New Year’s resolutions for businesses
December 8, 2022A New Year is just around the corner and it’s traditionally the time to make resolutions that could make the year ahead as successful and rewarding as possible. A survey cited by Country Living, for example, revealed that nearly 50% of the population (two out of every four adults) made resolutions for 2022.
There’s no reason at all, of course, why your New Year resolutions should be restricted to your personal or domestic affairs. If you are a business owner, why not incorporate a few new resolutions for inclusion in your business planning for the next 12 months?
And, while you’re about it, you might also share those plans with your business insurance broker – to make sure that your current insurance policy continues to offer the protection your business needs and that any changes in your assets or operations have not left you underinsured.
What are your business goals?
Every business is different, of course, and the specific ambitions and targets you have set are what make yours unique.
De Montfort University, Leicester last year suggested five key New Year resolutions that might help to give your business a competitive edge:
- marketing opens the window of your business to the world – existing and potential customers alike – so, review the strengths of last year’s marketing plan, ditch the weaknesses, and build yourself a plan that will be fit to meet the challenges of 2023;
- communication is one of your most effective business tools but make sure you use it within your business as well as directing your efforts outside – talking to your staff and finding out how well engaged or motivated they are will also help to reinforce the positive and successful culture and aspirations of your business as a whole;
- recognise that some of your established administrative routines and procedures might have outgrown their effectiveness and can be better achieved through IT-based solutions – automating labour-intensive functions, reducing the risks of error, and freeing up your valuable human resources for more productive roles;
- greening your business could win you many new and loyal friends among customers and staff – reduced paperwork, enhanced energy efficiency, and a switch towards sustainable packaging could all contribute to cost-savings on your overheads; and
- remember that your overall business strategy is not set in concrete or written on tablets of stone but needs to be reviewed and adjusted regularly in response to what’s actually happening – make it your New Year’s resolution to find the time for those regular reviews.
Speak to your insurance broker
As you make your New Year resolutions, you will be reminded yet again that no business stands still – there is constant change as your business grows, you diversify into new trading lines, or even move offices to new premises.
Whether it is the plant, machinery, and equipment you use, the stock or work in hand you carry, or the business premises you occupy, everything needs to be protected against the risks of loss or damage through the appropriate levels of business insurance.
By sharing the details of your business growth plan with your insurance broker you can make sure that the levels of cover remain appropriate and sufficient for your business needs.
Summary
Realistic New Year resolutions can be incorporated into your business planning for the next 12 months and help to give shape and definition to the direction and ambition of your enterprise.
As those changes may inevitably also change the nature and extent of the risks faced by your business, you might want to discuss your plans for growth with your insurance broker.