We’re quickly coming to the end of the year, and there are no doubt plenty of things you need to get done and dusted before you take some well-deserved time off. One thing that you can do to round off the year nicely is to give your business a health check. This is the opportunity to take a good look at your business over the past year and reflect on everything up until this point. What has gone right for you? What could be better? What will you do next year to ensure it’s better than the last?
Financial health check
Finance is probably the most important thing to look at as a business because your cash flow and profits are probably the clearest indications of whether you’re doing things the right way. It’s important to take a look at and track all your Key Performance Indicators (KPIs) which will tell you a lot about the financial health of your business. What could you do to improve your profit margins? Could you make cutbacks or invest in growth?
Employee health check
The health, happiness and wellbeing of your employees and their willingness to help you build your business are key to your success! Employee wellbeing is fundamental to staff retention, work output, efficiency and therefore profits at the end of the day. Employees are coming to expect more from their place of work.
That means things like flexible working, working from home, staff bonuses, days out and more. Take some time to look back on your year. Are your employees happy with their working environment? Do they take a lot of sick days or is productivity sluggish? These are good indicators that something in your place of work needs to change.
There’s a reason the biggest companies in the world are investing so heavily in keeping their staff happy. With a company culture that everyone wants to work for, you will have your pick of the very best talent available.
Having only the best people working for you gives your business a competitive edge. Don’t underestimate the benefits of keeping your workforce happy. Make sure it’s a priority in your business plan for the New Year.
Community health check
Are you doing your bit for the community? Lots of businesses don’t bother connecting with their community but others are finding that it’s beneficial to get involved and help people in the local area. Aside from helping out, it’s good publicity for you and can help boost staff morale by getting them out of the office. Perhaps 2020 is your time to start giving back to the community.
Marketing health check
Marketing is one of the most important areas of business and can mean all the difference in how successful your new year is compared to the competition. It’s important that you invest your time and money in this area if you want to compete, both online and in the local community.
What areas can you improve on in the New Year? Review your website, social media marketing strategies or branding to make sure your company message is coming across exactly how you want it to.
These are just some of things you can reflect on and plan for the New Year. We’d love to hear of other areas to look at. What have we missed out? Leave us a comment down below. Good luck in the New Year!
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About The Author
An experienced business and finance writer, sometimes moonlighting as a fiction writer and blogger.