The New Year is the perfect time for SMB owners to reevaluate as we enter 2023 with a new sense of optimism and motivation. It’s no secret that SMBs experienced a varied unwanted disruption in 2022, from staff shortages to interest rate rises and supply chain issues.
How can business leaders re-energise operations?
As we near the end of the year, now is the time for business owners to re-energise. Here are three tips to help businesses head into 2023 feeling refreshed and excited for the year ahead.
Protect your time
Time management is tough, especially when tackling historically high rates of burnout as businesses adjust back to normal life. Protecting time as a business owner has never been more important. Digitisation is one way for businesses to simplify processes and save time.
Adopting tools that streamline time-consuming tasks give business owners more time to focus on the things they love. Tools like QuickBooks offer a wide variety of features that are designed to mitigate time-consuming tasks like payroll, cashflow planning and invoicing.
Keeping finances in a central and easy-to-use platform is another way businesses can save time. QuickBooks allows business to track inventory, process payroll and send invoices to customers, with key business performance indicators available via an intuitive dashboard.
Investing in the right tools to save time will reap personal and financial benefit, thus businesses can focus on the core functions or tackle big-picture passion projects in 2023.
Prioritising good advice and support
Access to expert advice is critical for informed decision-making. Whether it’s legal advice to ensure compliance or financial experts that help manage tax affairs, consultation empowers business owners to make the best decisions and improve their chances of success.
Tapping into the expertise of someone like an accountant can be extremely beneficial for small businesses today. Utilising their knowledge and expertise will allow your business to have customised tips in areas of tax preparation, cash flow planning and updates on relevant laws and regulations to make sure your business stays ahead and organised for 2023.
Refine your onboarding strategy
With almost one fifth (18%) of small businesses (SMBs) experiencing staff shortages last year, keeping and retaining staff has been a challenge for businesses. SMBs should consider refining their onboarding strategy with a focus on keeping and retaining staff. Those that invest in their onboarding see a 70% rise in productivity and an 82% increase in retention.
SMBs should ensure new employees receive a comprehensive orientation to familiarise them with the company, its culture, and its expectations. This includes adequate training on the company’s products, services, policies and procedures. Providing new employees with a designated mentor or buddy can also help them feel supported and integrated into the team.
As the contactless life of COVID-19 dissipates, it’s also critical for managers to meet with new employees on a weekly basis to build positive relationships. Regular meetings with starters help businesses track employee progress while fostering a strong sense of community.
It’s this sense of engagement and dedication that will spark a sense of re-energisation throughout the entire workforce. With everyone working towards the same goals, businesses will enter 2023 with a powerful and exciting new outlook for the future.
Shaye Thyer is FCA and Head of Accounting at Intuit QuickBooks Australia.
