Consider ticking off these four things before the year ends.
Consider ticking off these four things before the year ends.
December 8, 2020 0 comment
The global COVID-19 pandemic has left a trail of destruction by all measures. Millions of people have been infected and died from the disease; several businesses and jobs continue to be lost.
And for many entrepreneurs and employees, this is one of the most challenging periods in their lives.
Our advice to you is, do not despair, though. Hope for the best in 2021. But before we cross over to a new year, here are four things you must do.
Reflect on the past and set goals for the New Year
With a few weeks to end the year, SME leaders are gazing at the future and setting priorities, potential revenue projections, and ways to manage expenses for the next year.
It is undoubtedly challenging to predict with precision how 2021 will be. However, just because you didn’t attain your 2020 goals because of the COVID-19 pandemic doesn’t mean that planning isn’t time well spent.
Use these remaining weeks to reflect on and analyse your business strategies. This is the time to assess your life, whether as an entrepreneur or employee. What needs to change and what needs to be maintained in the coming year?
There is no way you will sustain that business or improve your life if you do not do a deep reflection and plan ahead of time. The University of Edinburgh, says a reflective habit, whether at a personal or organisational level, is a powerful tool in increasing your learning, development, and self-awareness based on your experiences. So, do a SWOT analysis of the business and individually for a better 2021.
Think about your competition and your employees.
Maintaining and conquering new markets should be one top priority to plan for ahead of 2021. Customers’ tastes and preferences have changed so plan for how you can continue being relevant to them.
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No one should tell you not to worry about your competition. Not only do you need to understand your competition, but you should as well find a way to adjust, and it should be fast.
Part of winning your competition is through the quality of your employees. We also know that the majority of SMEs are struggling financially.
As an entrepreneur, it is time to inform your employees how the company is performing and what measures need to be undertaken to return that business to profitability.
If there are going to be furloughing, prepare your staff on time. If you have identified productive employees who need to be reskilled, plan this before the year ends.
Feedback is vitally important to employees’ and organisational development, according to HR Central 2018. Give this feedback; however painful it could be to some of your employees.
Clear outstanding bills.
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Many SMEs are struggling to meet their expenses. Bills, including salaries, tax obligations, suppliers’ fees, and other overhead costs are giving entrepreneurs sleepless nights.
However, the taxman and your creditors may not be that forgiving. They equally need the money to meet their targets. Try as much as possible to clear your outstanding bills. It is essential to clear them in time to avoid penalties.
Undertake a health check-up and adopt a healthy lifestyle.
This is particularly important for entrepreneurs and employees. Your team needs to be in good health to think and plan for the year ahead. Now with COVID-19 still ravaging the world, extra care needs to be taken. Protect yourself at all times.
Consider this advice by Harris Regional Hospital in the US (2020) blog, that “the ongoing pandemic has shown us that it continues to be imperative for us to make our physical health a priority and that can be done with a proper medical check-up and preventive care approach.”
Human Capital International wishes you a fruitful year ahead.
