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4 New Year's resolutions to boost your business

Colleagues smiling at a table

You can sometimes take personal New Year's resolutions with a pinch of salt, but when it comes to making the business equivalent, it pays to make achievable ones that will, come the end of 2015, see you in a better and stronger place. Here are four resolutions to get you on your way.

Take time to assess successes and failures

Analysing the highs and lows over a 12-month period is a good way of determining your company's performance – at an employee level as well as at a business level – compared to other operating years and also frames your numbers against your industry's overall performance.

This helps to identify patterns that in turn deliver insight. For example, why did engagement dip in March of 2013, but not March of 2014? Why, when the industry was performing extremely well was your business maintaining the status quo? A lot can be learnt from annual reviews.

Invest in new technology

Technology is a key asset these days, but its adoption has to be purposeful and relevant to what you do.

From investing in hardware like headsets to developing bespoke software applications unique to your organisation, there are plenty of tools at your disposal, all with the potential to help you innovate in so many radical ways. Remember, make each investment count.

Rethink employee engagement

To appropriately engage the 21st century workforce you have to think beyond outdated forms of employee engagement and invest in concepts that will transform your team into a more engaged and purposeful cohort of individuals.

In its paper Global Human Capital Trends, Deloitte found that key to this is "leadership, retention and engagement, the reskilling of HR, and talent acquisition and access". All of the above were cited by companies taking part in the survey as being "urgent" issues.

Be more efficient

Efficiency gains are always a pressing issue, irrespective of how successful your year has been. Technology certainly has an impact in boosting your economies of scale but consider also the culture of your company when it comes to being more resourceful.

As the foremost economy in Europe, it is worth taking inspiration from Germany. In short, work means work and they are certainly doing something right given the nation's successes. As one interesting article noted: "In German business culture, when an employee is at work, they should not be doing anything other than their work".

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