What sort of year did your business have in 2023? A healthy dose of reflection is 100% necessary as we head into a new year, but it’s equally important to dust off mistakes and gear up to achieve success in 2024. While it’s tempting to dwell on a bad year or bask in the glory of a great one, business owners have to keep moving forward. Long-term success hinges on spending time intentionally planning for the future, armed with learnings from the past. This January, set your intentions early and start as you intend to finish. Make sure you spend the year becoming a better business with every step you take.
If you are unsure where to start, we’ve got you covered with five New Year’s resolutions for SMEs.
Reflect on what worked in 2023 and what did not. Be honest, and don’t smooth over any uncomfortable truths. January is the time to transition your plans from 2023, adjust or tweak your long-term goals or business plan, and – very intentionally – set your objectives for 2024. Identify any gaps in your workforce and assess the viability of any new hires. If your business is growing, do not let fear of global economic headwinds alter your plans. Beyond bracing your business during challenging times, turn your focus on making strategic and operational choices that prioritise success.
As a business owner, your focus should be taking care of existing customers and bringing in new business. Analyse your day, evaluate your systems, and gauge how you spend most of your time. If you are wasting your working hours doing the wrong things, automation is the way to go. Consider investing in the many exceptional AI and automation tools on the market today. From AI language models like ChatGPT that help you write better emails faster to chatbots that not only serve customers but also sell products – you may be surprised by how well you can automate time-consuming processes.
Kickstart your year on a high note and review your wins and successes from last year with your team. Give credit where credit is due and highlight your company’s wider achievements. Now, look forward and share your vision for 2024 and every stakeholder’s role in getting there. Encourage feedback and address your employee’s concerns and questions. It lays the foundations for a transparent working environment that builds trust. On a more personal level, encourage your staff to discuss their personal work goals and help them to set realistic targets.
Get your finances in order to start the year with a clear head. This includes wrapping up your 2023 accounts, chasing outstanding invoices, and reviewing contracts. Forecast your revenue, expenses, and cash flow to get ahead of any financial challenges. Provisional tax is payable in February. Ensure you have cash flow to cover your bill and avoid any nasty surprises. Finally, check in with your long-term financial goals – ongoing planning is crucial to ensure you stay on track and tethered to your endgame.
While long-term business goals are crucial to achieving success, short-term goals are very effective in achieving fast wins and setting the pace for the year to come. Break your long-term goals into a series of smaller, more attainable wins. For instance, instead of signing new business, make the first goal a meeting with a highly coveted new client. And mark those smaller milestones. You’ll not only keep staff motivated but also chip away at your larger ambitions.
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