Top 5 business resolutions for 2020

Resolutions for businesses

2020 brings more than a fresh year. It’s a new decade, and hopefully a repeat of the roaring ‘20s.

But once the New Year’s confetti settles, and the sparkles and lights fade back to reality, is your business going to function the same way for another year? Can you afford to repeat the past?

It’s time to let the pressure that’s built up from last year fall off your shoulders, and start making the changes you’ve been dreaming of.

Resolution means changing for the better. And with business, the time for resolution doesn’t only come once per year. Business owners and entrepreneurs need to roll with the punches, be malleable, and ready for constant change.

But as tradition goes, the new year is a great time to start implementing those changes that maybe got buried in the rubble of 2019.

1. Stop burning time

Time flies. Whether it’s spent procrastinating or redoing tasks, there’s likely a better way.

What’s the biggest time waster in your business?

  • Payments?
  • Supply chain delays?
  • Juggling tasks?

Cash flow

In terms of payments, time can greatly affect a business’ cash flow. Slow and late payments behave like dominoes, as businesses rely on settled invoices to pay invoices of their own. One snag can put operations on the verge of chaos. Similarly, supply chain delays can put businesses in the line of fire, and can affect all businesses in the chain.

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Communication & delegation

When you boil down each of these issues, you find poor communication at the center. Time is wasted where communication is lacking. Issues surrounding payments can be resolved by researching better platforms for sending and requesting money. Veem’s network helps by making business payments fast and user-friendly.

If you dedicate the energy and care into delegating and explaining tasks to team members, scheduling due dates, and reviewing your own asks, projects are less likely to run into conflicts. It has a lot to do with organizing and communicating your company goals and all of the smaller tasks in between. Better communication equals fewer redos. Teams can benefit from better collaborative relationships and technology like Slack and Google Apps.

Transparency

Invest in better communication methods for your supply chain. Get everyone on the same page and ensure transparency over orders with platforms like Provenance, which helps businesses open up their supply chains in order to track productivity and efficiency.

2. Be greener

Businesses have a huge responsibility to reduce their waste and minimize their carbon footprint. It’s important that maintaining eco-friendly practices is at the top of your priorities 2020 and onward. Do your research and make efforts to adapt to progressive methods and develop proactive solutions to climate-harming business operations. It may even save you some money in the long run.

While it might seem unrelated to success in the new year, clean operations is a pressing aspect of modern business. While sustainable practices used to be a luxurious and weighty investment, the new year brings promises of environmentally friendly legislation that could prove taxing for current operations. Get ahead by adjusting now.

The responsibility of being a green business owner branches off into many areas. Aside from operations, leading a team means ensuring a certain standard of care that goes beyond attire, attitude, and work output. Becoming a greener business means you could lead the way in sustainable business practices. Even something as small as using less paper by going digital or encouraging waste-free lunches can go a long way in getting you started.

Contact your municipality or local government for information about recycling, composting, and other clean ways of reducing waste. Ensure your business has the proper resources and that employees understand their own responsibilities regarding waste care. Assign ownership to promising employees that can keep a better eye on waste organization and can help keep others informed about the process. There are always new developments with waste collection and more efficient means of practice. If not yourself, be sure the team members you select for this task are engaged and eager to research and implement.

Being green doesn’t just mean recycling or cutting down on waste output. It means spreading consciousness and being proud of it. Your practices represent your business’ goals and customers and partners will respect you more for it. Get recognized for your business’ commitment to being green.

3. Turn team into community

Don’t let your company’s culture consume your team. Work environment and outside life get so divided. Now, that doesn’t mean make your team bring their work home. Instead, get your team involved with the local community by hosting and attending events, volunteering, exploring, and sharing information. This will not only help stimulate your team internally, adding further value to their everyday tasks, but will also benefit the community.

Long story short, extend beyond the walls of the office. Physically, and virtually.

Don’t ignore your online community. Social media provides an excellent platform for sharing information, polling, and marketing. Connections are ready to be made online and can provide you with knowledge and information, partners, and onboarding talent that you didn’t even know existed. LinkedIn, Twitter, and Facebook are obvious business aids for marketing and operations.

4. Celebrate success!

Not everyone can do what your business is doing. It takes a special team and unique investments of time, passion, and everything else you’ve got. Don’t take that for granted, in terms of your team or yourself.

Not all celebrations have to be as big and flashy as the New Year. Celebrate in little ways. A little acknowledgement goes a long way. Driving to a goal is one thing, but usually goes a lot smoother with occasional incentives. For your employees, that could mean a team outing or tangible reward. And maybe for you, it could mean a break.

But success has to be measured. You can’t expect tasks to be completed on time without a timeline and you can’t celebrate development without a checkpoint.

5. Get organized by setting goals

Surprises can be cool, but everyone loves a little foreshadowing. That said, in business you need a LOT of foresight.

Set goals. You can’t measure performance without a backdrop to measure it against. Key performance indicators (KPIs) are a great way to assess success. They allow you to visually display how an ongoing project is developing in order to adjust and plan accordingly. Now that the holidays are wrapping up, take a look at your performance and consider how to prepare for next year.

And while you need to watch out for what’s coming, in order to do so, you must look back. Stop ignoring past metrics. Consider any “rough patch” a learning experience. Use data from previous quarters in order to plan ahead.

A successful team requires lots of direction from its leader, but it also requires individual members to be accountable. Don’t be afraid, this isn’t as hard or ugly as it sounds. Take advantage of scheduling tools like Asana, Google Calendar, and CoSchedule that send reminders and keep your team on task and timely. These apps make accountability among your team easy.

6. Get your payments in order

Welcome to 2020. The new year, with all its priorities, is not business-as-usual. But that’s the beauty of it.

But, while things change, many more stay the same. Unfortunately, year after year, businesses do nothing to improve their payments processes. Year after year the fees pile up, the delays cost businesses time and money, and many are none the wiser. This year, make your payments better. Learn more about bank wires, about foreign exchange, and about new payments services that can make your business run better.

Businesses like Veem are disrupting their spaces by erasing the pain points for businesses around the globe. We’re breaking payment and communication barriers and bridging borders, connecting businesses for cleaner, more transparent payments. Our network is driving the future of payments.

Start the new decade off right. Check out Veem today.

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* This blog provides general information and discussion about global business payments and related subjects. The content provided in this blog ("Content”), should not be construed as and is not intended to constitute financial, legal or tax advice. You should seek the advice of professionals prior to acting upon any information contained in the Content. All Content is provided strictly “as is” and we make no warranty or representation of any kind regarding the Content.