The end of the year is a time for personal reflection and setting goals for the upcoming year. This is also a good time for business owners to set aside some time to evaluate the past, present and future of their company.
Joseph Stephenson is CEO of EXP35, an IT consulting company in Florida. Stephenson regularly helps CEOs evaluate and meet their business needs. He says, “Businesses should always be self-evaluating, but the end of the year is a great time to do a deep dive into what you’re doing right and what you’re doing wrong.”
If you’re a business owner who’s getting ready for the year ahead, here are six ways to get your business in shape in 2019.
Audit your business
While most business owners try to keep an eye on everything going on in the company, it’s impossible to know what you’re not seeing. Conducting a thorough self-audit or engaging third-party experts could provide insight into your operations that could reduce expenses and streamline operations.
“We see overspending all the time,” says Stephenson. “For one of our clients, we reduced their annual operating expenses budget from $15.2 million to 7.6 in two years. For another, we saved 27 percent in installation services for a network core replacement project. Small changes, research and knowing when to ask for help can make a big difference.”
Look for new software solutions
Software can be a big investment, which means some companies won’t search for newer or better software until they feel the impact of outdated programs. Choosing the right product for the right situation might require some assistance.
“A lot of work involves planning and implementing that new tech and moving them from the old to the new,” says Stephenson. “There are a lot of options when it comes to software, and it’s not necessarily easy to transition your company to the new product even once you’ve decided on one.”
Review your website and social media channels
Online presence is more important than ever. While business owners may be leaving this to the marketing department, the end of the year is a good time to meet with stakeholders and make sure your business is taking advantage of the available platforms. Also, it’s the perfect time to ask whether the company has allocated sufficient resources to its social presence — the first contact with many new customers.
Check in with your employees
Many organizations are top-down, but your employees are a great resource for discovering new ideas that can make your business run better. Try conducting an anonymous survey to get feedback and discover the innovative thinking in your own office.
Give back to your community
If your business doesn’t have an active community giving program, consider making it a part of planning for 2019. Partnering with established nonprofits or implementing a company volunteer program is a great way to raise brand awareness for your business while supporting good causes.
Evaluate staffing needs for the upcoming year
As your business grows or shrinks, consider using a third-party expert who can provide stability, training and expanded resources for a changing company. You may need to create new key roles, or you might be able to avoid the cost of new employees by streamlining or outsourcing certain operations.
No matter what your business goals for 2019 may be, set some time aside to take a hard look at how your business can improve and create an action plan to make it happen.
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