Entrepreneur Lara Morgan on how small business owners can prepare for next year.
You can start by giving your staff a decent break at Christmas. Hopefully, you have already awarded them a shopping day ahead of the festive period. But if you own a business which requires employees to work most days, and especially at this time of year, then compensate with time off in lieu.
Make a clear decision about expectations for 2022 and most definitely do your maths, as cash remains king and there are many people who are currently running out of it. Make any tough decisions now, so you go into New Year with a controlled overhead. This will increase your chances of being successful during the next 12 months.
Trading in some industries remain exceptionally difficult. When you decide to allocate costs, make certain you know which channels will earn you the most money. For example, know which of your staff members have multi-tasking abilities and are able to add value because these skills pay dividends ‘ this even includes dealing with returns from Amazon.
The sanity of making the right choices now bodes well for next year, in the hope that there will be a bounce back in the UK economy. For many sectors, particularly hospitality, fitness and event organisers, these groups need to return to some sort of ‘new normality’ and soon ‘ as the ‘old normal’ appears to have disappeared for ever.
And it’s particularly bad for those waiting for the return of commuters to town and city centres, or venues. The numbers are not encouraging, because many people are likely to work from home for the foreseeable future.
Looking ahead to 2022, I always think that businesses should try to adopt a culture of continual progression in embracing smart technology. Make sure you understand the benefits that such developments can bring to your business. Artificial intelligence and data are the key ingredients when it comes to community building.
Cancel any subscriptions you no longer need ‘ such as old Apps. Always carry out a check of your housekeeping expenses, and remove those items which are not required. And never stop communicating your goals and aims to your trusted team. Continual personal development, education, and the setting of new challenges is the only way to deal with change. Don’t forget, change happens whether we want it or not.
Remind yourself that you were brave enough to start your business, and innovative enough to keep it going, while energetic enough to survive. However, if it becomes too much, you should either stop or sell-up. Your health is so important.