New Year, New Business Goals: Discover EFBC Members’ 2024 Resolutions
As we bid farewell to yet another year, it's quite natural to take a moment to reflect on the highs and lows, challenges and victories, milestones and learning curves that we navigated throughout the past 12 months. As individuals, many of us are familiar with the tradition of setting New Year’s resolutions and targets for personal growth, but in the world of business, this tradition offers more than a symbolic fresh start. The beginning of the year is an ideal time for businesses, especially smaller organizations, to revisit their game plan, examine the current scenario, and set ambitious goals for the future.
Inspired by our member's commitment to growth, we asked few of our valued members to share their business resolutions for 2024, that we’ll share with you today, to provide you with fresh ideas and perhaps motivation for some strategic improvements in your business. So, if you're a small business owner searching for inspiration to make your own resolutions, you have come to the right place.
Implement the Entrepreneurial Operating System (EOS) Meeting Pulse
Our valued member Dave Westerman, Owner of Carbit Paint, has put a particular emphasis on strengthen the internal communication framework of his business. His resolution is to implement the EOS Meeting Pulse - a strategic 2-day off-site meeting, designed to enhance the effectiveness of team collaboration. This off-site meeting serves as a valuable opportunity for his team to reflect on the past year and learn from their experiences. One of the activities that Dave incorporates during this meeting is team-building exercises, which not only strengthens team bonds, but also enhances the synergy vital to Carbit Paint’s long-term success. Lastly, Dave’s team participate collectively in forward planning, creating comprehensive blueprints with a particular focus on for the upcoming quarter, forthcoming year and the next three years. This is where the integration of new year business resolutions comes into place; setting achievable goals and establishing fresh strategies to accomplish the company’s objectives. “These 2 days are often my favorite 2-days of the year, as it allows us to come up for air, and work "on the business" VS "in the business"” – says Dave.
Use the EOS/Vision Traction Organizer
EFBC’s another dedicated member, Sean Hoffman, Owner of Nuance Solution, is also anchoring his New Year’s resolutions on the EOS, but his focus is the Vision Traction Organizer (VTO). The VTO is an integral part of the EOS that helps to simplify complex strategies and break them down into manageable segments, ensuring that all team members are on the same page with the business's vision, focus, goals, and strategies. Nuance Solution’s Senior Leadership team has worked over the last 90 days to craft their Vision Traction Organizer - a blueprint for Nuance’s long-term and short-term successes. This comprehensive blueprint includes both their Vision (Core Values, 10-year Target, Marketing Strategy, 3-years Snapshot) and Traction (Annual Plan & Quarterly Plan with Key Objectives and Goals). The intent is to facilitate gradual deployment of this new strategy, rolling out to their entire team over the following 6 months. “Nuance has already seen great benefits from making this commitment and we look forward to becoming a better organization!” – says Sean.
Develop New Key Roles Within the Organization
Ryan Seitz, another valued member and Operations Manager of Kolbi Pipe Marker Co., is taking a different approach to reinforce the efficiency and performance of his business. Ryan understands that as his company grows, so does the complexity of tasks and projects. And as a small business owner, you cannot oversee everything. To address this, one of his New Year's resolution involves developing new key roles within his organization that align with the company's growth and diversification strategies. This strategy involves identifying gaps in the current structure, then designating new roles to close these gaps and increase productivity and efficiency.
Strengthen Onboarding and Training
In tandem with creating new roles, Ryan is resolved to strengthen his company's onboarding and training processes. He recognizes that a comprehensive, well-structured onboarding and training program is crucial for equipping new hires with the tools and knowledge they need to succeed. Better training leads to improved performance and increases employee satisfaction, as employees feel more competent and confident in their roles. Continuous training sessions should also be a priority to keep employees updated with current industry trends and practices. Keep the methods diverse – workshops, e-learning modules, or even mentorship programs – to cater to different learning styles.
Boost Employee Satisfaction
Ryan isn't stopping there. One of his New Year's resolutions involves boosting employee satisfaction. He understands that the level of employee satisfaction and engagement directly impacts business success. Happy employees equate to a productive and innovative workforce. Boosting employee satisfaction doesn't only involve financial rewards but also includes recognizing their efforts, providing opportunities for growth, creating a pleasant workplace, and striking a work-life balance.
Tightening up Inventory
Rounding out Ryan's New Year's resolutions is his plan to tighten up the inventory. Staying in control of inventory is essential for small businesses to avoid losses and unnecessary expenses, manage cash flow, and ensure that customer demands are met without delays. To this end, Ryan aims to invest in an inventory management system to automate tracking and reduce human errors. This is a powerful strategy for reducing unnecessary costs and boosting the company's overall profitability in 2024.
In conclusion, resolutions allow small business owners to redefine their goals, refocus their energies and strive for continuous growth and development. Remember, the key to maintaining your New Year's resolutions lies in setting realistic, achievable goals, and maintaining a steadfast commitment to achieve them. Stay dedicated, and 2024 will likely be a promising and prosperous year for your small business.