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Lots of people make New Year's resolutions, but keeping them is another matter. Business owners, however, really should make resolutions that they can stick to. There are many areas in which business owners can target their attention as they enter a new year to achieve greater business and personal success.
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Some areas you should consider focusing on include:
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Cash flow
When assessing your financial reports for 2024, how do you feel? Did you turn a profit? Were there any areas that cost you more than you expected? Have any legislative changes increased your costs? Did you take out loans or financing to stay afloat?
If you are facing starting the new year in the red, you should seek professional financial advice and discuss your situation with your franchisor. Start by identifying areas for improvement, perform a full risk analysis to determine what areas of your business are likely to prove problematic as you enter the new year, and create a watertight forecast for next year to try to improve your financial position.
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Advertising
It can be tempting as a franchisee to let your franchisor take control of your marketing, but it is important to remind your local customers of your existence. Ask yourself whether you really did everything you could this year to advertise and promote your business. If you cannot honestly say that you did all you could to raise your business's profile, consider what more you can do next year to increase your visibility and attract more customers. After all, more customers means more money, and that is good for business!
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Recruitment and retention
Are you currently holding any vacancies? Have any employees submitted their resignation recently? First, you need to understand why staff are leaving. Ask those outgoing personnel what more you could have done to keep them and what has attracted them elsewhere. They are not obligated to provide you with this information, but if you have a good working relationship with them, they may be willing to share information that will help you create a retention plan to improve morale and loyalty among your remaining workforce.
You should also plan to start recruiting new staff as soon as possible. Relying on the goodwill of a stretched workforce is a risky strategy that could cause employees to succumb to stress and burnout, increasing your absenteeism rate and eventually your staff turnover.
There are plenty of other areas you may wish to investigate, such as personal development, technology enhancements and sustainability, but by focusing on these three areas, you will solidify the foundations upon which your business is built and help it to remain resilient to the changes you may face in the future.
