The new year inspires renewed energy and excitement for what could happen. It’s a fresh start and the perfect time to reflect on the past and plan for the future – to set goals and figure out how to meet them. Even though Y2022 has begun, it’s not too late to kick things off rightly to help ensure growth for your business.
Here are four things you must consider if you want a successful administrative year:
1. Review Previous Year Performance
Look back at the previous year. Assess what went well and what did not, and find takeaways from both. The mistakes and successes. Review your business plan and make updates. Quick posers to doing that: Were there big moves you wanted to make last year but did not? Did you want to expand your team? Expand your reach and presence? Take a hard look at where you’ve been, and perhaps where you wanted to go but could not, so you can better know where you should be heading.
2. Build Projection
Projections are a guide of two benefits – Roadmap & Motivation. As you develop projections for the year, consider the broader economic conditions and how they might impact your market. Of course, keep in mind that projections are guides. It’s impossible to know what will happen, so ground your projections in as much data and objectivity. Knowing the latest business trends and economic news will arm you to handle the constantly changing environment. Advisably, do this with research and preferably speak to a consultant who can bring experience and criticism that bolster what you have.
3. Mind The Budget
It can be difficult to keep track of all expenses, especially while juggling many areas of the business, but it’s crucial. Businesses can maximize kobo in numerous ways – from tracking tax-deductible, business expenses and minimizing long payment terms, to making monthly instead of annual insurance payments. Meanwhile, you must make smart decisions about your budget and not just about cost-cutting. Your budget is to make sure your spending fosters sustainable growth & development.
As Benjamin Franklin rightly said:
“Beware of little expenses. A small leak will sink a shop”.
4. Improve on Communication & Feedback
Effective communication is critical to business success. Encourage your employees, customers/clients & shareholders to share their thoughts about the past. Provide several ways they can communicate with you, from the regular team and one-on-one meetings to an online chat platform. Have an open-door policy and be open to receiving honest feedback and ideas. Set the tone for consistent and transparent communication. It will help you realize what needs to be improved and what is to be sustained. In addition, improved communication can help to define work-life balance for employees which in turn boosts productivity.
DISCLAIMER:
The material contained in this publication is provided for general information purposes only and does not contain a comprehensive analysis of each item described. Before taking (or not taking) any action, readers should seek professional advice specific to their situation. No liability is accepted for acts or omissions taken in reliance upon the contents of this alert.
AOA Professional Services is an indigenous tax, regulatory and advisory service firm driven by the values of professionalism and partnership. For further information on the subject matter, reach out to our Teleconsulting Desk