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Normally when you hear the term end of financial year you think numbers. Well, that’s after the groaning and stressing takes place. But it is actually so much more than that. It is a great opportunity to focus on the other areas of your business and set yourself up for a successful year ahead. Think goal setting, KPIs, having one on one sessions with key members of your team, and succession planning.

Let us help you paint a full picture for the end of financial year…

 

The Real End of Financial Year 

Goal Setting

The beginning of the year is always a time when people set goals. So why not do the same at the beginning of the financial year? You are through the awkward limbo of January when people are still in holiday mode and are well and truly into the swing of the work routine. You can be more realistic about what you might achieve this coming financial year.

You can of course set income goals for the business, but other kinds of goals too. Goals provide you with direction, motivation and a path to achieving what you want. So why not look at business growth, upskilling your team, developing a new product or service, or improving your internal systems.

 

Have One on Ones

When was the last time you sat down with each of your team members and had a one on one chat? We don’t necessarily mean a performance appraisal conversation, just a discussion about their role within the business, how they are feeling, what ideas they’ve got and where you are heading as a business. Having a one on one conversation with your staff makes them feel like an important part of the team and is great for you as a Manager as well.

You can discuss the expectations of the business and how they relate to the employee’s expectations. Find out their goals, if they are looking to progress and what opportunities your business can offer them. You can get them up to speed on your goals for the year – when everyone is working towards the same goals, you are far more likely to achieve them.

Most importantly, taking the time to meet with your team shows that you value them. Valued team members are more loyal, more productive and happier in their work.

 

Setting Key Performance Indicators (KPIs)

Before you start talking with your team members individually, it can be a great idea to set your business KPIs for the next financial year. Then, as part of the one on one discussions you have with your team members, you can set individual KPIs that fall in line with the overall plan for your business.

Put simply, KPIs help to determine the effectiveness of the functions and processes you are using to achieve your overall business goals. They can act as a compass that always points you in the direction of success. When setting team and company KPIs, it is important to choose indicators that are relevant to your team members, their role and focus and your overall business plan.

KPIs can be assigned on an individual basis depending on the responsibilities that each employee has. They can also be assigned on a team or department basis to ensure each team has the right thing to focus on. Then, you have company-wide KPIs that drive the whole business to achieve the goals you set out.

 

Skills Matrix

When considering your KPIs and One on One discussions, it is important to take note of the Skills Matrix within your business.

Not sure what your skills matrix is? Let us explain. It is a table that illustrates the individual skills that the members of your team possess. It helps you to understand the range of skills you have available in your team, the skills that each role requires and the areas in which you need to develop your team. Using your skills matrix, you can match up the skills required for each role with the skills of your employees and identify any gaps between the two.

The end of financial year is a great time to review your skills matrix as you can factor upskilling or training into your goals and KPIs for the year.

 

Succession Planning

Even if you or your staff have no plans of leaving, it is important to have a succession plan in place for your business. You never know what might come up – illness, an unexpected event, a family emergency, or a better opportunity. Having an exit plan in place will allow you or one of your team to smoothly transition out of the business.

Planning ahead ensures you will be prepared for any eventuality. Having a clear picture of what your business is worth allows you to maximise its value when it is time to exit. The end of financial year is a great time to review this as you can incorporate your growth from the year.

 

As you can see, the end of financial year is WAY more than just analysing your profits. You need to examine your business as a whole and really focus on all aspects. If you are stuck on any part of your planning for this coming year, then don’t hesitate to get in touch with us here at Spice HR and we can help you nail your skills matrix, implement your succession plan, or devise the best KPIs for your business.

 

What is the most important asset at your business? No, it isn’t your fleet of vehicles, oodles of high tech equipment, or even the accolades you have earnt. Your most important asset is your team.

So are you treating them as such? It is really important to make sure that you show your staff love. Staff Engagement can really make or break a business – you should definitely make it a priority. And you can’t love your staff unless you cover off the basics first.

Let’s look at the basics of staff engagement and what you need to have for a happy and productive team.

 

Why Staff Engagement? 

Staff Engagement should be a regular part of your business plan. It is more than just having happy workers (although that is one of the benefits – it also affects your business profitability and overall culture. Here is how…

Lower Employee Turnover 

Respect breeds more respect. If you show your staff that they are valued members of the team, they will want to remain a part of the team. Hence, lower staff turnover.

Improves Efficiency and Productivity

Staff that are engaged will be more invested in their work. If your whole team is involved in working towards a common goal, there will be a drive to succeed. Things will get done quicker and more efficiently.

Improved Customer Service

If your team are happy in their work then this will reflect in their attitude. Their overall morale will be higher, so they will deliver impeccable service to your customers. When your customers have a positive experience with your business then they are more likely to return and increase their overall spend with you.

Profits Increase

Engaged staff are more conscious of what they are doing. That means they are careful with their expenditure and look for ways to increase profits. They also don’t increase costs by stealing pens from the stationery cupboard to spite a nasty boss!

Happiness Rises 

Staff that are engaged are happier at work and in their life outside of work. Being engaged infuses everything they do with purpose, energy and enthusiasm.

