New Years resolutions are typically saved for that one magical moment, on New Year’s Eve, when the clock strikes midnight. Statistically, 80 percent of these resolutions fail by February of that year. Generally, the reason for this is poor planning. Here at Accounting Solutions Ltd. we strongly believe that poor planning equals poor performance. We encourage our clients to use foresight when exploring new business opportunities. As a small business owner, you likely have many goals and ambitions set out for the New Year, and there is no better time to start preparing than right now. By following the ideas in the following article you can hope to mold your enterprise in a way that promotes growth, longevity, and a sense of competitiveness in the bustling Chicago marketplace. Keep in mind that you may wish to seek the help of a CPA in order to ensure your financial forecasting and bookkeeping is up to date prior to taking any significant steps forward.
1.) How Are Your Employees?: Believe it or not, the employee experience directly correlates with the client experience. If the people on your payroll are dissatisfied, then there is a good chance this will translate into poor service for customers. Investing in programs such as employee of the month, or bonding exercises such as company excursions can mean a lot for loyalty (and profitability). From our experience, we recommend practicing as much transparency as possible, as the more familiar your employees are with the business, the better they will function overall.
2.) Set Goals: Since we’re talking about planning resolutions in advance, why not discuss forecasting future goals and ideas for your business? By surveying data and consulting your accounting team you should be able to piece together a cohesive plan that expresses the desires of your organization. Setting both short-term and long-term objectives, then sharing them with the rest of the company, is a great forward-thinking attitude that can act as one of the vital stepping-stones needed to achieve success.
3.) Upgrade, upgrade, upgrade!: Technology is something that continues to push innovation within the workplace, and is an invaluable asset to any business. When you have the chance, have a look at your technological inventory. Is it out of date, or in need of repair? Then perhaps it is time for a change. In order to be financially viable you can even stretch out these improvements over the period of several months. Don’t stop at your software applications either, as there are other components of the office space that tend to slide towards obsolesces as time goes on (hint: maybe it’s time to replace that ripped up armchair in the break room).
4.) Place an Emphasis on Social Media: The World is an increasingly connected place, and one should never undervalue the pertinence of social media in a modern business climate. Take time to assess the platforms you are using, strategies that have been implemented, and demographics of your audience. Companies that post frequently, and partner with influencers (particularly within their own industry), are ones that garner success and effectively oust the competition in the digital realm.
New Years resolutions may be a blip on the radar at this point in the year, but that doesn’t mean that you should ever forget the mental planning phase that is needed to make your business thrive. By following the strategies mentioned above you can hope to strategize in a manner that will benefit yourself, your company, your employees, and your customers. It should also hurt your competitors. Financial estimates are certainly an important part of these implementations, so feel free to give us a call if you wish to enlist the assistance of an experienced team of accountants! Using forethought, predictions, and a little bit of luck, you can ensure that the next New Year is a phenomenal one.