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Building a happy new year

Clock and calendar with a notepad for planning aheadAs it is the first of January, Happy New Year! I hope your year is better than you expect and dream of, and that it is successful in many ways.

As well as wishing you well for the year ahead, I want to share some ideas for starting 2012 in a way that will establish a great business year. No matter what has come before, you can set some good foundations for your business (and life!) now and make your life a bit easier.

1. simplify and streamline

What can you get rid of – maybe there are time wasters you can stop or activities that would be better outsourced, or perhaps you offer a product or service that costs more than it brings in.
What can you simplify? A complex pricing structure may be unnecessary or perhaps there is no real need for some steps in your packing or ordering process.
Now is a great time to review last year and think about simplifying and streamlining your business

2. standardise and record

Having procedures in place saves you money and time, allows you to get more help and writing them often shows up improvements to your method. Consistency is important for many aspects of business, and procedures are the easiest way to ensure things are done consistently (as long as your team uses them anyway!)
Taking time to also standardise document codes and updating, repeated communications (think of those emails and letters you write over and over) and having clear terms and conditions will also save you time throughout the year, and probably give you a better result as well.

3. review your prices

The financial success of your business obviously closely relates to how much profit you make from each sale so pricing is a critical balance between being acceptable to clients and generating enough profit.
When reviewing your prices, take into account new or increased costs (including flood levy, higher Victorian electricity rates and potential carbon tax impacts), competitor prices (don’t just copy them but take note of what others are doing), changes you have made (e.g. if you give greater value or have reduced costs maybe your prices need to reflect that), use of newer technology (including social media expectations and possibly updating your website for mobile access) and reasonable profit margins.
A price review can take time and it may be better introduced later (such as after the carbon tax comes into effect) but a new year is often a good time to assess things and make the necessary decisions.

4. simplify non-essentials, too

Remember to look at the support activities around your business as part of your streamlining. These tasks don’t directly bring in any income so reducing the time you spend on them gives you more time to generate income, and if you outsource them they will usually be cheaper services than things like design or IT work.
Hire a cleaner once a fortnight, get a junior in once a month for filing, get bulk stationery delivered, pay someone to run errands (deposit cheques, grab stationery, buy stamps, stock up supplies, etc) once a month, and so on.

Of course, if this time of year is quiet for your business, now is also a good time to think, get creative and plan for the next 12 months. Taking a week or two now to make adjustments and plan ahead is a good investment – don’t feel you have to be outwardly productive to be a good business week.

Enjoy looking at your business in a new way, have a fantastic 2012 and use your words wisely!

2 Responses to Building a happy new year

  • Susan Oakes says:

    Great tip Tash. Especially like the one about pricing as it is one areas many business owners forget about and don’t consider that their costs have risen.

    Have a great 2012

    • tashword says:

      Hi Susan,

      Pricing can be so hard for many businesses that the relief when it’s done often means it is left alone for some time afterwards, but as pricing is affected by so many factors it is easy to find your profit margins dwindle away if you’re not careful.

      Hope you have a great 2012, too.

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