 

The Basics for Staff Engagement

Happy and engaged staff do not happen by chance. You need to lay the foundations to ensure that you have a great team attitude. It starts even before your new person joins the team.  The first three foundation pieces are…

1: An Employment Contract 

Every team member should have an employment contract. That includes full time, part time, casual and even volunteer staff. An employment agreement is a legal requirement and signifies an understanding between employee and employer. It lays out the expectations on hours, remuneration, company standards, annual leave and a whole bunch of other things.

Both parties must agree to the contents and can seek legal advice should they choose to. Once signed, employee and employer know exactly where they stand with each other. It is a document that both parties can refer back to in case of a dispute.

But most importantly, it sets the scene for a good relationship between you and your staff member. It shows your professionalism, but also the fact that you value them as an important part of the team.

2: A Job Description

As part of the employment contract, an employee’s job description outlines the tasks and duties that make up their role. It should be written at an appropriate level for the role. At the very least it should include the job title, the employer’s name, the job’s purpose, tasks and responsibilities expected, reporting lines, minimum qualifications or licensing, the place of work and the performance measures.

Having a comprehensive job description again encourages a good start to the employee/employer relationship. The employee will know exactly what to expect from the role before they even begin working in it. That means no confusion and no nasty surprises. It also means the employee won’t have unexpected gaps in their knowledge or a lack of necessary skills.

3: An Induction

Once all the legal paperwork is out of the way it is important for your new hire to have a positive start with your business. That means being ready for them before their first day on the job. Have a functioning workspace ready to go when they walk in the door.

Meet them as they arrive, introduce them to the team and begin a pre-planned induction and training schedule. Get rid of some of the nitty gritty beforehand and send them any forms to complete before their first day of work. That way they can hit the ground running and immediately be part of the team.

Being prepared for their arrival will show your new hire that you are pleased they have joined their team. They won’t have to question their place with you and can just focus on learning the ropes. Not only do they get a positive experience, but there is no wasted time for you as an employer.

As you can see, staff engagement means more than just happy employees. The morale of the team can affect the overall performance of your business. Make sure you nail the basics in the beginning and you will set the relationship on the right path.

Taking on new team members, or lifting the morale of existing staff can be hard to navigate. If you are having trouble with this at your workplace, then you need the Spice Gals. Not only will we help you with dotting the legal i’s and crossing the t’s, but we will inject irresistible fun and flavour into your workplace so that your whole team will look forward to coming into work each day. Get in touch with us to see how we can help your team today.

Is your business full of optimism at the start of the new year? The exciting promise of what could happen in the year ahead. It is a perfect time to start planning. While setting business goals is a vital cornerstone of your plan for the year, you will need to consider your entire business strategy. Revenue targets and client acquisition should definitely be part of your business strategy, but so should your internal processes. Let’s look at what you should plan for…

Plan Your Kickass Business Strategy By… 

Being Clear on Your Vision

Knowing what you are focusing on and what you are going after will help you achieve success this year. Define a clear vision that aligns with your business purpose. Ensure that it services your ideal client, but also works for your team.

Once you are clear on your vision, you need to make sure your whole team understands it. If everyone is on the same page then you can work towards common goals. Doing this will influence the way your team approach their daily tasks, the decisions they make regarding costs and revenue, and how they interact with your clients.

Ensuring the information is distributed team wide will also help to promote a positive culture. Everyone will want to do their part to realise the vision. Working collectively as a team will increase productivity and motivation. There will be no need for office politics as everyone’s contribution is respected and needed.

Planning for Changes

Small business is an ever changing world. There is always something new to learn and changes to adapt for. This year there is a pretty major change coming up on 1st April 2018. Minimum wage is set to increase from $15.75 to $16.50 and then to $20 by 2020. This means that if you have any staff currently on the minimum wage, you will need to raise their hourly rate to meet the national standard from the 1st April.

While you need to factor this into your budget and cashflow, there are also some other things you will need to do. Legally, all persons earning minimum wage should have their rate increased by 1st April 2018. That means you need to have your payroll system amended so that the correct rate is paid. You will also need to make sure that all employee wage records in their personnel file are updated to reflect the increased wage rate.

Planning for Conversations

When we say the word ‘appraisal’ we often hear very loud groans from anyone that manages staff. But appraisals don’t need to be a horrible task. They shouldn’t have to take weeks to complete during which the whole workplace sits under a cloud of negativity.

In fact, why don’t you plan to have conversations this year? Instead of holding an annual appraisal, you could have a monthly conversation with each of your staff members to discuss how they are tracking. Make sure the conversation centres around forward thinking. Look to the future instead of dwelling on mistakes. If there have been mistakes made, look at what learnings you can take from the situation. Discuss how each team member is moving forward, development opportunities and how they are improving.

By involving your team members in a conversation, they will feel valued and heard. It will give them the opportunity to discuss their concerns, or voice their side of the story. It also encourages a great team atmosphere as you, as their manager, are in constant contact with them and supporting them in their work.

We guarantee that you will get much more buy in from your team if you approach your appraisal process in this way.

Time for Help?

We get it, HR can be a complicated part of running a small business. Especially when you have so many other things to do. So why not get some help so that you can focus on what you do best?

Find out how we can help you become clear on your business strategy for this year, handle those monthly employee conversations, or even to revamp your mission. Get in touch with us today for a free no obligation chat about maximising the value in your staff.