The holidays can be a taxing time for entrepreneurs. Aside from all of the family gatherings, travel, and shopping, business owners have to deal with absent employees, distracted clients, and year-end admin works. Here are a few things we recommend that could still make this holiday season a productive one.
Reflect on the past year
The holidays are a slow time of the year, from a business perspective except for those in retail. Customers' minds are somewhere else, and it is a little difficult to get much done. Instead of trying to contest against the tide, take some time to reflect on what you have done right and where you might have failed over the previous year.
A solid sense of self-awareness is probably the most valued trait that an entrepreneur can foster. Like any other skill, it takes time and will to develop. Revisit your plans from the beginning of the year and meditate on how well they held up. Better yet, tell your team members to do the same.
This exercise must not solely focus on your business performance rather the performance of your organization as a living entity. Taking time to discover and assess the complete health of your business pays dividends and can aid you to start the new year stronger. For the team, always schedule a year-in-review meeting where discussions about successes, failures, and everything in between takes place. This aid ensures that the team is on the same page and comprehends how everything they do works together.
Recognize and Reward your team
There are abundant ways to reward great performance and identify efforts of those who choose to work with you. If you can't meet the expense to lift compensation, title upgrades or even a thoughtful and simple recognition can go a long way. According to Enlightened Entrepreneurship, try to throw a party every year this will foster bonding among employees and owners as well. Even if you don't have a mainly close-knit team, spend some time into celebrating the year. An honest effort will pay dividends when it comes to setting the tone for the next business year.
Entrepreneurship is not an individual journey. It entails partners, support networks, and catalysts. This time of year, it is so significant to recognize the people that have made the year's journey possible. Say thank you to your customers and patrons. Try to find a unique way to show them you are grateful. In Addition, say thank you to your team. This could take the form of additional compensation, but it does not always have to be the case, says Forbes.