Setting up your business for success in the new year
There’s a common mantra at this time of year: “New year, new me.” But it also applies to new year business success. Whether you’re wrapping up long-term projects or planning for a busy Christmas, the festive season is the ideal time to prepare for the year ahead.
So how do you embrace this transitional period and set yourself – and your entire team – up for success?
Starting on the right foot
The only limit is your imagination, but monitoring your competitors to see what strategies they employ could spark ideas that lead to success in the new year. Here are a few tips to kickstart the process:
- Create a vision board: Block out half an hour of the day for your team to come prepared with some visuals they are passionate about. You might be surprised by how much conversation a little creativity can generate.
- Set achievable goals: Without something to look forward to in our lives, we stagnate – and it’s the same in business. When defining goals, make sure you pepper the long-term strategies with short-term targets to keep morale high.
- Give the office a fresh look: Whether it’s a new coat of paint, your company’s logo emblazoned above the entrance, or simply a few well-placed pot plants to add a bit of greenery to the office, a new year makeover can be a quick fix for the post-holiday blues.
- Plan to learn new skills: This can be an individual or team-building exercise, and it shouldn’t be restricted to your job role. Maybe an office sports team could build camaraderie, or a day of upskilling might generate new ideas for the business.
- Brainstorm: Use one-on-ones and group meetings to find out exactly what motivates your employees. This will provide direct insight into what they want to do, learn and achieve in the new year.
- Gamify the workplace: Leaderboards aren’t just for sports teams and video games. In fact, they can motivate your team and promote friendly rivalries across departments.
Why is it important to re-engage your team?
Research from Glassdoor found that more than half (54%) of employees believe they could find another job – just as good, if not better – within six months if they suddenly lost or quit their current role. That means more than half of workers have no problem jumping ship if they find a better opportunity.
But engaged employees are far less likely to quit. By giving them a compelling reason to stay – whether that’s better perks, ongoing feedback, or investing in their development – they can continue contributing to your team. This is particularly important when you realise that the cost of employee turnover in Australia is around $3.8 billion in lost productivity.
Document team success and manage workflows
What good is success if you can’t replicate it? By making a conscious effort to document your processes in the new year, you’ll not only have a better chance of repeating history, but you’ll also make the workplace and your team much more efficient.
Another step towards a more efficient company is through workflow management. Something as simple as an Excel spreadsheet can do the trick. Enter the pertinent data and reap the rewards. A well-managed workflow system can reveal which team members work better on certain projects and even highlight time-consuming tasks that could be automated.
People respond to bonus and rewards systems
The best companies already know that teams respond well to rewards. But even if you have a recognition and rewards program installed in your workplace, consider a few ways to revamp it for the new year:
- Make sure your rewards align directly with your company objectives. Both the employee and the business itself must, in all things, walk the same path.
- Peer-to-peer recognition is just as important as praise from leadership. Not only does it generate a more democratic workplace, but it builds a culture of appreciation across all departments.
- Give your team a choice of rewards. Rather than a set amount on a gift card, provide them with a selection of rewards and let them choose whatever appeals to them most – it will spur greater productivity if they truly desire what’s on offer.
To find out more about how the RedBalloon for Business team can help you reward and recognise your people, contact us today.