Wondering how to make the most of the holiday season for your small business? These small business tips for the holiday season cover what you need to know. From optimizing inventory to boosting customer engagement, we provide actionable advice to help your business thrive during the busiest time of the year.

Having employees that work together efficiently as a team helps your business run smoothly. But teamwork doesn’t always happen as it should. Here are eight of the biggest teamwork problems and what you can do to fix them to overcome teamwork challenges.

Twisting your features into a mask of pain, you dig your heels into the soft grass. A rope tears into your palms. A clear, tiny voice speaks to you amid the many confused thoughts swirling in your head: “So … what am I learning from this experience?”

Well, if you’re like many who have done this exercise at a corporate retreat, you should be learning about teamwork. As others join you, the collective rope-pulling effort seems to demonstrate the point. Little by little, the boulder starts moving until it nudges over the 30-foot mark. Cheers erupt.

But you notice something: With each additional person who contributes to the effort, the boulder moves faster, but not as fast as you would have imagined. By the time the 10th person steps up, you feel the group is barely pulling harder than when it was only six, even though everyone seems to be working hard.

This well-documented phenomenon, social loafing, is an issue that plagues most groups of individuals working together, but it isn’t the only one. Knowing what to look out for can be half the battle. Below are the top eight biggest teamwork ills and some prescriptions to help you avoid them.

Overemphasizing Abstract Goals

People like to talk about transcendent goals for a reason. Steve Jobs was known for his inspiring keynote talks that emphasized changing the world. Such goals are uplifting and can make work feel more meaningful.

But when teams overestimate the importance of inspiring vision when setting team goals, they risk not paying enough attention to aligning personal priorities with those bigger goals. If team members don’t understand “What’s in it for me?,” it can be hard for them to commit to working toward team goals. Ensuring everyone is on the same page about objectives can prevent conflicts and enhance team productivity.

Teamwork Rx: Make sure that big, collective goals align with small, personal commitments that drive performance.

RELATED: 5 Simple Things That Will Make Your Employees Happier

Underemphasizing Team Dynamics

Many teams think that merely getting the right talent in play is all that it takes for a team to be successful. But you need clear structure and well-defined interdependent roles, including each team member’s responsibilities, in order to best use the strengths of those on your team. Contrast the 2004 U.S. Men’s Olympic Basketball Dream Team’s disappointing performance to the 2015 NBA Champion Golden State Warriors’ expert management of team roles.

Teamwork Rx: Well-structured teams generally outperform those with more raw talent, whether it’s strength, skill, or I.Q. Take time to find the roles and structure that make sense for your team.

Making Too Many Rules for Team Member’s Responsibilities

Human beings are rule-making machines — it’s what defines us as a species and allows us to interact as social beings. Often, the tendency in teams is to try to plan for every possible situation and create rules for all potential contingencies. This is both time-consuming and ineffective. Starbucks CEO and founder Howard Schultz understood the importance of focusing on the right rules when he decided to bring back in-store bean grinding to help restore the brand’s reputation and performance.

Teamwork Rx: Focus on the few rules that are likely to have the biggest impact on your team’s culture and performance: information sharing, decision making, and conflict resolution. These rules are essential for fostering a positive company culture.

RELATED: 4 Steps to Getting Superstar Performance From Your Players

Ignoring Team Reflection

One of the major cognitive biases recognized by research is outcome bias: if you’re successful, you don’t really reflect on what went well or could have gone better. However, in a world characterized by volatility, uncertainty, complexity, and ambiguity, successes are fleeting, and reflection is as imperative when things are going well as they are when they’re not.

Too often, companies and teams reserve formal reflection for annual retreats or quarterly reviews when, in reality, it needs to occur much more frequently to support continuous team development.

Teamwork Rx: Remember that check-ins need not always be huge affairs reserved for day-long retreats — they can be as simple as a weekly stand-up meeting.

