2024 New Year’s Resolutions for Business Owners

2024 is fast approaching and the beginning of January is the perfect time for business owners to re-evaluate their business visions and set powerful goals for the upcoming year. 

Whether it be focusing on employee wellbeing, sustainable business practices or something as simple as attending more networking events, there are countless New Year resolutions that can benefit your business in 2024.

So, if you’re looking for a little bit of inspiration, we got you.

Here are 5 of the best New Year’s resolutions for business owners:

1. Focus on well-being
2. Continuous improvement
3. Attend more networking events
4. Enhance business sustainability practices
5. Become a mentor in your field

1. Focus On Well-Being

The World Health Organisation considers wellbeing at work “a state of complete physical, mental, and social wellbeing”,  therefore it encompasses all areas of working life. 

Wellbeing, especially mental health, can sometimes be seen as a bit of a stigma in the workplace, and unfortunately, many employees don’t always feel comfortable enough to disclose their health and wellbeing issues in work, or don’t feel as if their wellbeing is looked after in work. 

However, business owners should be doing everything they can to promote wellbeing in the workplace and make their employees feel supported and looked after, whether it be physically or mentally. 

Why Is Well-Being in the Workplace Important?

Well­be­ing should be a pri­or­i­ty for your business as it impacts both your employees and yourself directly, contributing to a healthier and more productive work environment. Here are some of the direct benefits of promoting wellbeing in the workplace:

1. Reduced employee stress and burnout 

Implementing well-being initiatives, such as flexible working, can massively help to reduce stress and prevent burnout among employees, which can in turn contribute to better mental health and improved overall job satisfaction. Flexible working practices can also improve productivity as a result. 

Interestingly, 34 per cent of workers say the choice of flexible work arrangements would improve their mental health, while 41 per cent say it would allow for better work-life balance.

2. Improved productivity

Employees who are physically and mentally well are more likely to be productive and produce high quality work. Well-being initiatives can therefore lead to improved concentration, creativity, and efficiency, resulting in an improved overall workplace productivity.

Off the back of that, happier and healthier employees are much less likely to take sick leave due to stress and physical strain. In fact, a study con­duct­ed by Mind revealed one in three peo­ple con­sid­er their job to be the most stress­ful fac­tor in their lives, even more so than debt and finan­cial prob­lems. And stress does­n’t only affect mental health, it also impacts our physical health too.

3. Enhanced retention and easier recruitment 

A com­pa­ny cul­ture that prioritises wellbeing and embraces good men­tal health by putting employ­ee hap­pi­ness at the heart of every­thing it does, fosters loyalty among the workforce. When you feel looked after, why would you want to move elsewhere?

A workplace that clearly takes care of their staff also becomes an attractive environment for hiring new, quality employees. The more you can show that employee wellbeing is at the centre of your strategy, the more attractive your business will be as a place to work. 

Discover more ways to attract talent to your business here.  

How to Improve Well-Being in the Workplace

There are a number of ways in which you can improve well-being as you go into the new year:

• Implement a flexible working arrangement e.g. introduce remote working or hybrid working. Discover how to make hybrid working a success here. 
• Promote work-life balance e.g.paid time off
• Health & wellness programmes
• Mental health support
• Promote breaks & rest areas
• Create a positive workspace e.g. well-lit, comfortable chairs etc.

While there’s so much emphasis on employee wellbeing, it’s also important that, as a business owner or manager, you’re also spending time to focus on your own wellbeing in the new year. It works both ways. 

2. Continuous Improvement

Continuous improvement is a valuable New Year's resolution for any business owner as it fosters adaptability, innovation, and long-term success.

The most successful businesses are never satisfied with the status quo. They’re constantly looking for the next innovation, the next level of performance and doing everything they can to reach it, and this is the core of continuous improvement - always looking at what could be improved upon so that they can perform better.

The practice of continuous process improvement, also known as ‘Kaizen’, was developed to improve Japanese manufacturing processes through lowering costs and improving quality, but it can be applied across various business functions and industries. 

