10 strategies to boost your business in 2024

With 2023 behind you, now is a good time to reflect on the past year. It is also a good time to set new goals for a successful and fulfilling new year. Here are 10 measures to ready your business for the forthcoming year.

4 mins read
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6 months ago

No matter if your business is new or established, it's important to assess how well it did in the previous year. Moreover, setting goals for the forthcoming year is equally significant.

A checklist can help guide you through the challenges and opportunities of starting fresh.

By crafting a yearly strategy, you can ensure that your business is ready for success and longevity. An effective plan aids your business in enhancing efficiency, adapting to market trends, tackling obstacles, and capitalizing on opportunities.

Getting ready for the forthcoming year instills a sense of commitment and devotion in your team. You achieve this by working together towards a shared objective and vision. It helps you track your plan, evaluate performance, make smart choices, and find ways to improve.

It also fosters enthusiasm within your team about the future and the project you're collectively working on.

Use the following checklist to evaluate your current status and ensure the upcoming year is a success:

Reflect on the past year

Before moving on to the next year, it's important to thoroughly assess how well you did in the past year.

This includes analyzing sales and revenue figures, scrutinizing customer feedback, and assessing any other important metrics.

Revisit your goals from the start of the year, and identify which strategies were successful and which ones were not. This review is crucial for learning and helps you create your goals for the next year.

Establish accurate goals

It's crucial to establish well-defined objectives for the upcoming year. You can utilize SMART objectives, an acronym for specific, measurable, achievable, relevant, and time-bound. For instance, rather than simply saying "enhance sales," you can set clear goals and aim to augment sales by 10% in the initial quarter. Implementing these goals will steer your company's actions and choices, leading to superior results.

Formulating well-defined objectives for the forthcoming year is vital. You can employ SMART goals, which represent specific, measurable, achievable, relevant, and time-bound.

For example, instead of expressing "enhance sales," you can aim to augment sales by 10% in the initial quarter. These goals will offer direction for your company's actions and choices, culminating in superior outcomes. Moreover, they will assist in managing resources and making decisions concerning time, finances, and resources for optimal outcomes.

Build a strategy

After you have clearly defined your goals, you can begin to outline the steps needed to achieve them. This could involve launching new products or services, breaking into new markets, or improving your customer service. Your strategy should act as a roadmap to achieving your goals.

Manage your finances

Financial management is crucial for businesses. Review your income and expenditure from the previous year, and create a budget for the upcoming year. This is a vital task for the new year.

It's essential to account for all potential costs, including salaries, marketing expenses, and operational costs.

Conduct market research

Gaining insight into your prospective customers and competitors is vital for shaping your business's marketing and sales approach.

Studying the market enables you to make informed decisions, positioning your business for future success.

Assessing hazards

Every business faces hazards, whether they're financial, operational, or related to the market. By identifying these, your company can formulate plans to mitigate their effects.

By adopting a forward-thinking approach, you can overcome challenges and sustain business activities.

Invest in team development

Allocating resources to your employees' training and development enhances their skills, boosts morale, and increases productivity.

This is vital in 2024 as numerous firms are struggling with a skills shortage. Enhance your team's abilities to bridge gaps and facilitate your employees in acquiring new skills for career progression.

Improving customer engagement

Moving forward, it's essential to adopt strategies that not only captivate your customers but also enrich their experience.

This might include improving your customer service, launching loyalty programs, or enhancing your online presence. Starting a conversation with customers and asking for their feedback on what they want is a good first step.

Review and update business processes

Efficient business processes can enhance productivity and reduce costs. The beginning of a new year is a perfect time to reevaluate existing processes and pinpoint possible improvements.

By adopting new technologies or streamlining procedures, you could transform the way your business operates. Visit the resources and tools section on our website for valuable tips, tools, and guidance that could help with this.

Prepare for unforeseen circumstances

Unanticipated events can interrupt your business. That's why it's crucial to have a contingency plan. This will aid you in managing these obstacles and maintaining seamless operations.

This could involve setting up an emergency fund or developing a crisis management plan.

Remember, an effective plan is flexible and adaptable. Regularly check and change your plan to make sure your business stays on track for success next year.

Need a skilled expert for your team or want a new job? Contact our experienced advisors right away.

