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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Five tips for working parents from a work-at-home mum
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Five tips for working parents from a work-at-home mum

Let’s face it, trying to fit work around your family isn’t easy…

If you’re a working parent, you’ll no doubt know the struggles that come with balancing a career and kids. To help you find the balance, our company sister Reed.co.uk teamed up with expert blogger and work-at-home mum of four, Leyla Preston, and asked her to share her top tips for working parents.

Embrace the dance between flexibility and routine

Finding harmony between flexibility and a well-structured day can feel challenging at the best of times. But over 14 years, I’ve learned to work with my children’s needs while keeping a steady beat with my work tasks – not the other way around. This means waking before the kids for an hour of focused work,as well as syncing my most demanding work tasks with my youngest’s nap times.

It’s not easy and you won’t be able to perform both to the best of your ability if you’re managing both work and childcare at the same time. But, if that’s your situation, you have to do the best you can with what you have to do. 

Carve out an office 

Find a place in the corner of your house that you can designate as your ‘office space’.

There’s a good chance you’ll often be on the move with your laptop (because of traveling with the kids). But it’s important your brain becomes accustomed to a place in the house that’s purely for switching gears into ‘work mode’. For me, it’s now at the end of the dining room, overlooking the lounge. That way I can keep an eye on the kids, and work at the same time. 

Master the art of prioritization so you can be productive

The Eisenhower Matrix isn’t just a tool – it transforms overwhelming to-do lists into actionable and consumable tasks. Work out which of your tasks are urgent and prioritize those. And the tasks that aren’t urgent or important? Delete. Try and stick to five tasks a day for work, prioritized in order of importance and urgency. Whatever can’t be done, gets rolled over to tomorrow.

You may think, ‘I can’t do that!’, but if you’re overwhelmed, overstimulated, and overworked, you won’t be completing any task, let alone the ones you tried to cram into an already sardined day.  

Self-care is vital 

Your mental health and physical health demand relaxation and rejuvenation, and when you’re stressed, you tend to overlook this very important part of your day. It could be five minutes of drinking tea in peace, going for a walk, or doing 30 minutes of exercise (my number one therapy). Whatever it is, build it into your routine, so you keep your sanity and manage the chaos around your work-from-home life.

Remember, you’re no good to anyone if your mental and physical health is compromised.

Find your tribe (and don’t be afraid to ask for – and provide – help)

They say it takes a village to raise a child, and I’ve found it also takes one to nurture a dream. Building a network of fellow warriors — parents who understand the juggle, professionals who share the hustle, and family and friends who know your soul — creates a tapestry of support that can catch us when we fall and propel us forward.

Don’t be afraid to ask for help if you’re struggling and pay it forward when others need help. You’ll never know when that one person you helped will return and pay it back in dividends.

Looking for a role you can fit around your family commitments? View all available jobs now.

Hiring fraud: how to safeguard your organisation
6 mins read

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.

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Q: How worried should employers be about hiring fraud – what are the worst-case scenarios?

A: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.

The worst-case scenario could be hiring a bad actor who defrauds the company for significant amounts of money leading to job layoffs and even worse. It could be organised criminal groups putting someone inside an organisation from where they can do significant harm through data theft or financial fraud.

Q: Are some organisations more at risk than others?

A:The risks are different. Financial institutions are clearly big targets for organised crime or even individual bad actors. But hiring fraud includes sex offenders getting work with the vulnerable through new ways of changing identity. Hiring fraud also includes unqualified people getting into roles by falsifying their claims on CVs, such as unqualified nurses let loose on wards.

Digital right to work has changed the way illegal working presents itself, meaning all companies are exposed to hiring fraud that involves illegal working.

Q: Are there statistics that illustrate the impact of hiring fraud, compared with pre-AI times?

A:Stats from Cifas’ Fraudscape 23 report include:

  • An 84% rise in false identities

  • Deepfake videos increasing at an annual rate of 900%

  • 10% of UK adults have lied about their degree qualification within a 12-month period, compared with 8% in 2021

A study by Forbes in 2023 also found that 70% of workers lie on their CV.

