Newsletter
November 2021 Newsletter
Small Business Wellbeing Checklist
In small business, it’s easy to get caught up in the daily running of the business and the needs of the customer. While this is important for the success of any small business, there are other core components within a business that must be kept in check for the business to achieve its goals. Let’s explore just some of the ways you can keep your small business in good health with some simple planning and strategy tips.
Vision
The vision of your business refers to what you intended to achieve when you set out, how has this changed over time, and what is the vision for the business now?
TIP: If you are yet to determine the business’ goals and objectives, now is the time to write them down and visualise how you will reach them. A team planning session is a great way to incorporate staff member’s opinions and points of view. These planning sessions can potentially boost staff morale, increase motivation, and clearly define common goals moving forward.
Value
This refers to the value you bring to your client’s lives through your products or services. It strongly correlates to your vision for the business and how you have continued to service your clients since the business’ commencement.
TIP: If you do not feel as confident in the value of your service of late, now is the perfect time to reassess the worth of your services and how you can enhance this. For example, are you giving your customers an offer that is too good to turn down?
Boost the value of your service by seeking feedback from existing clients and using that to propel you forward.
Resilience
In recent times, small businesses have taken many setbacks. The key component to rising above setbacks is to have contingency plans and strategies in place to ride out the highs and lows of small businesses in all its seasons.
TIP: A small business contingency plan may involve financial protection and security, a fall-back plan to manage seasonal trends, potential close periods and unforeseen circumstances that may affect staffing, operations, and logistics. If you feel unprepared, a comprehensive review of your current procedures with enhanced planning may be necessary as well as beneficial.
Structure & Support
We’ve discussed your vision, your customers, your fall-back plans, but what about your staff? Providing your staff with structure and support is essential for motivation, tracking employee success and maintaining staff.
TIP: Assess the structure and culture of your business by regularly checking in with employees. Their feedback and input into the business is critical for their wellbeing and satisfaction in their role. This can lead to increased staff retention as they feel heard and appreciated within the workplace – a win-win for all.
The key components that must be considered when you are evaluating your small business and its overall health are whether you are managing your employees, finances, client satisfaction and resources effectively – underpinned by clearly established drive for reach a common goal as agreed upon by all staff.
Is now the time to boost the wellbeing of your business? As we race towards the end of the year, there’s no better time to assess and evaluate the health of your processes to start the New Year off with a bang.