Two weeks from now the world will be ready to welcome 2014. Everyone including the entrepreneurs make it a practice to make a list of resolutions every New Year. A list of resolutions will help keep you focused in your area of work or activity. In fact it acts as a reminder to help you become a successful person. The SMB survey conducted by J2 in 2013 reveals that the priorities of many small business owners have changed. Majority of them are giving more importance to personal health and welfare which is really an interesting factor. Apart from that the survey also disclosed that many new and established entrepreneurs are open to new ideas to take their business to next level.
The business owners also want to do away with their fax machines and office landlines and opt for web fax services and virtual phone systems. Another interesting point is that over 60% of the business owners want to move to cloud platform because they believe it will help them cut cost. Research also found out that 29% of the small business owners will increase their online presence in the coming year. Many SMB owners are ready to offer flexi-timings, accommodate remote employees and allow casual clothes at work. By doing so they will be able to attract and increase the retention of their human capital.
New Year Resolution for Business 2014
Here are a few New Year resolutions that all businesses irrespective of their sizes have to take into consideration to take the business to the next level in the year 2014.
Give importance to business and employee relationships- Many small business owners are so busy managing their businesses that they fail to find time to bond with their employees, shareholders, customers and vendor. Let 2014 be a year for building relationships. This is very important. You as an entrepreneur should be very thoughtful while developing a relationship with your employees, customers and vendors. The thoughtfulness of your action towards the people who help your business grow will show that you appreciate the part they play in the success of your business. Give importance to small gestures such as a thank you note, a thoughtful corporate gift for occasions which are a few to name; these gestures do matter in the corporate world.
Employee Benefits are important for employee retention- Employee benefit packages are complex and expensive. Some firms are not willing to bear the expense while many are not aware of the benefits that are available. If you are not ready to give a robust benefits package, the productivity of the employees will come down and they will have no job satisfaction. Aflac’s WorkForces reports reveal that the retention rate of the employees is three times if they are given a satisfactory benefits package.
Along with hard/technical skills give importance to soft skills- Relying on technology for talent acquisition has both pros and cons. The applicant tracking systems that HR and hiring managers use these days ignore the soft skills of the applicant. Due to this managers are hiring people based on the hard skills and not the finer qualities such as communication skills, emotional quotient, dependability and adaptability. These soft skills are required to propel the business to the next level.
Invest in employee training- In this global economy you need to keep yourself and your staff up to date with the latest technology and tools pertaining to your industry. Since there is a constant evolution of technology the shelf life of our skills is reduced. Therefore, it has become imperative that you invest in training and continuing education to develop the best workforce. Michel Koopman, CEO of getAbstract opines that every entrepreneur should “Follow a 70/20/10 holistic learning strategy that includes around 10 percent formal training, 20 percent coaching, and 70 percent informal learning through experience and practice”
What are your business resolutions for the New Year? Please share it with us. Let the coming New Year bring happiness to the small and medium business owners.