With Ramadan just around the corner, we all know that business will soon be slowing a little. The shorter working hours, with a number of people taking annual leave, will mean that the pressure is off a little for most of us. Creating the perfect time to take stock, to reflect on your business and performance as we approach the midpoint of the year.
This is the ideal time to assess your strategy and realign the goals for your business in 2017. If there have been operational breakdowns, you’ll need to figure out what went wrong and how to avoid a recurrence in the future. If you acquired a key client, take the time to consider the additional attention needed to serve well. Think about employee turnover, business development, funding disruptions, your growth plan and other issues that you may not have had the time to focus on, with the demands of regular work hours.
So where do you start with this review?
1. Understand your finances
Reviewing your financial performance for the first 5 months of the year will help you reassess your goals and plan more effectively to improve business performance. Consider your cash flow – how much money is going in and out of your business? Review your costs, have your working capital requirements changed? If you’re planning to expand and need additional finance, where will these funds come from? Are you on track with budgets or do you need to revise? When it comes to business success, implementing sound financial and management systems are key. After your review, how can you rectify any inefficiency you may find?
2. Evaluate your growth plan.
Every business leader wants to grow their business, but is your plan realistic? Using SMART goals make sure you are setting objectives that you can actually achieve. Use the time in Ramadan to review your growth plan. Is it consistent with the current growth trajectory? If you find the gap between the two is too large, use your review to redefine your business goals and growth plan. Try to be realistic about the level of growth that your infrastructure can support. In today’s business environment, change is inevitable. A planning cycle with SMART goals will help you adapt your plans and anticipate changes ahead to minimise distraction and disruptions. Being ready to achieve growth while navigating changes requires engaged leaders and employees. How change ready are you?
3. Review employee performance
Non-performing employees can put a strain on your resources and business performance. Don’t let the sentiment of the Holy Month deter you from identifying those who are underperforming. Take the time to think of ways to provide them with the guidance and support to succeed. Similarly, look at your successes and those shining stars in your workplace. Are they engaged and happy in what they do? How could you help them develop further?
Better career development is consistently ranked as a top driver of engagement. Provide career management that empowers employees to develop their skills and take charge of their career paths. When you align career goals with the needs of your organization, you develop employees at all levels to help you retain and engage your biggest asset — your talent within your organization.
Appropriate assessment tools will help you understand and work with development plans to meet your strategic priorities and leadership requirements.
If you’re thinking about ways to improve your business performance and manage your talent effectively facing the changes ahead consider introducing assessment tools to help develop talent. Perhaps the Ramadan season is the time to have a chat with one of our team to see how we can help your organisation achieve its business goals – please do feel free to give us a call!