With 2017 coming to a close, businesses now have the opportunity to look back at how the year has gone, and plan ahead for 2018. It heralds the chance to fix mistakes made, and double down on what proved successful. New Year’s resolutions are increasingly common these days and are also a powerful tool for businesses to use. By setting the right resolutions, you have a clear plan of actionable steps that you need to stick to. To help give you some ideas, here are five New Year’s resolutions for business success in 2018.
1. Make use of your business plan
A business plan is one of those things that most businesses do once and forget about. Instead, it is meant to be a useful tool to be revisited and updated on an ongoing basis. Make 2018 a year to commit to using your plan each and every week or month.
2. Set and constantly revisit goals
Goal setting is the best way to motivate not just yourself, but also your employees towards hitting high targets. Those businesses most effectively using goal setting have yearly, quarterly, monthly, weekly and daily goals in place.
3. Invest in new technology to improve profitability
Each and every year, there are new advancements being made in the world of business technology. Card payment processing, for example, allows businesses the chance to streamline their processes in so many ways. It allows customers the chance to make payments faster than ever, businesses no longer need to spend hours counting and storing cash and it makes up-selling a breeze. It may be time to look into updating and adopting more of such technologies.
4. Take a look at your hiring needs
When you are setting your goals and analysing the situation of your business, it is the right time to also look at your hiring needs. If you’re looking to scale your company and grow your customers, then hiring new staff will be vital. You can regularly assess your hiring needs and make changes to make your business more profitable.
5. Actively seek and make use of feedback
Feedback can come in many forms, be it from customers, employees or board members. However, the hardest element regarding feedback is actually listening to it and making changes. Commit now to actively seeking feedback wherever possible, and making the changes that are being widely suggested.
December 15, 2017