5 resolutions to improve business in 2016

Every new year, you make a list and resolve to do better with your personal life. Doing the same for your business can help pave the right track for the next 365 days, too.

The year 2015 had been a good year. We’ve seen growth in various sectors and our businesses benefited from this, one way or the other. As we usher in the new year, we face new challenges that will require us to be more focused and determined to adapt and achieve more.

Some of these challenges come in the form of positive developments such as the full implementation of the Asean Economic Community where higher levels of competitiveness will be demanded. As in the past several years, innovation will be incessant, leaving those who delay change in danger. This year, we will also see faster shifts in the market as more people become affluent and discriminating.

We have listed down five resolutions for you to consider to be able to grow your business given the fast shifting landscape in 2016.

1. Resolve to put people first

Remember to value people as the main reason for your business, whether they are your customers or employees. Our growth and profits rely highly on them.

People are the moving, producing, breathing, feeling, living and innovating assets of your business. No machine will ever replace the value of people. Take care of your employees so they will take care of your businesses.

Bring out the best in them by developing a culture of learning. Invest in their growth by providing continuous training, coaching and mentoring. Keep challenges coming to stretch them and bring out the best in them.

Share your vision with your employees, roll up your sleeves and work with them to achieve your mission. Never fail to communicate with them, never fail to listen to them.

2. Resolve to be a responsible corporate citizen

Bring higher value by being socially relevant. Make sure to give back to the communities you do business with.

Be ethical. Respect the people in the communities where your business is planted. Pay fairly. By all means, do not employ minors. Never discriminate. Ensure humane working environment to anyone involved in your business.

Be honest. Respect the government and reject any form of bribery or corruption. Follow the rules and avoid sneaky ways to circumvent them.

Develop corporate social responsibility programs that are inclusive and sustainable by enabling communities to be more independent and productive.

Remember that the market prefers to deal with businesses that are responsible and ethical.  Bad corporate behavior is bad for business.

3. Resolve to build fair relationship with stakeholders

Businesses don’t run in a vacuum. Even industry leaders rely on a network of suppliers, service providers, consultants and expert professionals to thrive. Think of the common good by building fair and just relationships with stakeholders.

Talk to suppliers and vendors, find ways to do more efficient and fair business with them and treat them like important internal business units. Pay them on time. Pay them for what their goods and services are worth.

Balance the interest of your company’s shareholders with the rest of your stakeholders. Remember their welfare while you earn profits. Think long term rather than just quick fixes.

4. Resolve to be environmentally sustainable

It is to your best interest to protect our natural resources. This is where your raw materials may come from.

We have been through so many calamities brought about by climate change and we fully know how bad natural disasters can wreak havoc to businesses.

Begin by streamlining your system. Reduce wastage by fine tuning your operations. It can be as basic as turning off your office air-conditioning or computers when not in use. You may try to adopt once-a-week work from home schemes for your employees to keep them from carbon-inducing commuting or driving.

You don’t have to spend big in order to be an ecologically responsible business.

5. Resolve to grow further

Now is the best time to grow your business—capture high potential markets, create new markets, reinvigorate sluggish markets. Pour all your efforts in growing your business.

Do not let fear interfere with your growth prospects. Gather all arms and equip yourself and your team to fight a new battle in order to win big in the new year. If it means investing in marketing or in a new technology, go for it. If it means overhauling your system to let you focus on what is essential, do it now.

The year 2016 is not the year to be lax, lazy or fearful. It is the year for growth so resolve strongly that your business will take part in it.

(The author is marketing communications manager of Arthaland, a property development company.)