Given the undulating nature of our regional, national, and global economy this past year it’s a safe bet that any actions we take in our businesses in 2020 will benefit from a good game plan. As you reflect on 2019 pay special attention to these five business fundamentals and seek out the information you need to make 2020 an extraordinarily successful and profitable year.
Will You Rebuild The Vision?
Every successful company vision I’ve worked with gets rebuilt annually. It is part of the planning process, yet deserves a separate tip because that vision galvanizes everyone in your company to your practical purpose. Will you identify if your customer segments have changed, if your target market needs modification, and if your revenue growth needs readjustment? Are your company’s MVP, its Mission, Vision, Values, and Purpose in alignment?
Do You Plan To Succeed?
Look over your 2019 strengths, opportunities, aspirations, and results with your staff and customers. Will your 2020 action-based business plan emphasize objectives and strategies that build upon your strengths and opportunities while further defining your aspirations and results? Can you establish measurable and achievable objectives that balance the four components to a balanced scorecard – finances, people, customers, and processes? Have you established action steps each quarter to ensure that you stay on target, and are you willing to measure the achievement of your objectives monthly?
Will You Talk To Your Customers?
How many businesses don’t have customers? Not many. Do you regularly talk with your customers to inquire about their product or service preferences, your company’s ability to meet their needs, the quality and performance of your products and services? Once you receive their input and feedback, how do you adjust your business strategy to address your different customer segments? Eliciting this information provides strong data to realign your product and service strategies.
Are You Motivating Smart?
When was the last time you worked with your employees to reestablish your MVP? Are you and your employees committed to jointly owned, shared goals, values, and beliefs? How often have you engaged your employees in setting objectives for the company? Do you understand and measure employee values, motivations, and talents? Do you know if your employees consider their jobs rewarding and interesting? Does your work environment enable employees to hold each other accountable against agreed upon plans and standards?
Are You Managing Smart?
In order to help you gauge your company’s management proficiency, here are a few pointers. Do you have a formal organization chart with job descriptions and responsibilities for each position? Have you developed a plan for evaluating your employees’ performance regularly? Have you developed a compensation plan that is equitable and motivating to employees? Do you have written policies, procedures, and employee handbooks? And, most importantly, do you trust your employees to do the right things right?
Here’s hoping that these 5 tips help you establish a great start to 2020, it’s not too late to start!