TROY — A new year brings new opportunities, and new challenges, for businesses, which is why it’s a perfect time to get your house in order, say experts from Walsh Institute, Walsh College’s professional development arm.
The institute has developed its Top 11 New Year’s Business Resolutions to start 2015 for assisting companies in becoming successful in the coming year.
1. As you get ready to issue 1099s this month to contract employees, it’s a good time to make sure part-time people are really part-time or contract. The IRS offers clear guidelines for what constitutes a payroll employee and what doesn’t — and this year, employment status impacts the Affordable Care Act requirements your company must follow.
2. Every company aims to grow sales and revenues. Now is a good time to set your goals for increasing year-over-year results, with steps to make it happen.
3. Just like you resolve to lose weight, and find that the best method to success is tracking your food and exercise, so, too, your sales goals need tracking. Do you have a “FitBit” for sales?
4. A new year is a good time to look at expenses and revenues and find areas where you can control expenses — or at least alter the timing so you free up cash flow.
5. Are you planning to hire more employees? Make sure you’ve articulated your company values, and hire for culture.
6. Now is a good time to review and evaluate, and make sure everyone on your team knows the non-negotiables in your method of doing business. Do your employees understand your business culture? Are they living it? Is your messaging clear?
7. If you plan to hire this year, consider how employee turnover impacts your budget. The costs of finding new talent, bringing them on board, and training them is a whole lot higher than retaining existing talent and making sure they’re happy at work. What can you do to reverse turnover trends in 2015?
8. Learn how to say “no.” Steve Jobs once said, “I’m actually as proud of the things we haven’t done as the things I have done. Innovation is saying no to 1,000 things.” Don’t be afraid to say no.
9. Check your messaging for consistency. Communication throughout the company is key if you want everyone on the same page.
10. In business, consistency is everything. Every entrepreneur who has been successful in a small business attests that consistency of hours, messaging, products, and service are key to achieving success.
11. Make sure your focus is keen in 2015. Eliminate distractions and work with your staff to keep all eyes on what matters. Get rid of what doesn’t.