Failing to Sell the Change in Company Culture

You can be right but ultimately still be unsuccessful. Such was the case for Lloyd Braun, the ABC executive who was the champion and driving force behind the smash hit “Lost.” Braun was so convinced that his idea would be a hit that he barreled through green lighting the most expensive television pilot budget to date, $12 million. He did not take the time to get others on board with his vision, and even though his intuition was correct, he was fired before the show even premiered.

Teamwork Rx: Strength of will and charisma are not enough to push through change — work hard to get buy-in so that people want to come along with you. Poor leadership can result in confusion and a lack of direction within teams, ultimately leading to demotivation among team members.

Lack of Trust and Communication

Trust and communication are the bedrock of any effective team. Imagine a scenario where team members are hesitant to share their ideas or concerns because they fear judgment or backlash. This lack of trust can create a communication vacuum where misunderstandings and assumptions thrive. The result? A team that’s out of sync and unable to function cohesively.

Consider the case of a remote team working on a critical project. Without clear communication channels and a foundation of trust, team members might duplicate efforts or miss important deadlines. This not only hampers productivity but also breeds frustration and resentment.

Teamwork Rx: Establish clear and open communication channels from the get-go. Regular check-ins, transparent sharing of information, and setting clear expectations can go a long way. Foster a culture of transparency and accountability where team members feel safe to voice their thoughts and concerns. Trust-building exercises and team building activities can also help strengthen the bonds between team members.

Disengagement and Talent Differences

Disengagement and talent differences can be silent killers of team dynamics. Picture a team where some members are highly motivated and others are just going through the motions. This disparity can lead to friction and a sense of unfairness, impacting the entire team’s morale and performance.

Take, for example, a team working on a product launch. If some team members are disengaged, they might not contribute their best ideas or effort, leaving the burden on their more engaged colleagues. This not only slows down progress but can also lead to conflicts and misunderstandings.

Teamwork Rx: To tackle disengagement, ensure that every team member feels valued and understands how their contributions impact the team’s goals. Regularly recognize and celebrate achievements, no matter how small. Address talent differences by utilizing each team member’s unique strengths and providing opportunities for growth and development. Team building exercises can help bridge gaps and create a more cohesive unit.

Managing Conflict and Feedback

Conflict and feedback are inevitable in any team setting, but how they are managed can make or break team dynamics. Imagine a scenario where conflicts are swept under the rug, and feedback is either non-existent or delivered harshly. This can lead to a toxic environment where team members are afraid to speak up or share their ideas.

Consider a team working on a tight deadline. If conflicts arise and are not addressed, they can fester and escalate, disrupting the workflow. Similarly, if feedback is not given constructively, it can demoralize team members and stifle their growth.

Teamwork Rx: Embrace conflict as an opportunity for growth. Encourage open and respectful discussions where team members can air their grievances and work toward solutions. Provide training on conflict resolution and effective communication. When it comes to feedback, ensure it is specific, constructive, and delivered in a way that encourages improvement. Regular feedback sessions can help team members learn and develop, ultimately strengthening the entire team.

---

In the end, good teaming is about being mindful of how you work together and making sure to check in frequently to close the gaps between what you say you want to do and what you actually do.

By addressing these common teamwork problems, you can create a more cohesive, productive, and harmonious team environment. Remember, effective teams are built on trust, communication, and a shared commitment to growth and development.

Dr. Mario Moussa, Dr. Derek Newberry, and Madeline Boyer are the authors of Committed Teams: Three Steps to Inspiring Passion and Performance. Dr. Moussa teaches in the Executive Programs at Wharton School of Executive Education. Dr. Newberry and Boyer are lecturers at the Wharton School of Business and Senior Consultants at Percipient Partners.

Holiday tipping is a thoughtful tradition that helps show appreciation for service providers who make your business life easier throughout the year. While it’s not mandatory, giving a holiday tip as a small business owner can be a wonderful way to express gratitude for the people who assist you regularly. 

Our holiday tipping guide for business owners will help you understand how much to tip, who to prioritize, and when a small gift might be more appropriate than cash. Whether it’s your cleaner, full-time nanny, electrician, or even your personal assistant, taking time to acknowledge a professional’s work can make the season even more special.

