Alexander Abramson January 2019

Your Business Matters AlexanderAbramson.com • (407) 649-7777 January 2019

FROM THE DESK OF

Ed Alexander

Welcome to 2019! MMIXX! Ab urbe condita 2772! The Year of the Dog!

As a time for new beginnings, January is when businesses form and implement long-term proposals for business development and growth.

But, to paraphrase Robert Burns, the best laid plans of mice and men often go awry.

What start as exciting strategies for improvements in January quickly fall by the wayside and business owners lose sight of their larger visions. In effect, everyone goes back to“business as usual.” Here are some of the steps we’re taking at Alexander Abramson to avoid breaking our New Year’s business resolutions.

It’s the time of year when business owners and their leadership teams sit down to draft up their plans and goals for the coming year. Some businesses use this exercise as a chance to nail down their trajectory, while others engage in the process simply because they feel they have to. If you fall in the latter camp, you could stand to devote a little more time and energy to determine how the coming year will look. After all, it’s hard to guide your teams forward when you don’t have a destination in mind. As a business owner, it’s up to you to set the tone for how the next 12 months will look for your organization. While every company’s goals will be unique, there are a few universal aims that will affect nearly every business in 2019. With that in mind, let’s take a look at three New Year’s resolutions that you should consider adopting. 3BUSINESS INITIATIVES TO PROPEL YOUTOWARDYOUR BEST YEAR EVER According to benefits-consulting company Hodges-Mace, millennial employee turnover costs the American economy upward of $30 billion per year. The number is so big because recruiting, hiring, and training new team members is an expensive and time-intensive process. Holding onto your talent matters regardless of the economic climate, but it’s especially crucial when the job market is strong. When good people walk out your doors during a talent shortage, you’ll struggle to replace them with candidates of equal caliber. Don’t assume that your staff’s eyes will never wander. According to Fortune magazine, 86 percent of currently employed workers are actively looking for better opportunities. To help keep valued staff in place, you need to provide themwith competitive pay, appealing Continued on page 2 ... RESOLVE TO RETAIN EMPLOYEES

Condense Goals: Prioritize 1–2 goals at a time to keep the focus on achieving those goals.

• Measure Measurables: Identify and measure the controllable tasks (e.g., working out, sales calls) that are required to achieve the big goals (e.g., losing weight, more sales). Seeing constant improvement provides continued motivation. Foster Accountability: Short, weekly meetings ensure consistent commitment and follow through on measurable tasks. This is what we’re doing, but we want to hear from you. What plans is your business making in 2019? How are you and your team going to ensure that you stick to them? •

Let us know at bit.ly/2019bizplans.

–Ed Alexander

(407) 649-7777 • 1

www.orlandobusinesslawyer.com

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