Have your 2016 Efforts Delivered A Stronger Business?
2016 is almost over already! What are you doing right now to build an even stronger business from Day 1 in 2017? We have some recommendations for you and every small and medium business owner to prepare 2017.
As a small business owner you and your staff might be focused on the end of year and getting it over. You may be busy getting the last orders out before staff head off for the annual shutdown period. Or you may be easing off on work in the lead up to Christmas and watching your cash flow carefully. Maybe you are really busy; you can’t wait for a couple of days off to catch your breath before it all starts again in 2017.
Some business owners say that they want 2016 to be over because it has been a tough year. If that is your case, then this post is for you! It will help you to have a better year next year.
Yes, if you keep doing the same things, then you will get the same results. That’s what Einstein said and he’s right. Staff costs are often around half of the total cost base for a small business. So it is really important that you get your house in order about people. The trouble is that you might not know exactly where to start and what to do.
Maybe you have had a cracker of a 2016 and are getting ready to celebrate your successes. Then, now is the time to reflect on what happened behind the scenes to make the year as good as it has been.
Your People Are Your Key to A Stronger Business
If you want to make 2017 a stronger year, your team deserves your attention. Regardless of where you are at, here are 6 things you need to do before the end of 2016:
Give your people feedback on their performance
Weel done if you have completed a formal review. Also make sure that you have a personal conversation with each person about what they have contributed to the business.
Conduct a health check on your HR policies and documentation
This will make sure they are up to date with what you do in your business and of course with any changes to legislation
Remember that alcohol does not make problems go away
At an end of year party, it can be tempting to think (or hope) that a few drinks shared will ease tensions go away. In fact many business owners find that there are more risks created by the Christmas party than almost any other event. Plan for safe celebrations.
Review your budget for staff rewards and recognition
Look it over to confirm that you have enough to reward in the way that you want to, or to confirm that performance has not been driving as much bottom line profits you’d like
Plan what training your staff will be doing
As your business grows, your staff need to grow as well. Training them makes sure that they get the skills you need. But training is much more than formal classroom style training. So, you may want to arrange for your most experienced employee to work side by side with another employee to build up their skills
Check in on your business plan and the staff changes you might need to make
If you plan to grow your business in 2017, do you need to hire more staff to help deliver that additional work? Well, get thinking about how you will bring on those new staff. And ask yourself: Do you need a casual at first or a part time employee or a fixed term contract or project resource?
How To Get Started Today
This is a short list of proven ways to stronger business. It is far from a full list of what you can do to consolidate success or improve matters in your business. They are a solid start.
Nothing beats good trusted advice that comes from a good business partner or advisor which may very well cover these areas. If it does not yet include these 6 tips, use this post as a prompt for your advisor. Or consider getting a specialised HR advisor to support you and your business for 2017.
If you would like your business to benefit from unbiased and trusted advice and effective practical support from a generalist or specialist business advisor, get in touch with us at The Network Of Consulting Professionals.