A New Year for CEO’s; Resolutions you can stick to!
At this time of year, everyone is thinking about how to make this new year better than the last. The typical resolutions include more days at the gym or to read more books but if you own a business, you might be thinking of how you can set goals for the company itself. Setting resolutions could be a great way to keep you focused on certain areas that you know need improving, and they can motivate staff too.
Here are some New Year’s Resolutions that could transform your business…
Companies who can and do donate to charities improve their public image and can support those in need. Supporting a charity not only helps your brand image but it can increase revenue when more people are willing to buy the product. Starbucks is a great example as they partnered up with Mermaid supporting transgender youth. With the sale of each cookie, 50p of the price goes towards funding the Mermaids helpline allowing them to extend their hours and their services. This is a great way to support a charity you would personally like to give to and a wonderful way to start the new year for your business and yourself.
Reduce your business carbon footprint!
We all know the importance of being sustainable, especially for a business, big or small. Customers are constantly searching for environmentally friendly ways to purchase their wish list, and more are boycotting those that don’t show action towards it. The Ethical Consumer found that the sales of second-hand clothes increased by 49% and the sales of solar panels increased 282% in 2023. In all areas, the more sustainable it is the more popular and this is only going to increase in 2024. There are lots of ways for any business to reduce their carbon footprint. A great way is to focus on the production process, think about cutting down on transportation and how you make the product. Starting small with packaging or energy-efficient lighting is a great way to get the ball rolling. Setting goals for 2024 should be realistic for yourself and your customers too, who want to see you achieve them.
Pay attention to staff mental wellbeing!
More often than not employees feel disconnected from their management and unable to request things such as sick leave and even assistance. To avoid your staff becoming burnt out and overwhelmed it is crucial to set up ways to make them feel valued. Make sure staff are feeling a sense of progression in their jobs whether that is training to improve their skills in their position or ways for them to rise through the ranks. This will help with staff retention and reduce the turnover in any business. Additionally, if there is a system in place to support staff you will have a higher chance of recruiting skilled talent to join your team.
Keep track of the economic situation!
We saw many closures in 2023 due to the rising prices and many businesses struggled on all levels. Staff may leave for better pay, vendors may raise their prices, customers may purchase less often. 2024 holds more challenges and your goal should be to adapt and be ready. The rising costs effects everyone and its important to keep track of your spending efficiently and cutting down on what you don’t need.
Consider non-management contributions to support your business!
A great new year’s resolution would be to take into account the ideas your employees could have. Your staff are the ones within the business, they see it all and they most likely have ideas on what could make it even better. To be a great business leader, often you have to lean on others, and this could benefit your business, and ease your mind too. Set a goal to ask more questions in your meetings or set up a way for your employees to contribute their ideas, even if it is anonymous.
Focus on your current customers before thinking of expanding!
Expanding your business might be the ultimate goal, setting up shops globally and increasing your revenue. In 2024 this could happen for you but why not focus on what you have already and making sure your current customers and clients are satisfied. Current customers being happy is vital to getting your brand out there in a positive way. Then your business can grow with a solid foundation. This year, focus on the small steps to get to your goal rather than rushing to the last step.
Discard of non-usable assets in your personal life!
No one needs an excess number of things; society tells us we need this and that and we should show off our successes. This year, why not live privately and maybe this will focus you. If you have been dealing with too much and overwhelmed, then declutter your life and get rid of your unnecessary items. How often do you use it? And when did you last use it?