January is a time when many of us set New Year’s resolutions for a healthier year ahead, so consider what ‘healthier’ resolutions you could make for your business. The past two years have certainly been a time of disruption for many, but positive changes came out of the challenging Covid world that we all faced and had to adapt to. This experience has taught us a lot and reminded everyone to ‘pause.’ As we focus on the year ahead, let’s apply some of the following changes:
The new year is a time for reassessment. Every business owner should assess what happened during the past 12 months and plan for ways to improve. If 2021 taught us anything, it is that we must all take time to stop and consider how our business looks, how it performed and if objectives are on track. Make December a time for reassessment, so you can start the new year off to a flying start. Then make a resolution to block an hour a month to review and plan the coming months. This is important for both big and small businesses. Keep in mind that a New Year’s resolution should be a year-long commitment, not a short-term effort in January.
Your staff are your most important asset and it is vital that they feel looked after and appreciated. Review your incentives and put them in place during working hours. Give encouragement and group praise, and help develop employees’ skill sets. Consider too if it is the right time to introduce a share option or health insurance scheme.
Working practices have changed permanently and employees are, more than ever, looking for flexible options. Evaluate
if this can work for your business and strike an agreed and respected balance with employees. Consider too how you can build relationships through technology in a creative way to network and grow your business, and embrace your new work routine.
Is it time to automate your routine processes? There has never been a better time to look into integrated systems to handle areas such as stock management, customer relationship management (CRM) and marketing. Smaller independents can now implement systems with powerful functionality, previously only available to larger businesses with big budgets. It is now cheaper and easier than ever to put this in place and run your business more efficiently.
Review your sales and marketing activities so customers can find you, and look for new ways to promote your business. Ideas include revamping a website, engaging social media, partnering with other local businesses or introducing new sales promotions.
Have time off to do something for yourself and balance personal time with working life. Emotionally, your business will benefit.
As a business owner, make it your resolution to give something back – either by charitable giving via payroll or putting on an event as a company to raise money. Try to get your whole team involved, as giving reaps positivity.
Above all be excited for the future of your business. We have experienced working in a very different way and it can be done. Stay visible, contactable and communicate with your team. Keep them excited about what you are doing and about the future hopes for the business.
As featured in The January 2022 edition of Retail Jeweller.
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