Granted, successful businesses generally strive to improve every day, but dedicating a little extra time to carve a few resolutions for your business is a great way to invest in the future.
IndustrySearch's New Year's Resolutions Countdown will help prepare your business for success in 2015 and beyond. Let's get started…
Know the competition
Most companies 'feel' they have a good grasp of their competition and how to differentiate their goods or services. However, what resources have actually been dedicated to researching competitors' business strategies, promotional efforts, strengths and weaknesses?
Take the time to break down what they are offering their customers. Take distributors, suppliers and customers to lunch and ask what they like and don't like about what other players in your market are doing.
Enter 2015 knowing what is working for your competitors and be ready to adopt new practices.
Increase frequency of business planning
Most of these resolutions involve business planning on some level. Planning involves taking an inventory of what is working, what efforts haven't produced results, and adjusting the course of the business to capitalise on what is most effective. Instead of doing this once per year or once per quarter, consider monthly or even weekly meetings with the management team to review and chart the best path.
Upgrade pesky equipment
Most every office building and manufacturing plant has a piece of equipment or office machine that is under-performing. The issue could be frequent breakdowns or just a lack of efficiency – but there is an issue. Use the New Year as an opportunity to improve morale and production, and acquire what is needed.
Reduce production costs per unit
Increasing sales is the obvious way to improve the bottom line, as it takes advantage of marginal costs for additional production. However, don't overlook the potential to make more money on every unit that is currently being produced. Perhaps there is an opportunity for automation or internal efficiencies that can be realised. Ask employees for suggestions and offer an incentive for end-of-year ideas that prove to be effective in 2015.
Invest in key team members
Few businesses succeed without the right people in key positions.
A tremendous amount of resources go into finding and cultivating talent and turnover can have significant associated costs. While money is a primary motivator for many employees, "more money" isn't necessarily what will help ensure loyalty.
Discover what motivates your key employees and make sure they know how valuable they are to operations. If you can create an environment where employees feel valued and see growth opportunities, they are less likely to look outside the company to advance their career.
Craft a plan to promote the business
A manufacturer can have the best product in their space, but if customers don't know about it the company will fail. The start of a new calendar year is a great time to brainstorm ways to get in front of prospects and meet with potential partners that can help promote your business and products.
Set realistic goals for 2015
Goal setting is a tricky art. One must blend lofty ambition with tangible results that will be seen as measurable and attainable by employees. Get management and production staff involved early in the process so they feel empowered and so logistic concerns can be addressed. Once finalised, keep the goals visible for yourself and those responsible for reaching them.
Clean house
Most companies have a lagging product or procedure that holds them back. If goals are going to be met, it could be time to cut ties with a supplier, distributor or product that isn't meeting expectations. Costs that have been sunk into making a bad situation workable can't be recovered; it is time to start at a zero base and determine what is best for the company moving forward.
The bottom line depends on businesses striving to be excellent with every process and production step they take. Creating the right strategies, and delivering on them in an efficient manner, provide the basis for growth and profitability.
Best of luck with your resolutions. Wishing you plenty of business success in 2015!
