[01.01.23]

The start of a New Year always brings an element of reflection on the outgoing year and how we can make the new year even better.  Here we set out three areas where we would encourage clients to focus their attention – any time of the year, not just at the start of a new year!

Make time for yourself

Running a business can be all-consuming.  Business owners often prioritise their business, customers and employees above themselves – forgetting about their own health and wellbeing.  This year, we would encourage all clients to prioritise their own health and wellbeing.  How you do this, will be personal to you, but things to consider include:

• Spending quality time with your family and friends
• Exercising
• Taking up a hobby or learning a new skill, eg. Singing, dancing, fishing, learning a language
• Having quiet time, eg. Reading, doing puzzles, having a luxurious bath

Often people will say that they are too busy to find the time to focus on their own health and wellbeing – and yet they will find time to pack in another work meeting, client visit, or drafting another report.  We would encourage booking the time-out in your calendar to commit yourself to yourself.

As a result of making time for ourselves, wellbeing experts argue that we will actually be more productive and focused in all aspects of our lives, including when we are working.

Focus on your marketing

Although inflation has reduced slightly – 10.5% in December compared to 10.7% in November, it remains close to a 40 year high.  This is putting the squeeze on businesses and consumers, and in some cases encouraging them to consider carefully their spending.  This is the time to focus on your marketing – most importantly to your current clients and customers, as well as your prospective clients and customers.  Things to consider include: communicating regularly with your clients – client visits, newsletters, and use of social media; and offering added-value to your clients – introducing them to useful connections and up-selling your services.  Once you are confident you can do no more to market and support your current clients, then focus on converting your pipeline from prospects to clients.

Retain your employees

The Great Resignation was a buzz phrase coined in the Spring of 2021.  Whether your business has experienced this phenomenon or not, HR experts suggest that as many as 40% of an average workforce may be looking for other job opportunities.  This can cause a talent drain within your business, as well as causing disruption and distractions whilst you recruit, on-board and train your new employees.  Therefore it is essential to concentrate on your employee retention strategies.  This may include:

• Strengthen your approach to settling-in new employees
• Consider mentoring programmes
• Look at employee compensation and perks
• Consider wellness offerings
• Communicate regularly with your employees
• Provide continuous feedback on their performance
• Provide training and development opportunities
• Recognise and reward strong performance
• Support an employee’s work-life balance
• Consider flexible work arrangements

Castletons Accountants