The New Year brings a sense of renewal and optimism. A fresh start. A new beginning. This is the time to consider your business and personal goals for the year ahead.
For some companies, the New Year brings the beginning of a new fiscal year. For all companies, the New Year brings an opportunity to approach existing targets with renewed passion, or aspire to achieve new objectives altogether. Here are four easy ways to achieve your business goals this year.
Invest in your teams
By investing in your teams, you are investing in the future of your business. This investment is an essential part of creating an engaged workforce, fostering loyalty, and reducing employee turnover. While large companies may have the ability to offer more opportunities in the way of professional development, there are also many cost-effective ways to invest in your people. First, take the time to get to know your employees. Learn about their personal passions and goals for the New Year. Investing time with them helps to create a sense of trust and enables you to develop them. This may mean taking them out to lunch, spending extra time with them, or building mentoring opportunities into their everyday tasks. Some managers meet with their employees to create Individual Development Plans (IDP).
Because your employees’ performance impacts your success, another way to invest in your teams is to encourage a healthy work/life balance. For example, the health insurance company, Aetna, implemented a reward program to encourage employees to get more sleep so they make better decisions and are more productive. Investing in your teams is a win-win scenario as employees will work more efficiently and develop a sense of pride in their accomplishments.
Expand your networks
Networking is essential if you want to grow your business. This low-cost marketing practice is the best way to develop connections and gain referrals for new business opportunities. In addition to referrals, attending trade shows and other events provides you access to a wide variety of professionals. Adding new people to your network helps to renew skills, seek advice or start new affiliate marketing ventures.
Encouraging your employees to develop networking skills is another way to nurture their professional development. Not only are you investing in them, but you are also freeing up some of your own time to focus on the task of managing your business.
Let technology do the analysis
By letting technology do the analysis you help employees to perform better. Implementing a data analytics solution like Phocas provides access to your data from a consolidated source so your employees can uncover key information relevant to their respective roles. With fast access to data on sales, inventory, finance, customers, and more, your employees can make informed decisions based on facts rather than gut-instinct and experience. Phocas allows you interrogate high level dashboards right down into the underlying transactions. Drilling down into the detail enables your team to quickly get to the root of a problem, as well as discover trends, patterns, and, ultimately, new opportunities. Phocas enables all users (no technical experience required) to generate and share reports in just a few clicks; eliminating lengthy wait times for IT to get involved. The ability to question data on the fly, automate report distribution and present data to your customers from any device, at any time, makes it much easier for your employees to achieve exceptional performance.
Be proactive rather than reactive
Data analytics enables you to identify opportunities as they emerge. Rather than reacting to unexpected challenges, you now have the ability to accurately identify trends as they occur. Our Phocas account managers often explain the value of the software as being able to run your business by exception. “What should have happened but hasn’t?“ At the start of the New Year, you can check whether your regular customers have put in their first quarter order or whether customer attrition has changed. Phocas enables users to analyze the past to predict future activity. This provides an unquestionable advantage over your competitors. The ability to forecast sales also enables you to maintain appropriate stock levels, minimizing the risks and costs associated with over- and understock.
We at Phocas wish you the greatest success this New Year.
Would you like to learn more about how data analytics can help you track trends and identify opportunities relevant to your business? Download our free eBook, Dashboards and Scorecards by clicking here or the button below.