As 2021 comes to a close, it’s important to reflect on the year that has been, as well as look ahead and ready for whatever comes your way. As a business owner, it’s essential to take stock, of your company and feel ready for whatever the year throws at you.
Evaluate your policies
When businesses are new, they are nimble and founded through the passion, intelligence and creativity of entrepreneurs. As the business grows, new people join and policies are put in place.
Policies are typically built on best practice for the business at the time they are implemented. The pandemic has seen many changes to the landscape and what made you successful in the past may not necessarily be relevant in the future.
It’s a time to consider if existing policies are still relevant and efficient, if any new ones are required.
By considering and evaluating your policies across the board, you may find things get streamlined, upgraded and staff more satisfied in the workplace.
Invest in your employees
Right now there is a skilled worker shortage, making recruitment for smaller businesses a struggle. Larger companies have deeper pockets and recruit the skilled workers, often making it a struggle for SMEs.
As small and medium business owners, we can’t compete on price; so we need to compete through our quality and bespoke offerings.
Money is the first incentive for workers, however many are also motivated by other factors such as autonomy, work-life balance and purpose.
Find ways to invest in your employees so that they in return invest in your company.
During times of uncertainty, we cling on to security – what we know.
Now is the time to consider what it is we value most and take calculated steps to get there. Paralysis by analysis will only increase fear and hesitation. Think of your business as a fly wheel, small efforts to build momentum will lead to a strong, valuable company.
Review your 2021, and ready your company to be versatile, energetic and strong; and reach out to The Alternative Board to get guidance on how to ready for uncertain times or cope with rapid growth.
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