Small Business Resolutions
Five Changes That Can Boost Your Business This Year
As the new year dawns, the promise of new possibilities and a change for the better can be inspirational. That’s why it’s a great time for businesses to start thinking “new.” This list of business resolutions can help you decide what to focus on as your team gears up for 2007.
Create a new budget.
In most large companies, budget planning takes place long before the halls have been decked or the turkey stuffed. But in smaller companies, planning can be elusive and despite best intentions, often remains undone long after the strains of “Auld Lang Syne” have faded. Not to worry. Even if you operate with a one-day-at-a-time mentality, a little planning goes a long way. Start now by creating a new budget – or any budget if you’ve never had one.
Thinking strategically about your business expenses can lead you to new ideas that can take your company far as the year progresses. For example, experts say budgeting in small businesses can help owners afford benefits like bonuses, retirement contributions and other rewards for employees, which are often neglected, causing quality employees to leave. Invest some time in budget planning, and watch how your business blooms.
Consider new hires.
Would you like to add new clients or develop a new product line this year? Your goals for 2007 may already include new opportunities such as these. If so, don’t forget that you will be adding workload as well. If you haven’t thought that far in advance, think about ways your business could grow by adding additional staff. If your organization would benefit by growing in size, think strategically about the best time to expand – like your peak times of the year – and plan in advance when to begin the hiring process.
Renew HR Policies.
When was the last time you revised your employee handbook? Now’s the perfect opportunity to review your HR policies and make sure your organization is protected by having solid guidelines in place. If you don’t have formal policies or a handbook, contact a local expert to help you create them.
Learn something new.
Do you know much about the latest trends in your industry? With everchanging technology, businesses of all types can benefit by learning new approaches, concepts and techniques. Consider joining a professional development group or attending a training seminar on the latest technological advances. Pass on the opportunity to your staff and encourage them to learn new things about their field. Training and development plans can help your organization go beyond merely keeping pace with the competition to setting the pace.
Try a new approach.
Everyone has habits and ways they prefer to operate. Get out of your comfort zone and adopt a new mindset or use a new leadership approach. For example, if you struggle with procrastination, focus on improving your time management skills. If you find yourself micromanaging, polish up your leadership techniques. If you’re a workaholic, learn to value work/life balance. Every leader can benefit from a new mindset, so take advantage of the opportunities for change the new year brings and improve something about your business.
Equipped with this list of resolutions for your business, you can choose the best solutions for the year. Businesses that stick to their plans will find that this time next year, they are reaping the rewards of a positive change.
Tap in to Innovation Before It’s Too Late
Spark Change Using Tools You Already Have
In today’s workplace, there’s much to be said for doing something well and sticking with it. But, we hear increasingly about companies losing momentum because they failed to change. Take a company like Ford Motors. In 1985, they were a leader in innovation, rolling out the most revolutionary automobile since the Model T. The Taurus changed auto industry trends forever and became the best-selling car in the U.S. But its status didn’t last for long. In the late 1990s, sales dropped as the car failed to keep up with the competition. Twenty-one years after debuting it, Ford pulled the Taurus from production. Experts say the company could drop to third in U.S. sales because of the loss.
So what went wrong? Analysts and former Ford executives seem to agree: Failure to continually improve. Being innovative once simply didn’t cut it. The fact is, for companies small to large, innovation is important now, not once the competition gets the upper hand. How can your business use innovative thinking to improve products, processes, ideas and goals? Tapping in to the resources you already have is a great place to start.
• Question everything. As easy as it sounds, the strategy of questioning is rarely used in the workplace. Why? Rocking the boat can be uncomfortable, and the status quo is easy to maintain. Also, people are often afraid that asking questions will make them seem unknowledgeable. Many fear that questioning may be seen as attacking a manager or leader. That’s why it is important for leaders to encourage questioning by starting the process. If you want to be innovative, ask and seek out questions. You’ll find that in the pursuit of answers innovative solutions are rarely far behind.
• Mix it up. Instead of hiring an outside consulting team, look within to your own experts. Creating task forces with team members across departments or work groups can help offer fresh insight and new ideas. Try having team members switch roles, and see what happens. A software engineer may have great ideas about a marketing concept. A salesperson could help revise an accounting process. When you tap in to the strengths of all your workers, you’ll spread innovative thinking and build each part of your business.