Q: The new guidance lists fraud across many areas. Can you highlight a few of the most effective tools and practices to detect/prevent them?

A:The two current greatest threats to employers are arguably ‘reference houses’ and artificial intelligence (AI). Reference houses are sophisticated, organised attempts at helping people deceive the hiring process. Over 100 reference houses were identified in 2023 alone. AI is already being abused by some jobseekers to fool interview processes or identity systems through deep fakes. For both it is essential employers have access to known databases of reference houses, use referencing providers with built-in technology to identify reference houses.

At Reed Screening, we typically flag a few reference houses a month using technology. With regards to AI, employers need to decide what their position is on its use by applicants. The most sensible approach is to allow it, as studies have shown its value in attracting Gen Z workers – but be sure to provide information and rules on how to use it correctly when hiring.

Reed Screening spoke alongside Lord Holmes, academics, legal professionals, and industry at a recent parliamentary briefing on AI in hiring, and we are soon to co-launch the first set of industry best practice on the subject.

Q: Of the different types of hiring fraud, which do you feel presents the biggest challenge for organisations?

A:While a number of areas such as the changing nature of immigration fraud, reference houses, and employment scams are rapidly on the rise and posing important questions to business, the single biggest issue is going to be the misuse of AI in hiring. It is already here with industry studies suggested seven-in-10 job applicants have already used AI in some way during their job search.

AI has a lot of exciting benefits and will create a lot of positive opportunities, but it can be misused too. How will companies in future ensure they are hiring the right people when ChatGPT can be employed with competency-based applications and interviews? AI-powered services are already in place tailoring en masse whatever jobseekers put on their CV to meet the requirements of multiple jobs, and deepfakes and associated technology are developing at a fast rate to impersonate people, driving identity fraud and fooling employers.

We are in the foothills about to start the climb, but the pace of change will be like nothing we have seen before. The only comparison I can draw would be the dawn of the internet. AI will be that impactful on hiring.

Q: How might overstretched businesses cope with the costs of implementing/updating safeguarding measures?

A:The challenge for employers is that hiring fraud and available technology to combat it are continuously evolving. Outsourcing is not only the easiest way to remedy this, it is usually the most cost-effective solution too. With many screening companies operating now owned by global firms, never has it been more important to choose the right specialist developing the future policy, legislation, and systems needed to respond.

Q: What action should organisations take if they suspect fraudulent hiring activity?

A:The free guide, spearheaded by the Better Hiring Institute, ‘Tackling hiring fraud: the response to a growing problem’, and co-written by Reed Screening and Cifas, contains a useful checklist for human resources directors and chief people officers to ensure their organisation has all the right defences in place. In terms of reporting issues, it depends on the type and nature of the fraud. If the fraud has been perpetrated by a recruitment agency or job board, this can be reported to the Employment Agency Standards Inspectorate to deal with non-compliant recruitment agencies.

Depending on the severity of the fraud, organisations may well also need to inform insurers, external auditors, and the police. Where an organisation identifies an individual applicant who has committed hiring fraud, in most cases this person will be rejected from the role on the grounds of dishonesty.

Q: How else can Reed Screening help employers?

A:Reed Screening is redefining employment screening. Having worked with the UK Home Office to develop digital right to work, we have since worked with various UK government departments to develop ways of making hiring the faster. Our work in parliament has led to a range of changes and will continue to do so. All of that means Reed Screening can advise hirers on what the future holds, not just on what current legislation says.

As a UK-based, 24-7, family-owned business, we lead on UK employment screening while also having the capability to conduct screening globally. We have recently built brand-new technology platforms with a real focus on speed and candidate journey. As one of the biggest hiring organisations in the UK, we understand the importance of hiring quickly and efficiently with a strong candidate focus.

Our various roles across industry and UK government mean we are setting the new standards for hiring including national hiring frameworks, setting the standard on hiring fraud, and setting the direction on AI in hiring. Reed Screening also chairs the Criminal Records Trade Body as well as running the largest series of free webinars for employers on all aspects of screening and onboarding.

Download the free guide now: Tackling hiring fraud: the response to a growing problem.

Tackling hiring fraud guidance – free download
3 mins read

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.