Love is in the air as Valentine's lingers around. Be sure to treat
another love of your life – your business – to keep the spark between you
alive and well!
In a lot of ways, running a business is like a marriage: you see each
other at your best and worst; your blood, sweat and tears get into keeping it
healthy; and together you develop a better future for your family. Here are some
ways to spoil your business this Valentine's Day with the attention it needs
Share the love
The spirit of Valentine's Day is showing love and appreciation to your nearest and dearest. So, why not do something special with your team!
It may be as simple as a free coffee or perhaps a thank you card. You could
give them reading materials on building better financial foundations (which
they are able to use both personally and professionally!) Or you might go all out with
gifts of wine or flowers, surprise bonus or team-building lunch.
Especially following the trying year that was 2021, marking the occasion is
an easy way to boost morale. And employees who feel appreciated generally work
harder and remain longer, meaning your business will reap the rewards within the
months and years ahead!
Wine and dine customers
When was the last time you checked along with your customers? Not just a quick “g'day” or a “can you please pay that outstanding invoice”. I am talking about a real check in to see the way they are, how their business is travelling, what their current pain points and latest ambitions are.
Too often, we obtain caught up in the busyness of our own day and forget to
connect with others on a meaningful level.
Customers who feel neglected or used like a cash cow may look to your
competitors for any more inviting alternative – even if your product or pricing
is great. Not only that, you could be overlooking ways to upsell to them.
Spending time with key customers and extremely listening to them is a
rewarding investment in driving repeat sales, customer loyalty and
A date with the books
The equivalent of a big romantic gesture for the business has to be
delivering it a big wad of cash.
While money doesn't grow on trees, there are ways to unlock extra funds.
Begin with a review of your:
- Marketing: One of the simplest ways to haemorrhage funds. Can your marketing deliver better returns or attain the same for less? Watch those random transactions too: a $5 boost to Facebook posts in some places quickly adds up.
- Working habits: COVID-19 changed the way in which many people work. Does your spending reflect current operational needs or old methods for working? Do you need that big office using the big rent now everyone works primarily at home? Would company cars be cheaper than paying for travel reimbursements?
- Taxes: Small businesses (and individuals) often pay a lot more than they need to. Double check that you're claiming every deduction and incentive your company is entitled to, including asset/equipment/fit-out depreciations, GST refunds, job creation rebates, COVID stimulus and R&D incentives.
Play it safe
Prevention is preferable to cure when it comes to things that make us
sick. It can be worth reviewing risks and what protections you have in place:
your business will thank you should it ever need to fall back on them!
- Insurances: Do you have the necessary coverage – including business interruption and professional indemnity? Are payments up to date? Should policies be modernised to reflect changed operations and assets? Are you able to get the same coverage cheaper?
- Backups: Software, data, IP, passwords, imagery, content, websites- it's worthless if it's lost.
- Contingency plans: What happens if key staff leave or are suddenly unavailable? Are you able to keep trading if COVID forces everyone into isolation again? What if power is cut for an extended period?
- Security protocols: both physical and cyber security are crucial to avoid fraud and theft.
Your clients are nothing without you. Hence, it's crucial to look after
your own health and wellbeing – both mental and physical.
That could involve spending time with family and friends, revelling in
your favourite hobby, a well-earned getaway or maybe even catching up on sleep!
And seek strategy to any niggling issues you've been putting off.
A Valentine's Day treat for yourself will keep you energetic and
clear-minded: a win for both yourself and your business.