internal audit.
Exactly what needs auditing will depend on the individual business, but common areas to take a look at include:
- Stock levels and stock turnover rate.
- Key accounting parameters such as accounts receivable, average payment times, cash flow and debt.
- Business insurances: cyber insurance, key person insurance, public liability and professional indemnity insurance, and workers’ compensation.
- Business systems and processes. Is the business running efficiently? What are the opportunities for improvement?
- Staffing levels, turnover rate and employee satisfaction.
Improve internal communications.
Improving internal communication is key to fostering a positive work environment where employees feel valued. When staff members believe their contributions are recognised, it significantly boosts their morale and engagement. This recognition doesn’t have to be limited to just wage increases or promotions; it can also come in the form of informal praise, public acknowledgment in team meetings, or personal gestures like thank-you notes. These efforts show employees that they are appreciated for more than just their output, which helps cultivate loyalty and reduce turnover.
Creating opportunities for employees to engage with one another outside of work tasks can also improve communication across the organization. Supporting a social club or hosting team-building activities, for example, helps break down silos and encourages employees from different departments to interact in a relaxed setting. When employees feel comfortable with their colleagues, it becomes easier to collaborate and share ideas, which can lead to increased productivity and a more harmonious workplace environment.
In addition, as a resolution, celebrating milestones—whether personal or professional—reinforces a sense of belonging and pride within the company. Marking achievements such as work anniversaries, project completions, or significant personal events demonstrates that the organization values the whole person, not just their work. Fun, seasonal events, like holiday parties or themed office days, also contribute to team morale and provide a much-needed break from the routine. These celebrations give employees something to look forward to, fostering positive relationships and enhancing internal communication in an enjoyable and meaningful way.
Consult your experts.
Your accountant is ideally placed to help with your financial analysis. An insurance broker can help you get the best deal on the general insurances you need, and your financial planner can advise on personal insurances for purposes including key person and succession planning.
This list is intended to be inspiring rather than daunting, and maybe you want to tackle it one or two resolutions at a time. But imagine the day when all this is done, and the only New Year resolution you need to make for your business is ‘keep doing what we’re doing’.
Read this great article on business resolutions from Forbes.
