Advantages & Disadvantages Of Property Downsizing For Retirees12 December 2022
Key Person Risk23 January 2023
With the new year fast approaching, it has us reflecting on the year that was 2022. All the goals reached and relationships nurtured. All the jobs completed and targets achieved.
But then we start to ask ourselves, “What could we have done better?”.
Like many personal New Year resolutions, businesses too can look for ways to improve their financial performance, team morale, and overall business health. Set yourself up for a more productive, engaging and beneficial 12 months – and beyond.
Give your business a cleanse to remove any roadblocks and inefficiencies that were holding you back. Cleansing your business of harmful setbacks early on in the year could substantially impact performance and help you get closer to reaching your goals and achieve higher profitability.
Here are 8 things to cleanse from your business to make 2023 more efficient, profitable and healthier.
1. Underperforming staff
Who you work with has a profound effect on your attitude towards work, especially for your clients. Staff that are not working toward the same standard or vision for the business (or just not working at all) will only be a hindrance to growth and development. Cleanse out the bad apple and see your whole team’s morale flourish.
2. Toxic clients
Some clients are just more trouble than they are worth. You know the one. The clients who, when they call you and you see the caller ID, your stomach churns slightly. Most of your clients are probably fantastic, but perhaps there are some bad eggs that are difficult to deal with and have a negative effect on team morale and your profit margins. It’s time to let go of those clients who are not benefiting your business.
3. Unreliable suppliers
Not only are these a headache to deal with, but they are also really bad for business. No matter how much of a great person they might be or how long you have been in partnership with them, there is only so much instability your business can handle. Consider finding new sources or securing exclusivity for the new year.
4. Unused software subscriptions and apps
Most business owners spend money on unnecessary software, programs, services, and other items they rarely or never use. If you can’t even remember all the subscriptions you have, go through your bank statements and credit card bills to see what you are being charged for each month.
The same goes for your continuously growing inbox. What newsletters or updates have you subscribed to and then never had the time to look into? Clear the clutter and click unsubscribe… but not to this one of course.
5. Unnecessary steps
Opposite to the above step, automations and effective systems that will actually be used could save you countless hours in the year. They take up a bit of set up initially, but the beginning of the year is a perfect time to put them in place and learn how to use them. What processes can be streamlined, automated or even outsource to get it off your plate?
6. Pointless meetings
This is a big one with meetings becoming in person again. How much time can you save by cleansing pointless meetings from your calendar? Do you really need to attend? Does the meeting have an agenda and a time limit? Could it be relayed in an email or a quick phone call instead?
7. The no-shows
Look at the previous year to see what number of cancellations and even no shows you may have experienced. Were there times you waited around or had to delay proceedings due to someone’s lack of commitment? Place contingency plans to help prevent this in the future.
One of the most common ways to do this is to ensure you have a tight booking policy that protects you as a business. Perhaps consider cancellation fees or a deposit to ensure appointments are kept or covered.
8. Spare parts
Most people in general do not know how much money is lying around in physical assets if they just cleared out the clutter. Sell your spare parts or old equipment and turn your clutter into gold (or at least into some pocket money). Use the extra income to invest back into your business for a great start to the new year.
If you have any downtime this holiday season, take an honest and accurate look at your business. See what may need to be cleansed or streamlined. Give yourself the best chance to claim every opportunity the new year has to offer and see your business in a much better financial position in 2023.