Morrow’s Top 3 business resolutions for 2023
For most entrepreneurs and business owners, January/ February is the time to take a step back and reflect. Start thinking about what you want your organisation and team to achieve and focus on in 2023.
2023 may be the year to grow and expand into new markets, find ways to attract new clients, regroup and focus on retaining existing clients, or perhaps it's all about streamlining your operations.
Whatever your priorities are, setting goals and working together with your trusted team and advisors can set you and your business up for success.
Here are our Top 3 P's to keep top of mind and help you and your client’s navigate 2023.
Plan for 2023
We all know the saying, ‘If you fail to plan, you plan to fail’. No matter what your objectives may be, growth, efficiencies, retaining staff, having a clear plan that is simple and easy to follow is your first and most important step to success.
Our team at Morrows regularly create and revise our One Page Plans, succinct plans that address key areas of focus and help keep us on track with our priorities and goals. Long, detailed and more traditional business plans are cumbersome and hard to follow and are often out of date by the time they are written and signed off. So, we opt for one-page plans and go by the KISS (Keep It Simple Stupid) principle.
Not only are plans essential to drive growth, but they are also very valuable tools to engage your people. When employees understand your direction, and what's in store for them and the future of your company, they're likely to be more motivated, working toward your company's business goals and stay along for the ride.
This then brings us to our 2nd P, People.
Putting People first
One of the biggest challenges we face today is attracting and retaining our people. You can come up with the best strategy for 2023, but without a committed and talented team to execute, it will fail. You can inspire, value, and engage your team and achieve your business goals by following some simple key steps.
Step 1: Survey your staff to understand what they are thinking and how they feel about your company, management, and your direction.
Step 2: Listen to the feedback and put in place programs to support them and make them feel valued.
Step 3: Ensure managers are having regular one-to-one meetings to follow-up and continue discussions.
This brings us to our 3rd and last P, Processes.
Power up your Processes
The phrase ‘Work smarter, not harder’ or ‘Do more with less’ often applies to increasing your efficiency or productivity. Although many may traditionally link efficiency with cost-cutting, businesses today are achieving significant efficiencies by improving their processes. There might be a new technology you can deploy to minimise errors and achieve higher productivity. Sometimes it is smarter to invest and spend money now to save money in the long term. Here are some important steps to help you address this:
Step 1: Assess where bottlenecks, inefficiencies or waste are.
Step 2: Investigate what tools or revised processes that can be adapted to make a positive change.
Step 3: Train your people to love, live and breathe these new processes. If you don't reward and motivate your people and explain the value of the new process or technology has on them and their career pathway, they will revert to the old system.
So, take the time in January/ February to sit back and prepare plans for key areas of your business. Set goals to help monitor and get ahead.
How Morrows can help
Our strategic business advisors are well-equipped to help support family businesses and corporations plan and navigate through 2023. If you have a client that is looking for help to improve their processes or growth plans, please reach out to our team.