• Turn it upside down. Look at the issue from a different angle or through a new lens. Try role playing exercises to see how different groups may view your product or respond to a message. Brainstorm outside of the office, and think about the product, process or idea in a new context to spark ideas. Don’t be afraid to let your imagination run free. Often, the best ideas happen when people let go of their inhibitions.
• See what people think. Ask friends and mentors, sales associates, your fourth-grader or strangers on the street what they think. You don’t have to conduct a costly focus group to get interesting ideas or feedback. Keep in mind that you’re not looking for empirical evidence through these informal conversations. But, this technique can spark ideas that will reinvigorate your team and generate the next innovative move.
• Step up to change. In the end, an innovative thought or concept won’t do your business any good if it isn’t used. Take a chance, and change something. Implement an idea, or revise a process. Putting your ideas into use will help you move your business into new realms of possibility.
Remember, curiosity may have killed the cat, but it can build business if it’s used to innovate not just what you do, but also how, why, when and where you do it. Start by using these tips, and you may be surprised to see how your business grows.
Be the One: Becoming a Preferred Place to Work
Start by Understanding Employees’ Needs
The labor force is changing, and businesses everywhere will feel the effects within this decade. In fact, by 2010 a striking 40% of the current U.S. workforce will be eligible for retirement. What does this mean for your business? Now more than ever before, establishing your business as a preferred place to work is crucial to making sure it thrives.
With turnover and retention as top concerns for employers everywhere, it’s important to engage your employees by focusing on their needs. A recent study by the Gallup Organization showed that 19% of employees are disengaged, meaning they do just enough work to get by without being fired. On the other hand, employees who are engaged perform 20% better than their disengaged counterparts, according to research by the Corporate Leadership Council. Add to that the fact that engaged employees are 87% less likely to quit than other workers and you can see why employee engagement is crucial to your business.
How can you make sure your workforce is loyal and actively engaged in their work? The answers may surprise you – it’s not all about money in this case. In fact, 89% of managers believe that money is the main issue contributing to turnover. However, only 12% of employees say money is the reason they left a company. What does this mean for you? It’s time to focus beyond simply providing your employees with a job and a paycheck.
Start by realizing that your employees are people with needs that go beyond the basics of food, shelter and security. Taking a look at Abraham Maslow’s Hierarchy of Needs illustrates that physiological and security needs are a good place to start, but it doesn’t end there. The next levels in the hierarchy are social, esteem and self-actualization needs.
The bottom two levels – physiological and safety needs – are where most employers focus. It’s important to address these needs – people don’t respond to their esteem needs being met if they’re not receiving a paycheck or if they’re uncertain about their job security. However, employers who go above and beyond the basics will find they have become the greener pasture to which workers will flock.
As the worker shortage continues, you will find that people are looking for more than just a job. They are looking for something fulfilling, and because of the decline in skilled workers, they will be in a position to settle for nothing less. Now is the time to start building up your company’s reputation as a great place to work by fulfilling each level of your employee’s needs. You can learn more about doing just that by checking out next month’s edition of e-Xchange at www.expresspros.com.
Employment Situation Summary
United States
Non-farm employment rose by 132,000 jobs in November, and the unemployment rate rose slightly to 4.5%.
Major Industry Employment for November 2006
• Construction: - 29,000
• Manufacturing: - 15,000
• Retail Trade: + 20,000
• Professional & Business Services: + 43,000
• Educational & Health Services: + 41,000
• Leisure & Hospitality: + 31,000
• Government: + 18,000
Canada
Employment increased by 22,000 in November, and the unemployment rate rose slightly to 6.3%.
Major Industry Employment for November 2006
• Construction: + 7,000
• Manufacturing: + 13,000
• Trade: + 12,000
• Transportation & Warehousing: + 15,000
• Finance, Insurance, Real Estate & Leasing: + 1,000
• Business, Building & Support Services: - 2,000
• Educational Services: - 10,000
• Information, Culture & Recreation: - 12,000
•
Accommodation
and Food Services: - 4,000
• Public Administration: - 8,000
e-Xchange is a publication of Express Services, Inc., Oklahoma City, Oklahoma. Copyright 2007.