Determining How Much to Tip for the Holidays

The most basic — and arguably most important — decision you need to make for holiday tipping is how much tip to give. The right amount often depends on factors such as the type of service, your relationship with the person, and local customs. 

For people who regularly serve you, like your house cleaner or a babysitter, it’s customary to tip roughly one week’s pay. This practice recognizes the consistent effort and time they invest throughout the year. If your budget is tight, you can always adjust the amount to what feels comfortable. Even a smaller amount, such as $20-$50, or a thoughtful gift can make a big impact.

For less frequent service workers, consider tipping an amount that reflects the cost of one service. For instance, if a service typically costs $30, tipping that amount is a nice way to show appreciation. 

Ultimately, holiday tipping is a very personal decision, and it should be guided by your budget and the nature of the service provided. There aren’t any hard and fast rules, so use your judgment based on the service’s frequency, quality, and your relationship with the private service provider.

General Guidelines for Tipping

As a small business owner, determining how much to tip can feel overwhelming. But usually, it’s a good idea to just follow the same guidelines you’d use for personal tipping. 

Generally, how much you tip should be dictated by: 

• the quality and frequency of the service
• your relationship with the service provider
• where you live (amounts are usually higher in large cities)
• the frequency of the service or how long you have worked together
• your budget
• regional customs
• the type of establishment: deluxe vs. moderate

There’s also the question of whether to give cash, a gift, or both. Understandably, cash gifts are the most popular choice. But there are some professionals who shouldn’t accept cash, or you might feel obligated to give something a little less impersonal. For example, for your child’s nanny, you might want to give a gift from your child and some cash.

A heartfelt gift can be a nice touch, such as chocolate or an item you know the provider would like. Alternatively, you might opt for a gift and a small cash tip. 

There’s no “wrong answer,” really. Tipping is, at the end of the day, a personal gesture, so you’ll want to trust your personal judgment.

Prioritizing Your Holiday Tipping List

The holiday season can be expensive, so it’s wise to prioritize who gets a tip based on the impact they have on your daily life. Start by making a list of all the service providers you interact with regularly, like your cleaners, your delivery drivers, and other providers you rely on. From there, rank them according to how often you rely on their services and how essential their role is in your life. For example, your kids’ nanny or caregiver may be at the top of your list due to the significant impact they have on your family’s daily routine (and, ultimately, your business’s ability to operate smoothly).

Once you’ve identified who will receive a holiday tip, set a budget for how much you can afford. Don’t feel pressured to tip everyone the same amount; it’s okay to vary your holiday tips based on the frequency and importance of the service provided. The last thing you want is to go into debt to tip.

If your budget is limited, consider giving small gifts or heartfelt notes to those lower on your list. Even a little recognition can go a long way.

Tipping for Specific Services

Service Provider	Recommended Tip
Office Cleaning Staff	$20-$50 per staff member or equivalent of one cleaning session
Delivery Drivers	$5-$10 per delivery or a small gift; 10-15% of the total bill for food delivery
Freelancers (Graphic Designers, Copywriters)	Optional; a 5-10% holiday bonus on a recent project or a small gift
Regularly Contracted Vendors (e.g., IT Support)	$25-$100, depending on the frequency and length of service
Building Maintenance (Janitors, Handymen)	$20-$50 per person or a small gift for appreciation
Receptionists	A small gift or $20-$50 cash if allowed by company policy
Client or Customer Service Representatives	$20-$50 or a small gift for their regular assistance
Security Guards	$20-$50 or a small gift as a thank you for ongoing safety efforts
Landscaping or Groundskeeping Staff	$20-$50 per worker or one week’s pay if employed directly
Personal Assistants	One week’s pay or a personalized gift that shows appreciation
Business Advisors (Accountants, Lawyers)	Optional; a small gift or 5-10% of their annual service fees, if appropriate
Marketing Consultants	Optional; consider a 5-10% bonus on recent projects or a small gift if they work frequently with you

Tipping for Delivery Drivers

Delivery drivers, such as those who bring food or groceries to your doorstep, work especially hard during the holiday season. Tipping these workers between 10-15% of the total bill is a thoughtful way to show your appreciation. You can also leave cash tips of $10-20 for package deliveries, especially if the delivery involves bad weather or heavy lifting. A small present, such as a box of chocolates or a handwritten thank-you note, can add a personal touch.

