Is your business full of optimism at the start of the new year? The exciting promise of what could happen in the year ahead. It is a perfect time to start planning. While setting business goals is a vital cornerstone of your plan for the year, you will need to consider your entire business strategy. Revenue targets and client acquisition should definitely be part of your business strategy, but so should your internal processes. Let’s look at what you should plan for…
Plan Your Kickass Business Strategy By…
Being Clear on Your Vision
Knowing what you are focusing on and what you are going after will help you achieve success this year. Define a clear vision that aligns with your business purpose. Ensure that it services your ideal client, but also works for your team.
Once you are clear on your vision, you need to make sure your whole team understands it. If everyone is on the same page then you can work towards common goals. Doing this will influence the way your team approach their daily tasks, the decisions they make regarding costs and revenue, and how they interact with your clients.
Ensuring the information is distributed team wide will also help to promote a positive culture. Everyone will want to do their part to realise the vision. Working collectively as a team will increase productivity and motivation. There will be no need for office politics as everyone’s contribution is respected and needed.
Planning for Changes
Small business is an ever changing world. There is always something new to learn and changes to adapt for. This year there is a pretty major change coming up on 1st April 2018. Minimum wage is set to increase from $15.75 to $16.50 and then to $20 by 2020. This means that if you have any staff currently on the minimum wage, you will need to raise their hourly rate to meet the national standard from the 1st April.
While you need to factor this into your budget and cashflow, there are also some other things you will need to do. Legally, all persons earning minimum wage should have their rate increased by 1st April 2018. That means you need to have your payroll system amended so that the correct rate is paid. You will also need to make sure that all employee wage records in their personnel file are updated to reflect the increased wage rate.
Planning for Conversations
When we say the word ‘appraisal’ we often hear very loud groans from anyone that manages staff. But appraisals don’t need to be a horrible task. They shouldn’t have to take weeks to complete during which the whole workplace sits under a cloud of negativity.
In fact, why don’t you plan to have conversations this year? Instead of holding an annual appraisal, you could have a monthly conversation with each of your staff members to discuss how they are tracking. Make sure the conversation centres around forward thinking. Look to the future instead of dwelling on mistakes. If there have been mistakes made, look at what learnings you can take from the situation. Discuss how each team member is moving forward, development opportunities and how they are improving.
By involving your team members in a conversation, they will feel valued and heard. It will give them the opportunity to discuss their concerns, or voice their side of the story. It also encourages a great team atmosphere as you, as their manager, are in constant contact with them and supporting them in their work.
We guarantee that you will get much more buy in from your team if you approach your appraisal process in this way.
Time for Help?
We get it, HR can be a complicated part of running a small business. Especially when you have so many other things to do. So why not get some help so that you can focus on what you do best?
Find out how we can help you become clear on your business strategy for this year, handle those monthly employee conversations, or even to revamp your mission. Get in touch with us today for a free no obligation chat about maximising the value in your staff.