Five Changes That Can Boost Your Business This Year
As the new year dawns, the promise of new possibilities and a change for the better can be inspirational. That's why it's a great time for businesses to start thinking "new." This list of business resolutions can help you decide what to focus on as your team gears up for 2007.
Create a new budget.
In most large companies, budget planning takes place long before the halls have been decked or the turkey stuffed. But in smaller companies, planning can be elusive and despite best intentions, often remains undone long after the strains of "Auld Lang Syne" have faded. Not to worry. Even if you operate with a one-day-at-a-time mentality, a little planning goes a long way. Start now by creating a new budget - or any budget if you've never had one.
Thinking strategically about your business expenses can lead you to new ideas that can take your company far as the year progresses. For example, experts say budgeting in small businesses can help owners afford benefits like bonuses, retirement contributions and other rewards for employees, which are often neglected, causing quality employees to leave. Invest some time in budget planning, and watch how your business blooms.
Consider new hires.
Would you like to add new clients or develop a new product line this year? Your goals for 2007 may already include new opportunities such as these. If so, don't forget that you will be adding workload as well. If you haven't thought that far in advance, think about ways your business could grow by adding additional staff. If your organization would benefit by growing in size, think strategically about the best time to expand - like your peak times of the year - and plan in advance when to begin the hiring process.
Renew HR Policies.
When was the last time you revised your employee handbook? Now's the perfect opportunity to review your HR policies and make sure your organization is protected by having solid guidelines in place. If you don't have formal policies or a handbook, contact a local expert to help you create them.
Learn something new.
Do you know much about the latest trends in your industry? With everchanging technology, businesses of all types can benefit by learning new approaches, concepts and techniques. Consider joining a professional development group or attending a training seminar on the latest technological advances. Pass on the opportunity to your staff and encourage them to learn new things about their field. Training and development plans can help your organization go beyond merely keeping pace with the competition to setting the pace.
Try a new approach.
Everyone has habits and ways they prefer to operate. Get out of your comfort zone and adopt a new mindset or use a new leadership approach. For example, if you struggle with procrastination, focus on improving your time management skills. If you find yourself micromanaging, polish up your leadership techniques. If you're a workaholic, learn to value work/life balance. Every leader can benefit from a new mindset, so take advantage of the opportunities for change the new year brings and improve something about your business.
Equipped with this list of resolutions for your business, you can choose the best solutions for the year. Businesses that stick to their plans will find that this time next year, they are reaping the rewards of a positive change.