Tipping for Caregivers

If you rely on caregivers like nannies, babysitters, or senior care aides, a holiday tip is a great way to recognize their dedication. For nannies or full-time babysitters, consider a holiday bonus equal to one week’s pay, which is standard practice for showing appreciation. If they have provided exceptional service, you may want to add a small gift or a personal note to further express your gratitude.

Tipping for Staff (Cleaners, Maintenance, Landscaping)

During the end of the year holidays, showing appreciation for staff members who maintain and support your business space is a meaningful gesture. For cleaners, a tip equivalent to one cleaning session or around $20-$50 per person is a thoughtful way to acknowledge their hard work. Maintenance workers and landscapers also help keep operations running smoothly; consider tipping $20-$50 per worker or, if they’re directly employed, one week’s pay. These tips or small gifts can go a long way in expressing gratitude for their essential services throughout the year.

Tipping for Personal Assistants

Personal assistants often go above and beyond to keep a business running smoothly, handling tasks that save time and reduce stress for business owners. During the holiday season, a tip of one week’s pay is a common way to recognize their dedication and hard work. If a cash tip isn’t feasible, consider a personalized gift that reflects their interests or a meaningful token of appreciation. This gesture not only acknowledges their contributions but also strengthens the working relationship for the year ahead.

Gift-Giving vs. Tipping

There are times when a small gift may be more suitable than cash. If you know a service provider well, giving a personalized gift can feel more meaningful and thoughtful. For example, if you use a dog walker and they love reading, a gift card to a bookstore might be a great idea. 

The key is to choose a gift that reflects their interests or hobbies, which shows that you took the time to think about them.

Digital Tipping: How to Give a Digital Tip

In today’s digital world, many services are facilitated through apps, making digital tipping a convenient and often preferred option. For digital services like food delivery, ride-sharing, or even pet-sitting platforms, it’s common to leave a digital tip of 10-15% of the total bill. This can be done easily through the app or payment platform, ensuring that your tip reaches the service provider quickly and securely.

For digital services where online tipping isn’t an option, consider leaving a positive review or rating as an additional way to show appreciation. Many service providers rely on reviews to attract new customers, so a kind comment can be as valuable as a tip. 

The Importance of Holiday Tipping

Holiday tipping is more than just a seasonal gesture; it’s an opportunity to recognize the hard work of those who help make your life easier. By tipping your regular service providers, you acknowledge their dedication and help boost their spirits during a busy time of year. Even small gestures, like a $10 tip or a thoughtful gift, can brighten someone’s day and show that you value their contributions

Whether you choose to give a cash tip, a small present, or a personal note, the gesture itself shows appreciation and helps foster a positive relationship for the future.

We sat down with Mark Cuban at South by Southwest (SXSW), the music, film, and interactive conference in Austin, Texas. Mark is a champion and advocate for people who want to start their own businesses. He is also known for his ownership of the Dallas Mavericks, where he transformed the team into a highly valuable franchise. So we asked: Are entrepreneurs born or made? What does it take to be a successful entrepreneur? Is there a formula? Read on for his top tips for starting a business.

Question 1: What makes someone a great entrepreneur? 

Mark Cuban: We’re all entrepreneurs. We are all by nature problem solvers. We solve problems, and we find ways to help people. That’s the foundation of being an entrepreneur. The hard part is finding the thing you are good at. When you start a company, you’re going to have to compete. In order to compete, you have to be good at something. Once we find that thing, then it’s just a question of fear. 

As an entrepreneur, New Year’s resolutions are important for helping you focus your energy and efforts in the aspirations and success of your business.

However, before you can make any New Year’s resolutions as an entrepreneur, you’ll want to make sure that your decision is rational and sound. Ultimately, creating unrealistic goals and making numerous expectations for your business means you are almost setting up yourself for failure. Every year, millions of people who set New Year’s resolutions fall short of their goals because they’re unrealistic or too numerous.

