As each year ends, we consider the progress made and plan for how we’ll do things differently in the new year. There are some key things to consider when setting new year business resolutions, however. It’s likely you’ll be focusing on hard (financial) goals, but perhaps this year is the one to also consider other less-tangible goals. You want to drive sales, sure. But what about empowering your team to make more autonomous decisions? Improving the workplace culture? Bettering customer service? Providing a better work space? Here are some key success factors:
What gets measured gets managed
Peter Drucker famously said this. And it has merit. If you think really hard about it, even soft metrics like employee morale can be measured. So whatever your business goals for next year, make sure you know how you will measure them. Consider the frequency and what benchmarks you’ll compare against before rolling out any new initiatives.
Define what success looks like
For each business resolution, what does success look like? At what point will you say, “we’ve done it!” When you know what endpoint you’re trying to reach, you’ll be able to set milestones along the way. Remember that milestones are important to give that boost of happy chemicals that encourage your team to press on.
Appoint a project owner
Who will be responsible for this resolution? If there’s no one taking accountability for the results, a project will quickly be forgotten. Appoint a champion and make the KPIs related to your business resolution a core part of their performance.
Set rewards for achievement
As with any goal, there should be good things that come from reaching it and consequences for failure. Setting real stakes means that your business resolution will be taken seriously. Depending on the goal you’ve set, rewards may be more effective than punishments (especially if you want to motivate your team to act). But use both; where appropriate, to reach your goal quicker.
WORLDS END STUDIOS
The new year is a perfect time for you to change up your business style. With various packages available at World End Studios be it a bespoke Virtual Services package, Coworking or Private Office, we can guarantee this year your business support will be covered, allowing you the extra time to really focus on your goals for 2021.
Worlds End Studios is home to over 120 businesses, contact us today on 020 7349 7001 or by emailing info@worldsendstudios.com to let us know how we can help you get started.