As everyone continues going through a cost-of-living crisis, it can feel like thriving financially is impossible. Still, you can take plenty of actions to ensure your business continues to be profitable over the coming year. Planning for the future, making wise investments, and protecting your staff are the keys to success. As times get difficult, looking after yourself, your team, and your business make the difference between a booming business or having to call it quits.
Read our top three tips about ensuring your business is successful over the next 12 months.
1. Set goals
You will already have a clear idea of the business plan and what works and doesn’t, but refreshing your goals every year is a great way to stay on track and measure your success.
Some goals and objectives you can think about are:
- What do you want to achieve with your business in 2023
- What are some realistic targets you can meet?
- What timeframe can you meet these targets in?
- How can you communicate your new goals to your team?
- How can you monitor your progress over the next 12 months?
Working this way helps to create drive and motivation, as you always feel like you’re working towards something. It is also a fantastic feeling when you meet your objectives.
2. Invest in services
You might already have a great team in place, but you can smooth line the running of your business by hiring services externally. Many more minor businesses source HR support outside the company, use management tools like Servicem8, or hire staff on a freelance basis when projects start coming in.
Investing in external services allows you to manage your business most efficiently and have all the resources you need during busy periods, but not have to commit to long-term employment contracts that might drain company finances. It’s an intelligent strategy focusing on investing and doing the rest yourself when you need it.
3. Build a strong team
Leading entrepreneur Gary Vaynerchuk said, “Your employees are important because their skills keep your machine running.” This couldn’t be more true; your employees are the foundation of your business. So treating them well and building good rapport is crucial to creating success in 2023.
Building a solid team and good work culture could include the following:
- Offering flexible working arrangements
- Respecting your staff and encouraging them to do the same
- Providing incentives for hard work, such as away weekends, social events, or an extra day’s holiday
- Offering good benefits when joining the company – gym memberships and health insurance are good!
- Letting your employees have a voice and know they’re listened to
- Invest in their skills by providing training opportunities
- Be supportive of mental health, families, bereavement, and health issues.
To summarise in the words of Sir Richard Branson: “Train your employees well enough so they can leave. Treat them well enough, so they don’t want to.”
Veeramachineni Lalitha
I am Finance Content Writer. I write Personal Finance, banking, investment, and insurance related content for top clients including Kotak Mahindra Bank, Edelweiss, ICICI BANK and IDFC FIRST Bank. My experience details : Linkedin