Making hard business decisions is more crucial than ever.
The last 2 years have put us all under more strain than anyone could’ve foreseen back in 2019, and the lessons learned have given many business owners a wake-up call with regards to the state of their business.
However, with a new year on the horizon, now is the perfect time to ask yourself the tough questions and take the necessary steps to make sure that your business reaches its full potential in 2022.
Make the tough decisions on staffing
It’s not always easy to make tough business decisions where your staff are concerned. Nonetheless, in today’s climate where businesses are under constant pressure and strain, it’s vital that you have the right people for the job.
Dealing with poor performance or bad behaviour from your employees? Ensure that you document the problem. Also, remember to take the necessary advice from HR to work out your next step.
After all, it’s always less expensive to deal with issues upfront so that you can get back to being more productive as soon as possible.
Ensure your sales staff aren’t over-promising
Customers are realistic – they know you’re facing challenges! As tempting as it can be to over-promise, don’t fall into this trap. As the saying goes, honesty is the best policy.
Be upfront with them about your situation and what your resources allow you to do. If you run into problems and are unable to fulfil promises it will only lead to disappointment, so don’t get caught out. Better to under-promise and over-deliver!
Cut back on business lines
No one wants to see losses in one part of a business wipe out profits elsewhere. Under-performing parts of your business can be time-consuming and detract from giving the necessary time and attention to higher-performing products.
How can you minimise this? Cut back on business lines which generate nothing but hassle, and let performing ones flourish.
Don’t waste any more precious time!
Set clear expectations
Regularly talking and listening to your staff is vital. You’ve set expectations for yourself, but have they understood what you need from them?
Work together with your staff. Establish where you want the business to go and what role you want them to play in it – do those expectations fit with what they’re looking for? Open up dialogue and discuss how you can ensure that they do.
Taking time to talk ensures everyone is working towards your 2022 goals, allowing your business to prosper.
Don’t rely on one sales platform
How risky is your business? Are all your sales on one platform? Are most of your sales to one large customer?
Taking risks is a part of business, but don’t be over-reliant on one staff member or supplier.
You never know what could happen in the future, so it’s better to be safe than sorry and make sure that your business is as resilient as it can be in 2022.
What questions do you have for our team? Contact us if you’re not sure where to start and arrange a Business & Xero Review to get your business on track for the new year. Our Xero Certified team are ready to help!