Setting yourself up for East Coast business success

With 2021 in the rear-view mirror, it’s a good time to reflect on your business, its current state and what you can do now to make 2022 a success.

Here are three tips to get started:

1. Scan the work you have scheduled for the first three months of 2022

Make sure you have enough work scheduled and are ready to get off to a quick start. This will help you see the tactical challenges you’ll face and when. Do you have loads of work but need to focus on scheduling it well? Do you lack a few critical resources? Or are you short of the sales you need?

Every organization is balancing the SORE (Sales, Operations, and Resourcing) process to some degree. This analysis is the reality check that keeps the team aligned on the right challenges. Nobody plans to fail–but few commit the necessary time to planning. Remember, there is one constraint above all others that needs your attention–which one is it?

2. Check cash flow projections

Cash is to an organization like oxygen to your lungs. If you are not taking enough in, you’re done. Did you know that 87 per cent of businesses that go bankrupt are profitable? And yet, they often misjudge their cash position. The reality is that 84 per cent of business owners have very little understanding of their financials. Profit is not cash and cash is king in a volatile environment.

Look at your cash flow projections now so you can breathe easy.

3. Touch base with your team

Everyone is tired. The uncertainty around COVID-19 and the variants, combined with the many changes your business has made to survive the past 21 months, has taken a toll. Even the most experienced leaders are starting to show some cracks.

Your business has needed the best of you and your team during this time. Showing your gratitude for their dedication and work also goes a long way. As everyone reassesses what is important to them in this world, creating a compassionate and grateful environment is critical to making your workplace an energizing place to be.

Check in with your team. Ask how they are feeling. Did they get a good holiday break and are they prepared for a solid first few weeks back? They deserve it and so do you.