It is common place for people to begin the year with new dreams, visions and resolutions. It is truly a time for reflection on the past year and hope for a new era. Most people spend the last day of the year in a religious house with a belief that the following year would bring great results. It is a good feeling of something new and fresh but the truth is the new year’s eve is just like every other night – with the same number of hours during the day and at night. The only difference a new year would make is the deliberate changes made from the previous. More often than not, most resolutions are centred around finances and career changes.
The following four (4) ways have been researched and found to work to ease the way business is done and increase your company’s profit in 2019.
- Create systems that you can easily manage
Many businesses start with just one person or a few group of persons as partners/shareholders or stakeholders. It is alright to start up with one person doing a myriad of job roles/duties but separation of duties into different systems is essential and would reduce a lot of bottlenecks and cost which will drive up your profits.
Having systems in your company means that you can operate independent of people and your company wouldn’t go bust just because someone called in sick. The world isn’t only fast becoming a global village; it is quickly becoming a digitalised one.
- Work smarter not harder
It is often said that there is more than one way to skin a cat but most times the different ways have their strengths and weaknesses. If a process is recurring in your business, it is more productive to keep changing the way things are done in order to be able to identify the best way things can be done. Once this winning formula has been identified, you’d notice your staff and company at large would achieve more with little effort and in a short duration of time.
- Delayed Gratification
As a business owner, you must be able to distinguish between your wants and your needs. A lot of things call for our attention and we need to be able to separate the wheat from the chaff and be able to delay gratification. This can come in different ways; it could either be getting more people in anticipation of the expansion we envisage due to a new product being brought on-board or declaring profits before the end of the financial year or it could be adding to the fleet of cars parked at the garage or simply going for another “well-deserved” vacation.
- Know more about the health of your business
Having a full picture of your business cannot be compromised. Most Business Owners know the genesis of their organisations being the founders and sometimes forget that the business grows and with growth, comes changes; some of which are visible whilst others are not as visible. Due to the fast pace at which businesses change in recent times, a business owner is kept on his/her toes to continually be abreast with what is happening in and around his/her business.
The fast pace of the changes in business cannot be discussed without skirting around technology. This is the major disrupter in recent times that has changed how things are done in every sector of any human endeavour/living. Information is power as they say and it is no wonder the computing field has gradually been swallowed up by Information Technology – IT. Data is what gives information its power because to be well informed means you have it backed with facts and figures that is another word for data.
Knowing the origin of your business is therefore not enough, you need to be familiar with all the other workings and machinery that makes the business function from the human resource to the inventory – products & services rendered to the inflow and outflow of money. This gives the stakeholder/business owner a reliable platform to make informed decision on how and in what direction to steer the business. This information is not always visible to the human eye and it requires experts to decipher and bring out the information the data is portraying.
It is very important as a business owner not only to know the genesis of the business but to also know where the business is at the present time and where it can and should be in the future. The information makes it easy and possible to have short, medium and long term plans for the business.