New Year's Resolutions for Business Success

New Year’s Resolutions for Business Success

by Katherine Hymer

How many people have already started finalizing their personal New Year’s Resolutions? Become fitter? Eat healthier? Want to spend more time with your family? Try to get your minimum eight hours of sleep? Stop spending $4.00 every day on that turmeric almond milk latte!

But how many of you have started thinking about your business New Year’s resolutions?

Your business deserves the same re-evaluation, reflection, and planning that your personal goals do! If your business is happier, this will more likely mean that your personal life will become a lot happier too. Win-win!

This blog post will outline 5 areas where you can start planning your own business New Year’s Resolutions.

1. Staff evaluation

Now before you start pulling names out of a hat for who you will be sending out of the door, staff evaluations do not have to be a mass culling opportunity. Instead, they are a great opportunity to see how and in what way individuals are contributing to the overall clockwork functioning and productivity of a business.

It is important to ensure staff evaluations are held on a timed basis (whether it is every 6 months, or once a year) as it gives everyone a set deadline they can work towards, as well as a set period of time that individuals can reflect upon. Evaluations are a great way to reflect on what ways and in what areas individuals can improve their personal work which will then increase overall business productivity.

Staff evaluations do not have to be held as an opportunity to chastise and make individuals feel like they are not good enough, instead, they can be an opportunity to reflect on what individuals are doing well and in what ways they are assisting the company. They can also be an opportunity to reflect on what their role at the company means and how they are meaningfully contributing to the overall success of a business.

2. Business productivity – what is working and what is not

What are your profit margins? How much are you spending on keeping your business active? Could you be cutting costs in some areas to increase investment in other areas? The New Year presents itself as a fantastic opportunity to re-evaluate what is working for your business and what is not.

If something is no longer assisting the productivity of your business, it is time to cull it. If you found a new technique was starting to gain a bit of momentum in the previous year, maybe consider why and how you can utilize this to continue increasing your overall productivity and business success.

Be mindful of how much things are costing you. One system could be great for bringing in new clients, but if it is costing your business more than it can afford, maybe revaluate whether it is worthwhile keeping, and in what ways you could replace this system for something that is more economically viable for your company.

3. Outsource debts to a debt collecting agency

Busy with work? Overwhelmed with your to-do list? Can’t be bothered following up a little debt here and there when you could be busy getting other more important work done? For 2017, you should ensure that you are using your time productively.

To help you achieve this goal, we recommend outsourcing your outstanding debts to a debt collecting agency so that you can focus on more pressing matters! Whilst you attend to staff queries, client’s needs, Debt Recoveries Australia will be working hard to collect debts that you may have thought were too time consuming or difficult to follow up. This is a great way to increase your profitability as you will be seeing money that you thought you never would!

When choosing a debt collecting agency, you should make sure to choose one that is honest, fair, and hard-working.

4. Promote your business regularly and consistently

We live in an age where advertising your business has never been easier! Which also makes it much harder to get your company noticed. Because every company has their own Instagram, Facebook, LinkedIn, Twitter, etc. accounts, you need to ensure that YOUR pages stand out.

Work towards strengthening your brands label so that when people come across your pages, you are easily identifiable. Also, because everyone leads such busy lives, ensure that you stay front of mind in your clients and potential new client/s minds.

Consider whether it is worth investing in a paid Facebook sponsorship post and how to best increase your Google rank, investing in a marketing specialist. Sponsorship posts do cost money so consider whether it is within your budget means and whether it is something you think your company could benefit from investing in.

By focusing on marketing skills, when clients think of a problem that your company can fix, they go to YOU!

5. Create an enjoyable environment in the workplace

We all spend a large portion of time at work with your co-workers. Make sure to make it an enjoyable environment. Get to know your fellow co-workers, make sure to say “Good morning” and “Good evening” every day, include a weekly joke to your staff meetings!

These little niceties don’t cost ANY money and go a long way and help to increase everyone’s satisfaction out of their working day. This will help to increase everyone’s productivity and therefore overall business success!

 

How about you? What are your new year’s resolutions for your business?

 

Debt Recoveries Australia is the expert at recovering your outstanding debts without the drama. For more information, email us at email@debtrecoveries.com.au or call 1300 799 511. Tell us your problems on Skype at “debtrecoveries”.

Business photograph designed by Pressfoto – Freepik.com

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