Peter Done, the Group CEO and founder of Peninsula Group, a global business services specialist, emphasizes the importance of reassessing business goals and strategies at the start of a new financial year. Business leaders need to ask important questions to define their goals and strategies for the year, considering what works and what doesn’t align with their objectives. It is crucial for leaders to avoid clinging to the mindset of “this is how it’s always been done” and be open to change.
One key piece of advice given by Done is to not be afraid to reinvent the wheel and embrace change, even if the business has been operating in a certain way for years. Experimenting with small changes can help leaders evaluate what works and what doesn’t, ensuring that the business stays fresh and efficient. Setting achievable goals that can be measured makes it easier to uphold the strategy for the year ahead and bridge the gap between strategy development and practical implementation.
Staying on top of legal changes is another important aspect highlighted by Done, particularly in light of recent significant legal changes in HR in the U.K. It is crucial for businesses to stay informed of new employment rights, statutory payments, and payment rates, and ensure that their policies and procedures are up to date to mitigate legal risks. Seeking advice if needed is recommended to ensure compliance with the latest laws and regulations.
Effective management of spending is also essential for businesses to maintain financial health. Regularly reviewing processes helps gain a better understanding of expenses and identifies areas where investments are needed, such as training and development, team gaps, and measures to enhance the working environment. By investing wisely and cutting costs where necessary, businesses can optimize their spending to achieve their desired outcomes.
Utilizing software to streamline processes and enhance efficiency can be a valuable tool for businesses. Implementing software solutions like BrightHR, an HR admin management tool, can help automate tasks, save time, cut costs, and improve efficiency. Adopting technology where applicable can simplify operations, reduce paperwork, and prevent the loss of important documents, ultimately driving productivity and effectiveness within the organization.
In conclusion, as businesses look ahead to the year, it is essential to consider all factors that support their goals and compile a comprehensive list of variables to review. The key is to have conviction in decision-making, be willing to try new things, learn from successes and failures, and continually adapt to change. By staying proactive, open-minded, and strategic, businesses can position themselves for success in the year ahead.