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Tackling hiring fraud guidance – free download
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Tackling hiring fraud guidance – free download

Hiring fraud is an insidious practice that undermines trust and poses significant financial and reputational risks for businesses. As employers strive to find the right talent, they must remain vigilant against fraudulent activities that can tarnish their operations and brand integrity.

Hiring fraud manifests in various forms, from falsified credentials and fabricated work histories to identity theft and impersonation. These tactics often deceive even the most astute recruiters, leading to the unwitting employment of unqualified or dishonest individuals. The consequences can be dire, ranging from decreased productivity and morale to legal liabilities and damage to company reputation.

Detecting fraudulent applications has become increasingly challenging. However, employers can use several strategies to safeguard their recruitment processes.

Most recently, Reed has contributed to the first guidance of its kind to help organisations protect their recruitment practices. ‘Tackling hiring fraud: the response to a growing problem’ serves as a frontline tool in the battle against fraudulent hiring activity.

Steps to a secure hiring process

The guide, fronted by the Better Hiring Institute, identifies nine types of fraudulent activity: reference fraud, qualification fraud, fake application documents, CV-based fraud, employment scams, manipulation of artificial intelligence, dual employment, immigration fraud and fraud as a result of recruitment agency usage. Each is addressed in detail with case studies and expert guidance on prevention.

As a rule, thorough background checks are indispensable. Employers should verify the authenticity of educational qualifications, professional certifications, and employment histories provided by candidates. Utilising reputable background screening services, such as Reed Screening, can help uncover discrepancies and ensure that prospective hires possess the credentials they claim.

Identity verification measures are essential. Adopting biometric authentication or identity verification technologies will help, reducing the likelihood of impersonation and identity theft.

Stringent interview processes can also serve as a deterrent against fraudulent candidates. Conducting multiple rounds of interviews, including in-person assessments, and soliciting detailed responses can identify genuine candidates from impostors.

Technology can automate and streamline recruitment processes. Candidate tracking systems equipped with fraud detection algorithms can flag irregularities in applications, adding a further layer of protection.

It can also help to raise awareness of hiring fraud with your employees – encouraging them to report suspicious activities and provide avenues for whistleblowing. Providing guidance on how to spot red flags can have a ripple effect, protecting both the business and employees from falling victim to fraud in their career.

Protect your business with our hiring fraud guidance – free download

Technology has enabled criminals to take advantage of traditional recruitment processes, and organisations must adapt if they are to avoid CV fraud, employment scams, manipulation of AI tools and many more tactics.

Reed Screening, together with Better Hiring Institute and other partners, have defined hiring fraud as any fraud committed during the hiring process, which may be committed by an individual against an organisation, or by an entity against a jobseeker.

This comprehensive guide, ‘Tackling hiring fraud: the response to a growing problem’, identifies how employers can protect their organisations, using expert advice on how to prevent the most common criminal activity.

"Employers should be very worried about hiring fraud. At Reed Screening, we have made huge progress over the last few years in making hiring faster globally, including being referenced by UK government for our work on digital right to work. However, with the development of technology and improvements in the speed of hiring, we have seen an acceleration and amplification of fraud."

Keith Rosser
Director of Group Risk & Reed Screening – Reed

The new Better Hiring Institute free guide on tackling hiring fraud, co-written by Reed Screening and Cifas, contains a really useful checklist for HRDs (human resources directors) and CPOs (chief people officers) to use to ensure the company they represent has all the right defences in place.

Download our free hiring fraud guidance to help safeguard your organisation using the button at the top of this page.

Hiring fraud: how to safeguard your organisation
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Hiring fraud: how to safeguard your organisation

​To combat the rising tide of hiring fraud, Reed Screening recently joined forces with the Better Hiring Institute and fraud prevention experts Cifas and ST Smith, to launch guidance for employers. This free, comprehensive eBook is now available to download and provides the latest insight into the gravity and scale of threat facing organisations today.

Complete with case studies highlighting common criminal activity, such as resume fraud and employment scams, the guidance offers solutions to counter these tech-based crimes, helping to protect your recruitment teams from falling victim to imposters and impersonators.

We spoke to Keith Rosser, Director of Group Risk & Reed Screening – Reed, about the new guide, Tackling hiring fraud: the response to a growing problem.