New Year’s Resolutions for Your Business

A New Year is an opportunity to take inventory of your current behaviors and find areas for personal improvement. However, contrary to popular belief, New Year’s resolutions are not just for losing weight or starting a new hobby— nor are they just for your personal life.

Why not set New Year goals for your business?

In fact, this is probably a practice you are already accustomed to. When quarter one rolls around, you probably have already identified monetary goals your organization wants to meet. But why not take it a step further? Utilize this fresh start as an opportunity to set new goals company-wide.

• Attend More Networking Events

Join a networking group in your area, attend conferences for your industry, or host seminars of your own. If these are practices you already implement, perhaps revisit your networking strategy with your team and identify if there are any changes you can make to your approach to generate more qualified leads.

• Amp Up Your Digital Presence

In today’s digital world, a strategic and consistent social presence is paramount to most successful businesses. Perform a social media audit to identify what content is well received, what channels are performing best, and what audiences you are communicating with. This can lend its way to finding new creative and engaging content for your business in 2020. Similar to social presence, having a polished and well-branded website is integral to a well-planned digital strategy. Walkthrough each of page on your website to identify inconsistencies or errors, enhancing outdated content, and updating products, services, and pricing to reflect any changes your business might have planned for the new year.

• Utilize Service Subscriptions and Programs More Efficiently

Chances are your business is using at least one program or service, but, are you using these products to their full potential? Is your business using services that have overlapping features? Is there room to cut down on costs? Finding more efficient and effective ways of using these services can help your business in the long run.

• Focus On Client Retention

As the 80/20 principle states, 80% of your sales come from 20% of your customers. Make your New Year’s goal to implement a client retention program and build lasting relationships with your clients throughout the new year.

• Perfect Your Employee Retention Program

Your employees are an asset to your business. Having and maintaining satisfied and motivated employees reduces turnover expenses and improves morale and productivity in the workplace. One way to improve employee retention is by offering a competitive and appealing benefits package that includes; 401k, benefits, personal insurance, business succession planning, estate planning, and so on. For more information on initiating or enhancing an employee retention program or benefits package, please reach out to one of our trusted advisors.

• Consider Incentive Plans for your Top Performers

With an ongoing “War for Talent,” consider taking advantage of the customizable bonus and deferred compensation arrangements to incentivize and keep your best performers for the long-term

• Schedule a Risk Assessment

Risk management is often a blind spot for managers. Many underestimate the cost-saving potential in a mature, unvarnished evaluation of risk. Duncan Financial Group offers a free, no-obligation risk assessment that can anticipate threats that could result in devastating losses. Make safety a priority in 2020 and speak with one of our representatives.

• Provide Team Building Activities

As Henry Ford stated, “Coming together is a beginning… Keeping together is progress… Working together is a success.” Hosting or attending group activities can help unify the organization, increase collaboration, improve communication, and provide positive reinforcement and stress relief for your employees (Sodexo).

• Get More Involved in The Community

Whether you are a small business or a larger corporation, maintaining a positive connection to the community can help increase brand awareness and loyalty. Sponsor a local sporting event, donate a basket to an event in your neighborhood, attend community activities, and so on.

• Maximize Your Retirement Plan

With limits of $19,000 (49 and younger) and $25,000 (50 and older), take the steps now to have the ability to maximize your 401(k) deferrals in 2019. Not only can this create a more favorable tax outcome, but it can also help you diversify your retirement income assets.

• Update Your Mission, Vision & Value Proposition

Remind your clients, employees, vendors, and community what differentiates your business from the rest. If your organization is looking to rebrand in 2020, this is also a valuable first step in identifying a new direction and message for your company.

These are just a few New Year’s resolution ideas that you can integrate into your 2020 plan. No matter which goals you plan to set for the New Year, our team is here to help you protect and grow your business.