What are your business New Year’s Resolutions?

Does your list of New Year’s resolutions look something like this?

• Visit the gym at least three times a week
• Save more money
• Give up smoking, drinking and chocolate – unless it’s the weekend!
• Learn a new language
• Volunteer more

Wait… what was the first one again?

New Year’s resolutions are great, that is, if we keep them. Unfortunately, statistics reveals that 80% of all New Year’s resolutions have already been broken by February. This is mostly because we set ourselves the highest of standards which cannot usually be reached without the strongest of willpowers and more time than we have available to us.

Whilst the odds may be against you, it’s still worth setting yourself achievable goals to measure your performance by and what better time to start at the start of a shiny new year?

We take a look at some business New Year’s resolutions that are achievable, measurable and realistic.

Review your missionIt’s good to re-evaluate your business plan, your company mission and your USPs at the start of each year in order to ensure that you, your employees and your customers are up to date, on the same page and working towards the same goals.

Create measurable goalsThink about setting SMART goals, that is – Specific, Measurable, Actionable, Realistic and Timed.  Think clearly about what you want to achieve and the timescales in which you want to achieve it. Ensure that your goals are realistic and think of a way you can measure the progress and success of a goal. Try not to leave the timescale open-ended, working to a deadline can keep your team on track.

Reflect on your business expenditureTake time to look over your business expenditure and try to identify areas in which you can cut costs. Maybe you’re leasing equipment when it would now be cheaper and more efficient for you to buy it outright, or vice versa? Now’s the time to make some changes to free up your budget.

DelegationReview the roles of your employees to see if certain tasks can be delegated across roles to free up more time for work which only certain members of staff can complete. It can be tempting to take on everything yourself to ensure it’s done right but allowing other to take care of time-consuming tasks can leave you with more time to concentrate on growing your business.

Take advantage of social mediaMany of us put social media on the backbench when things get busy, however, this can be detrimental to your customer engagement, marketing strategy and digital presence. If your business currently doesn’t have the funds or capacity to accommodate a full-time social media guru, you can take advantage of a content planner which allows you to create and schedule posts months in advance, so you’re covered during the busier periods.

Draft up a timelineMake a simple list of what you want to accomplish during the year and note them down on a timeline for the year, broken down by the month. Doing this alongside more concise goals can be a great way to get both an in-depth perspective and a broader overview of whether you’re staying on track throughout the year.

Check that your insurance is up to dateFinally, you need to ensure that your insurance is still suitable for your business, taking into account any changes throughout the past year, such as increasing of turnover or updating your sums insured. For help with this, call one of our specialist advisors at EIC Insurance Services on 01442 286910 or drop us an email. We will evaluate your existing cover and recommend any changes or a policy which may be more suitable to your future operation.