The 5 Key Areas for a Successful Business in 2017

Written by KBA Director, Colin Wilson

I would like to personally wish all of our clients and followers a successful and prosperous year ahead – one that I hope offers you great profits and satisfaction!

Managing staff is one of the hardest tasks for business owners and managers. It can be challenging and rewarding in equal measure, depending on whether or not things go to plan. We encourage our clientele to be prepared for the year ahead and focus on the key points that bring strength to their business:

• Leadership – Having the right people in place sets a great example for your staff and helps motivate them.
• Customer-centric – Ensure all staff are 100% focused on your clients (both new and existing) creating a customer-centric focus and culture.
• Staff – Make sure all staff are on board with your company’s vision, values and purpose.
• Process – Streamline business processes to help your staff – and your business – perform at optimum level.
• Direction – Set out clear, ambitious, yet achievable goals for 2017. As the old saying goes, failing to plan is planning to fail!

Most businesses have a plan for just about everything except for their most important asset – their staff. Staff are the crucial common thread in the key points listed above, and if you don’t have a staff plan then maybe this needs to be your first priority in 2017. To withstand the competition and disruption of the marketplace, you need a solid plan that takes all possible contingencies into account.

Key Business Advisors is a network member of HR Coach Australasia and we tap into their invaluable tools and resources to assist our clients. We use the Human Resource Framework, a proven template for business success, to coach many of our clients:

The five key areas addressed in the Human Resource Framework are:

1. Organisational Measurement & Planning – Every business needs to ensure that their existing strategy is still relevant in 2017, and that their staff are 100% engaged and on board with this strategy. How do you want to develop and grow your staff over the next 12 months, so that they can in turn grow your clientele and bolster your brand?
2. HR Process & Systems – Today’s workforce operates in a digital world – a world that is constantly changing and bringing disruptions to the marketplace. As a consequence of the digital age, staff are looking for constant feedback and engagement. They want more recognition and praise. You need the systems and processes in place to connect with them and guide them, give them proper feedback and challenge them to become great at their job.
3. Governance and Compliance – The Fair Work Ombudsman forces compliance and is cracking down on businesses which don’t follow today’s regulations around employment conditions and standards. There are rules in place with today’s Modern Awards, National Employment Standards and the Fair Work Act such as rostering conditions and pay rates, performance management and redundancy processes, anti-bullying and discrimination laws, and termination obligations. These are complex areas that many businesses struggle with and need support and advice on. If the above obligations are not followed properly, businesses could be held liable by the Fair Work Commission.
4. Performance Management – In today’s world, regular performance conversations and discussions with employees need to be seen and used as a motivator, not a demotivator. You discipline staff for non-performance issues or misconduct when they happen, and if not done properly, the results can be very costly. Regular planned performance reviews create motivation, growth and development because you and your employees agree on areas for improvement and co-contribute to goals and outcomes, thus sharing ownership. This is a motivator for all staff and creates good conversations for future training, including cross training, skill and capability development for future leaders in your business.
5. Workplace Improvement – How does a company create a better workplace for their staff? Have you effectively engaged your staff in a dialogue to gauge their satisfaction? How do you identify future leaders to nurture? What improvements or ideas can your staff bring to your business? Do they need help with training and development? Are your staff customer focused and have you created a customer centric business? 90% of the time your staff have the ideas to improve, but do you reach out and plan to their needs?

To build a strong business in 2017, you need to have a committed and engaged team who come to work to collectively grow your business. It’s about achieving goals which are aligned with the company’s Vision, Values and Purpose.

If you identify that your business needs experienced help from the outside, the team at Key Business Advisors can help you and your team build your business with the right foundations in 2017, and take it from good to great.

For more information please contact Key Business Advisors on 1300 4 ADVICE. For additional information please visit our website at www.keyba.com.au to download our company brochure and view the range of services we provide.