As the traditional New Year's melody, “Auld Lang Syne” plays at midnight, we can't help but think about the previous year—and the one ahead. It's a time of reminiscing, goal setting, and being honest with ourselves. This is true, both on a personal level and in business. As Q4 wraps up and a fresh Q1 dawns, you're probably already coming up with some new year's resolutions.
As you prepare for the new year, consider these five areas for commercial improvement.
Fine-Tune Risk Management
It's an age-old adage: Everything is going well… until suddenly it's not. Being an effective leader means preparing for the good and the disastrous. For example, all your hard work and revenue can be wiped out in a single event without certain types of business insurance. No risk management plan is complete without some combination of these policies:
- Professional Liability: Covers costs resulting from professional negligence or misrepresentation.
- General Liability: Protects against bodily, personal, and advertising liability stemming from your business operations.
- Property: Pays replacement value or actual cash value of damaged property following covered events, ranging from fires to theft.
- Business Interruption: Keeps companies afloat in downtime following covered events.
- Commercial Auto: Covers company-owned/used vehicles.
- Workers' Compensation: Pays medical bills, lost wages, rehabilitation, and more for employees injured at work.
- Cyber Policy Insurance: Pays first- and third-party liability costs following a cyberattack or data breach.
Get the Right People in Place
With the right people in the right roles, you can delegate while trusting your company will run smoothly without micro-managing. Now's the time to take a long-term look at your personnel. Who will you need to hire next year to ensure stability and growth? Who can you promote from within to strengthen your operations? What hiring practices will help you find new talent efficiently?
Remember, employee retention saves a ton of money. Conversely, employee turnover can cost your company literally tens of thousands of dollars in lost productivity, training, and errors. The right team isn't just tantamount to keeping up morale and company culture; it's integral to your bottom line.
Market Smarter, Not More
Is your marketing SMART—specific, measurable, achievable, realistic, and timed? How you attract new clients and drive traffic to your website depends on your industry. But in the new year, entrepreneurs should focus on marketing strategies with solid ROI and tangible results.
Expand Your Professional Network
It's easy to keep your head down and get into a groove running your own company. But doing so at the expense of growing your network means you'll miss out on opportunities to learn and participate. One way to stay in the loop is by joining a new business organization or networking group in your area.
Get Involved in Your Community
Without your community, you're just an island in an ocean. Getting involved in your community is beneficial for everyone involved. In addition to supporting causes near and dear to you, local residents will learn about your organization's services. There are a number of ways to tackle this, from volunteering as a company to sponsoring a local event.
Start by setting yourself up for a winning year with the right types of business insurance. Use our free comparison tool today!