With the New Year now firmly under our belt, most businesses are turning towards the next coming months to determine what changes, if any, need to be made to their operations. Now is the time to lay out your plans for 2017 on the table. Large and small businesses alike made mistakes in 2016. Some of those can be fixed in-house, others aren’t so simple. In order to provide your restaurant or vendor with an actionable new year’s resolution, you should:
Reevaluate your Tech
You finished out the year with your current system, now it’s time to improve. The term “state of the art” often suffers a short lifespan, meaning it’s important to take a figurative walk around your business and make sure all of your tech solutions are up to speed. It is a very real possibility that an inexpensive solution to your biggest hurdle exists. As long as you do your homework, you’ll end up with an exemplary system that guarantees better numbers when it comes time to evaluate how you did in 2017.
For starters, try to line up your tech solutions with the following indicators of future business success:
Assess your market
Look over last year’s numbers on a granular level. Where did you succeed? More importantly, where did you fail? For all of these answers and more, look to your customers. Odds are your market has changed in one way or another over the last year. No market is immune to volatility, whether it be the hottest new trend (looking at you, kale) or a game-changing piece of technology entering the space. For all intents and purposes, the customer is indeed always right. Measure the following metrics to identify your role in the market and test for your business’ sustainability:
New year financials
End of year accounting is usually accompanied by muffled groans and pinching the bridge of your nose. The term “necessary evil” is a little strong, but you get the idea. It’s important to close out the year with all of the usual tasks:
Additionally, accounting firms such as the Mazars Group specialize in business accounting, and even have a dedicated food and beverage branch that’s specialized to work both buyers and vendors alike. Payroll pros, like Wagepoint, exist to automate every payroll problem that keeps you up at night. Implementing software to handle tasks that end up being frustrating time-sinks is a great way to reinvigorate your team and allot more energy to more pressing and less monotonous matters.
Ensuring that your budget is structured to hold up your operations for the coming year is understandably vital. Always stay ahead of your costs by keeping a clean inventory sheet and a clear spending record to reduce any unsavory surprises at the end of each month.