For many businesses, the start of the financial year is looking promising. With COVID-19 impacts relatively low, high vaccination rates, re-opening of industries, and overall optimism increasing, there’s a lot to look forward to.
Now that it’s a new financial year, there are some steps you can take to ready your business for a boom.
Re-evaluate your policies
If you haven’t taken a look at your company policies in a while, now would be a good time to do so. Take a look at both your HR policies and customer-related policies. In addition to making changes related to health and safety regarding COVID-19, consider this: What will you do to make your organisation a more attractive place to work? Competition is at an all-time high and organisations need to embrace new and changing mindsets in the workforce. Before making any changes to your policies, conduct employee and customer feedback to help shape your policies.
Invest in your employees
Now more than ever, your employees are the lifeblood of your organisation. In order to retain and attract top talent, employers need to provide their employees with the flexibility and accommodations they seek. In addition to traditional perks such as raises and bonuses, many companies are now offering flexible working hours and arrangements, increased or unlimited vacation, and professional development opportunities. While you may not be able to offer all of these perks – offer what is most reasonable given your business needs
At the onset and height of the pandemic, most businesses were simply trying to survive. As we navigate toward the finish line, enter into a growth mindset again. To help you with your 2022 projections, take a look at your pre-pandemic numbers. Many businesses are using these numbers as a starting point as they plan for a more than likely “normal” 2022.
Additionally, given the current global supply chain issues, consider diversifying your buyers and suppliers and/or suite of products and services to accommodate for any delays that could impact your business. You may also want to invest in research and development to bring new products or services to market and carve a successful path for your business in the years to come.
If you want to make a strong comeback next year, consider taking advantage of everything The Alternative Board has to offer, including one-on-one business coaching sessions and peer advisory boards.