Happy New Year! After the fun holidays and week-long celebrations comes the pressure of making plans, achieving targets, and innovating for yourself and your business if you're a small business owner. After all, it's the perfect time to reset and set your gears to achieve new heights. It's the time when everything seems to go back to zero, and everyone has a chance to go nowhere but up.
For us at SK Insure, we have nothing but the best intentions to see your business grow and achieve new heights, too! So without further introduction, we've created this list of New Year's resolutions that you can use for your business, especially if you're just starting out
1) Create and leverage a data-based culture
When you're starting, it's tempting to resort to a certain "gut feel" when making business decisions. Plus, it's easier to just follow what others are doing and say "let's do this and that." This year, make it your resolution to arm your instincts and business decisions with as much knowledge as possible.
We now live in a world where data is available to almost everyone. However, it's still a gold mine that's yet to be explored as only less than half of businesses are driving innovation with data, based on a survey by NewVantage Partners. And ultimately, only 24.4% of companies have developed a data culture.
It's the perfect time to get ahead by developing a data culture for your business. It doesn't have to be grand right away. You can start by tracking your company's key performance indicators (KPIs) and understanding why they rise or fall to help you make decisions that will help you grow and stay on track. You can leverage customer analytics to help you acquire new customers and even outperform your competitors. There are also websites available that can help you track what your competitors are doing. The possibilities are endless with data, you just have to take the first step.
2) Try Lean Planning to keep track of day-to-day
Rather than creating a long written document that you use once and then file away, it's critical to create a strategic and financial plan and track it on a frequent basis. Small milestones, regular tracking, and frequent course adjustments are all part of the lean business planning technique.
Planning is a continuous tool that should be used to improve your business, understand the impact of your business decisions, and decide whether you need to make changes and adapt your assumptions.
3) Retain quality talent
As a small business looking to grow, you should be on the lookout for top talent in your industry, and design outstanding retention programs and rewards. Remember that your people are your greatest asset.
Take some time to consider your company's culture and what you want it to be, and make sure that culture is factored into your hiring decisions. Once you've got the right talent, provide essential benefits such as Worker Compensation Insurance and other protection, healthcare, pamper days, and more as your budget allows.
4) Engage with your customers or clients
Communicate with your clients or customers as frequently as possible. Discover what they enjoy—and what they despise.
If you own a retail store, talk to your customers at least once a week or day. If you own an online business, send a quick survey to your consumers or ask a few survey questions after they check out. If you offer your services to clients, make sure to schedule weekly or monthly check-ins.
People enjoy talking and being asked for their viewpoint. Feedback, especially negative ones, might be difficult to hear, but it's important to listen and understand how you can improve your business for your customers or clients.
5) Manage risks early on
As your business grows, problems will arise. Manage them early on by taking specific courses of action. And wherever possible, protect your business by having the right set of insurance and income protection products.
The right insurance can help you protect your company, your clients, and your earnings. Learn about the various forms of insurance and the ones required for your company. Talk to a trusted broker to help you find the best that suits your situation and your budget. You don't have to lose profits over insurance products, and it doesn't have to be expensive. The best broker should be able to help you.
Talk to us!
Our insurance brokers at SK Insure have a deep understanding of the Business Insurance market, offering long-standing relationships with leading insurance companies. Talk to us today via the different channels listed below.
Contact us today to get started.
- (02) 9630 3142
- 0498 015195