What’s Your Business New Year’s Resolutions for Success in 2024?

Could 2024 be the year your business stopped just ‘existing or surviving’?

It is estimated that 75% of the businesses in the UK are in a ‘state of existence or just surviving’, that is they are getting by from year to year with little (or no) growth. They are making profits but insufficient to allow for any significant investment or to take the business to a scalable level or, to make it attractive to any buyer. Why can’t next year be the year you change all that and start to work on realising the true potential within your business?

As the year draws to a close, business owners are presented with a unique opportunity to reflect on the past, learn from experiences, and set the stage for a more prosperous future. While resolutions are often associated with personal goals, they hold equal importance in the realm of business. In this article, we'll explore key areas where business owners can focus their resolutions for a successful journey into 2024 and beyond.

Where do you spend your time?

Consider first where you, as the business owner, spend your time. If you spend the majority of your time in managing admin or with your sleeves rolled up doing whatever the business does then you are typical of the vast majority of business owners……who never truly scale their businesses.

To really scale up your business you need to free yourself up and spend time on the stuff that will really make a difference – the strategic stuff; looking at growing your existing markets, looking for new markets and considering how you sell more of your product range into those markets and considering what new products or services you can add. So, let’s look at some simple steps to freeing up some of your time. Also take a look at our article “Six things successful business leaders do every day”.

The Business Structure

Firstly, do you have a structure chart showing who is responsible for the different aspects of your business e.g. sales, service, processing, operations, financial control? In a small business you may wear many of these hats but, as the business grows some of these tasks and responsibilities must be delegated if you are to focus on other areas.

Delegate

Make a list of the tasks that you currently do and highlight those that in reality, can be delegated to someone else in the business. For example, if you do all the quoting for new work ask yourself why? If you continue like that it puts a ceiling on the amount of work you can quote for and that ceiling will be based upon how many hours you can dedicate to it – so YOU are restricting the growth of your business. Remember delegating is about showing, then letting them do it but always checking until they are proficient at the task.

Empower your staff

Look at ways to develop your staff, possibly through the delegation mentioned above. Give them new responsibilities, the overwhelming majority of people want to develop and learn new skills. Assisting them in doing that will help motivate and retain them in the business (staff leaving due to no development opportunities is very common).

Incentivise your staff

Consider how you could grow sales or improve any other area of your business by rewarding staff with some kind of inventive. Don’t just consider paying bonuses, that works for some people but equally for all. Leaving early, having a day off or being the ‘Employee of the Week/Month’ with a £25 voucher can really motivate them.

Plan your Day/Week

Despite what all the books say, you cannot manage time, but you can manage how YOU spend your time. Having a ‘model week’ which merely means booking time in your diary for the key activities that will make you successful for example, marketing, performance reviews with staff, reviewing the KPIs (Key Performance Indicators) of the business.

Golden Time

Book a slot in your diary each week to sit and think strategically. How do you increase market share of your current market, what new markets could you consider penetrating? Are there products or services that you could add to your current range and sell to your existing customers/market? Could acquiring another business be a reality for you to grow market share or even break into a new market.

Set Stretching Objectives

Setting objectives provides you and your team with clarity of purpose, direction, and a goal to aim for. Additionally the mere exercise of doing it prompts action and therefore will uplift performance.

However, it’s important to know how to set objectives correctly. Poorly considered or structured objectives will lead to poorer results, so to ensure you get this right from the start, check out our article on how to set effective business goals and objectives.

Financial Projections

Make 2024 the year you create well thought through financial projections, a profit and loss forecast for the year and consider a cash flow forecast as well. Understanding your financials is crucial for informed decision-making and regularly reviewing them is just good sound common sense.

Once you understand your financials, you can use these metrics to help you measure business growth.

Marketing

Ask yourself ‘Does my business have a marketing rhythm?’ By rhythm we mean, a consistent approach to marketing. Do you have seven or more marketing strategies on the go consistently, or does your business stop and start trying different things or does it all depend on whenever someone finds time? Successfully scaled businesses have marketing rhythms, consider your digital marketing; is it consistent, is it effective?

Enhance Business Processes

What key processes does your business have? How could they be improved/automated? Would a new software system save time and money? It is important that all businesses regularly review their key processes to see how they are working and how they can be enhanced.

Work Life Balance

As a business owner, it's essential to prioritise your well-being and that of your staff. Improve work/life balance by honing the time management skills of you and your team. A healthier you and your team translates to a healthier business.

Conclusion

As you contemplate your business resolutions for the upcoming year, remember that small, strategic changes can lead to significant outcomes. Whether it's refining objectives, investing in your team, or embracing digital transformation, each resolution contributes to the overall growth and success of your business.

Here's to a successful and fulfilling 2024!

Need help determining your business goals for 2024? Our expert business mentors can help.

If you find yourself unsure about your goals and objectives, don't hesitate to contact UKBM for expert guidance tailored to your unique business needs.