The new year is fast approaching. For a lot of small businesses, it can be a time of review and planning. What went well this year? How do the financials look? What initiatives should be in place in Q1 2024? In the mix of it all, there are smaller things you can do now to get a leg up on 2024.
It might be time to review your company’s yearly goals, performance, and risk, including your insurance policy portfolio. Do the terms of your liability insurance for counselors or real estate agents—or your specific industry—still work for where your business is going into 2024? Here are a few other things you can focus on in the final weeks of 2023.
Review Yearly Goals and Start Setting 2024 Goals
This isn’t so much a review of the financials as it is the more general goals you may have set for 2023. You may have set performance goals for your team or the business as a whole. You may have had client or patient goals, as well. End-of-year can be the right time to review the yearly goals, including the monthly and quarterly goals.
It can be beneficial to examine where the business may have fallen short and where it may have exceeded expectations. What can you learn from the shortfalls and successes? In many cases, when you can identify where things fell short, you can navigate around those in the future—just as you can replicate where things went right.
Review Insurance Policies
Insurance policy terms can change from year to year. For professionals who are evolving, like nursing students becoming full-time registered nurses, it’s a good time to review their malpractice insurance for nurses—or to get their own policy if they don’t already have one. The same can be said for small businesses. What does your professional liability insurance policy look like? As small businesses grow, expand, or change, the coverage that made sense four years ago might not make sense going into 2024.
When you know the terms of your small business and professional insurance, it can be easier to identify areas that may need more or less coverage. Or you may find that you have gaps in coverage. If you’re a nurse working at a private practice, does your employer’s nursing insurance provide coverage for all of your needs? The point is that everyone should review their insurance!
Listen to and Address Employee Concerns
The end of the year can be a common time for employees to feel burned out. It’s not all that uncommon for business owners to feel burned out toward the end of the year, too. This can be brought on by busy schedules. Even changing weather and the shorter days of winter can be influences.
This can make end-of-year all the more important when it comes to listening to and addressing employee concerns. Depending on the size of your business, it might be in the form of an all-company meeting. Or it may be a simple Google Form sent out to the team. Ask them about their satisfaction and if they have what they need to excel at their roles. Use feedback to develop strategies to bridge any gaps going into 2024.
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