For example, you might decide to improve employee development by introducing a comprehensive training program to address identified skill gaps. You could also focus on improving efficiency by implementing lean methodologies to reduce waste and streamline workflows.

3. Attend More Networking Events

Lastly, if you’ve gone the past year without attending one single networking event, this new year's resolution is right up your street.

Regardless of the industry you’re in, there will always be networking opportunities and events available to you, whether it be locally in-person or online. Attending more networking events is a strategic investment for both the present and future success of your business, and there are numerous ways your business can benefit from them. 

Discover how to network for business development here.

The Benefits of Attending Networking Events

• Business opportunities - They provide a platform for meeting potential clients, customers, partners, and collaborators in your industry, which can lead to new exciting business opportunities in the next year.
  
  
• Boost confidence - Regular attendance at networking events provides an opportunity to practise and refine your elevator pitch and public speaking skills, as well as your general communication skills with potential stakeholders.
  
  
• Idea generation and innovation - Exposure to different perspectives and ideas at networking events can stimulate creativity and innovation, helping you stay competitive in a rapidly changing business environment. 

We’re all about bringing business owners together here and Tramshed Tech, which is why we regularly hold networking events.

Check out our current events here, or if you’re looking to host an event of your own, you can hire one of our fully equipped spaces! We have locations across Cardiff, Newport or Barry and our experienced team will be on hand to help you host an epic event.

4. Enhance Business Sustainability Practices

Business sustainability is when a company conducts its business operations without causing any harm to people or the planet, safeguarding its future business in the process.

If you’ve been thinking about bringing a new ethos of sustainability into your business, the beginning of a new year is the perfect time to get started.

Reducing greenhouse gas emissions, eco-friendly packaging and ensuring ethical labour practices are all ways that businesses, like yours, can make the shift towards sustainability. If you’re not doing so already, you could also offer employee sustainability training programmes to educate employees on sustainable practices.

Discover ways to make your business more green here. 

The Benefits of Being a Sustainable Business

• Meet consumer demand - Customers today expect responsibility and action from the brands they buy from. According to Kantar’s 2023 report, 22% of households are actively making more sustainable buying decisions.

• Reduced Ecological Footprint - Sustainability practices aim to minimise resource consumption, waste generation, and pollution, contributing to a healthier planet.

• Improved brand image - As many consumers prefer businesses that prioritise sustainability, operating sustainably will lead to increased sales, improved brand loyalty and an overall positive public image. 

• Driving innovation - Sustainability inspires creative solutions and drives innovation, fostering a culture of continuous improvement, like we mentioned above.

If you’ve been thinking about becoming more sustainably conscious, the beginning of a new year is the perfect time to get started.

5. Become a Mentor in your Field 

This one might not be something you’ve ever thought about, but think back to when you were first starting out in your career. While you were probably super excited, did you have the support you needed, or could you have used more?

One of the best and most rewarding new year’s resolutions for business owners is to pay it forward and contact someone in your industry just starting out who you think could use some guidance and mentoring.

Your kindness and generosity will not go unnoticed, and you will be seen as both an expert in your industry and as a person people (potential investors, prospect clients and future employees) will want to work with. Remember, raising your profile within your industry will do you wonders, especially when doing a good deed.

What’s more, mentoring is not a one-way street. Both parties can benefit as you’ll  have the chance to enhance your own leadership and coaching skills, contributing to your ongoing professional development. It’s a win-win!

-

And there we have it! We hope this article has inspired you to make some valuable New Year's resolutions for your business. For more help, check out our blog on How To Plan A Successful Year, or head over to our tech startup blog for additional entrepreneurial tips. 

We are Tramshed Tech: a startup ecosystem home to 50+ companies ranging from pre-revenue start-ups to scaling businesses with 600+ registered members from the digital, creative and tech communities. 

Written by Kate for Tramshed Tech.