End-of-financial year is nowhere near as fun as New Year’s Eve. No fireworks or Champagne. No singing or dancing. The only hangover is the one on your balance sheet, hopefully in the black but sometimes in the red.
But it’s not all doom and gloom. A new financial year is an excellent time to take stock of your business with some hard financial data and commit to making improvements.
Do you want to safeguard your business against the incoming waves of disruption?
Are you ready to learn to surf those big waves?
Here are seven resolutions that will turn you into the business world’s answer to Mick Fanning.
Consumers are very much in the driving seat today. They hold an enormous amount of power and have access to nearly endless opportunities. Relationships are key and, at a time when trust is at an all-time low, there is a serendipitous opportunity to restate your love for any existing or even potential customers.
Take time to consider how you can deepen that relationship, improve on your customer intimacy rating and – without getting too creepy – become slightly obsessed with their every move in order to better understand their behaviour and needs.
Most of us have something similar on our list of resolutions each year but in a business context, this is about taking the time to think about what areas of the business could benefit from shedding old habits and behaviours.
So many organisations are stuck in the past and holding on to archaic business strategies and mantras.
It may also be the case that there are ‘fat’ layers within the organisation that slow down decision-making processes and the ability to respond to market pressures. This sluggish behaviour will eventually lead to significant problems in the future.
Many people are experiencing a shift in mindset and becoming acutely aware of the big, connected world that we all share. Due to this feeling of ‘oneness’ people are starting to show that they care about more than just themselves.
The reality is that caring for the planet is now very much expected and demanded by consumers and accountability is becoming unavoidable.
Of more immediate interest is the care that employers show to employees – with the global talent shortage, it is imperative that organisations start to treat their staff as they would their consumers. Good employees have a considerable amount of influence in terms of how your business is perceived.
Along with many other iterations of a ‘health’ resolution, getting fit or improving fitness is typically featured in most people’s top 10 list.
There is no hiding from the fact that we have become incredibly reliant on our devices. Advanced technology is very much part of business strategy, alongside a highly dynamic competitor playing fields that continues to evolve.
It has been universally acknowledged that growth invariably comes from innovation. With so much pressure on business, there needs to be a different approach to all things IT-related so that it is possible to keep up with the flood of new developments whether IoT, automation, AR, VR, software platforms or the cloud.
Much like a spring-clean, this is the perfect time to reflect on what is and isn’t working. Similar to our personal lives, this is about addressing internal processes and procedures that impact all staff, from operating systems, paperwork, office protocols, meeting etiquette and leadership styles, right through to how staff communicate with one another and how progress is tracked and evaluated.
This is not just about efficiency (although that is supremely important). It requires starting from a blank page and re-writing the company handbook, bearing in mind current market dynamics, as well as customer behaviour.
There has been an explosion in the online learning sector and we continue to see notable shifts in market dynamics and consumer behaviour.
With the vast technological changes that are underway, coupled with the ongoing evolution of technology in our lives, it would seem we are moving towards an era where greater value is placed on learning (and the learned) and the future will ultimately belong to those who take it upon themselves (in and outside of work) to become a lifelong learner.
Easily one of the most popular resolutions. The travel bug has certainly spread far and wide with record figures revealing that Aussies are going places more often, and the type of travel is shifting at a global level.
Travel is about getting out into new and different places, broadening your horizons and soaking up different kinds of people, cuisine, cultures, music, landscapes, climates and so on.
In order to future-proof your business and stay relevant, you have to have an open mindset, look beyond the local community and, whenever/wherever possible, get out into the real world and experience brands just as consumers do.
Tammy Marshall is the founder of The B Hive – a business transformation consultancy that specialises in the Travel, Tourism, Hospitality, Leisure and Entertainment sectors. Throughout her more than 25 years’ experience in travel and tourism, she’s worked across leading brands such as TFE Hotels, Carnival Australia, P&O Cruises, AAT Kings/Inspiring Journeys, Contiki and more.