New Year’s resolutions aren’t just great ways to set personal goals; they can help keep us on track professionally as well. This year, instead of worrying about which goal you are going to pick from the New Year’s Resolution menu, why not consider committing your energy and resources into ways that will improve the overall health of your business?
Might we suggest 16 resolutions to help your company prosper in 2016?
1. Celebrate your amazing team.
If you’ve been in business for a while, chances are you wouldn’t be where you are today without your team. Just remember that if you don’t work to retain your top performers, you run the risk of losing them. Start celebrating your human capital.
2. Make a gift, but make sure it’s effective.
When we give a monetary gift to a not-for-profit organization, we want to know that it’s going to be used in the best, most effective way possible. Make sure your money is well spent.
3. Design a better retirement plan.
The way your company’s retirement plan is designed can be a huge motivator for your employees. If your plan has a good plan design, participants will be more willing to invest in it. Work with a retirement plan expert to find a retirement plan design that works for you.
4. Review your will, estate plan and buy-sell agreement.
Legal changes over the last few years may have made updating these documents necessary, not to mention any personal changes that may have taken place. It’s just good practice to make sure this important paperwork gets updated regularly. It could get messy if you forget.
5. Develop a line item in your budget for continuing education.
Investing in yourself and your employees is a good way to engage your workforce. One way is to add dollars to the budget for training and continuing education. Find out what else you can do to promote employee retention.
6. Improve your company’s cash flow.
Easier said than done, right? Just remember that you can’t spend the bottom line profit, but you can use the cash flow to reinvest in your business and community. A sustainable cash flow model will ultimately increase the value of your business.
7. Know what your business is really worth.
Your business is easily your most valuable asset. So, how can you nurture its growth if you don’t know how much it’s worth? Discover why it’s so important to know the value of your business.
8. Develop a wellness program.
Healthcare costs are high and one way companies are taking control is by introducing a wellness program. As with any new plan, several factors will greatly increase your company’s success. Start planning your wellness program implementation and soon you will be saving money.
9. Upgrades for the business.
It seems like there are always better ways to get things done. Perhaps 2016 is a good time to make a few upgrades. In the process, your purchase could be good for a deduction at tax time.
10. Schedule a family vacation.
A successful business has the understanding and support of your family. Long hours … late suppers … numerous emails and a 24/7 mentality have become just another part of the routine. Reward yourself and your family with a family vacation. A vacation isn’t just good for your peace of mind, it’s good for your business.
11. Save more for retirement.
It’s always a good idea to keep your retirement goals top-of-mind, which is why you should evaluate your current retirement plan situation and determine if you need to make any changes to get further ahead in 2016. Ask your advisor if you are setting aside as much as you could (and should) be.
12. Defend your cyber space.
Hackers and fraudsters are stopping at nothing to get to your data. Whether they have plans to steal your system’s information to sell to other criminals or are trying to make a quick buck by holding your data for ransom, if you don’t have a disaster recovery plan you and your business could be in serious trouble. Make 2016 the year you get your data security plan in place.
13. Meet with all your advisors at least once a year.
You work with a lot of people over the course of your career and it’s important to maintain those relationships – regardless of whether you will need their services or not. Set aside some time to meet with your accounting, legal, estate planning, investment, banking, retirement and other advisors, even if it’s just to chat. An impromptu meeting could reveal opportunities you didn’t know were there.
14. Establish a fraud hotline.
The Association of Certified Fraud Examiners has found fraud hotlines to be the most effective way for detecting and preventing fraud. Don’t let occupational fraud destroy your businesses.
15. Stay organized … for real, this time.
Every year it happens. You promised yourself that this year would be different. Now, once again, you are rushing to your gather receipts, remember how much money you spent at last year’s company retreat, and backtrack through balance sheets. Wouldn’t it be nice not to have this year-end stress anymore? By implementing a few simple procedures, you can avoid another crunch-time crisis.
16. Trim the fat.
If you are really looking for a way to make a significant reduction this year, take a look at your inventory. If you are carrying around some extra weight, chances are your business is feeling the pinch. This simple 3-step program will get you back on track.
Be Accountable In 2016
Have you identified a few resolutions to begin implementing over the course of 2016? Great! Need help holding yourself accountable? Send your list of 2016 New Year’s Resolutions to Rea & Associates and one of our business consultants will work with you to make this your best year in business yet!
Tags: 2016, business tips, buy-sell agreement, cash flow, cyber fraud, donations, education, employees, estate planning, financial advisor, fraud hotline, inventory, know & grow, new years resolutions, organization, retirement plan, tax deduction, upgrade, vacation, wellness program