So let’s explore some of our favorite resolutions for entrepreneurs to make during the New Year, including personal goals like the common resolution to lose weight and more professional goals like improving your social media strategy.

Setting Your New Year’s Resolutions

Setting New Year’s resolutions is a fantastic way to kick off the new year on a positive note. For both individuals and businesses, it’s an opportunity to set clear goals and objectives for the upcoming year. A well-thought-out resolution can be a powerful tool for personal and professional growth. By making a conscious effort to strategically focus on what you want to achieve, you can set the stage for success.

Whether your goal is to save money, improve your health, or increase productivity, a well-set New Year’s resolution can guide you toward making it happen. It’s about taking deliberate steps to ensure that your aspirations are not just dreams but achievable targets. So, as you step into the new year, take some time to reflect and set resolutions that will help you and your business thrive.

1. Improve your health

Living a healthy lifestyle is an important resolution for anyone, including business owners. As an entrepreneur, you will find it hard to run a smooth-performing and successful business if you are constantly suffering from health issues or your general well-being is compromised. It’s a lot easier to tackle your to-do list and manage tasks effectively if you’re energized and running at full strength.

Healthy living looks a little different for everyone. For some, it’s prioritizing a balanced diet. For others, it’s about a need to exercise regularly. It could even be a goal of getting enough sleep or improving your mental health by finding a good therapist. In the end, a resolution for healthy living should improve your well-being and happiness (and it might even help you run a successful business at the same time).

2. Increase your social media interaction

Social media platforms such as Facebook, Twitter, YouTube, and Instagram have rightly amassed popularity over the years. It’s often safe to assume that the majority of your potential customers currently use at least one social media platform, if not more.

Social media networks are great for entrepreneurs for connecting, engaging, and interacting with customers and even other businesses. Business owners can also use social platforms to create and enhance brand awareness and even connect with influencers and potential investors.

A practical goal for the new year might include posting a certain number of times per week, developing a specific content series, gaining more followers, or something else. Whether you’re picking a small improvement or an ambitious strategy, be sure to set a goal you know you can manage so you can stick to it.

3. Improve your communication

To be a successful entrepreneur, your ability to communicate with your employees, clients, and colleagues must be impeccable, clear, and concise.

If you struggle with the inability to communicate and share your ideas clearly, then the New Year can be a great time to commit to improvement. Maybe you’ll prioritize working on your writing skills to improve your IMs, emails, and memos. Or maybe you want to work on your public speaking. Some entrepreneurs even dive into seminars about non-verbal communication (which can be notoriously tricky for even the most savvy person).

Improving your communication might even mean working with new tools (like Canva or Adobe) to develop your own visuals, graphs, or videos. The possibilities are nearly endless.

4. Encourage negative feedback

Negative feedback from your colleagues, clients, and employees can be vital in developing an acceptable product/service offering and improving company processes. Business feedback has always been shown to be important, notwithstanding its origin or aim.

As you enter the new year, you might decide to find ways to encourage feedback of all kinds, but especially how you can improve. Maybe you can set a goal to have drinks with colleagues once a month or host small groups of customers or employees for a meal. In these more relaxing moments, you’ll find you’re able to build positive relationships and garner some constructive criticism along the way.

5. Understand accounting basics

Some business owners are fortunate enough to have an accounting department to manage their finances, but plenty need to handle it on their own. No matter how many staff you have, it can be immensely beneficial to learn some of the basics of accounting.

Understanding business finances can help you with clearing debts, lowering your business expenses (and even your personal ones), and establishing effective financial forecasts.

6. Stop being a workaholic

Granted, “stop being a workaholic” is easier said than done. Most entrepreneurs tend to be workaholics and spend a lot of hours in their offices and away from offices working. This is understandable; there’s always something demanding your attention. But in the end, working long hours day in and day out can lead to stress, exhaustion, and even burnout, which can all negatively impact business productivity.

So maybe you’ll need to make self-care your new year priority. Perhaps you’ll schedule a mandatory day off for yourself each month or every other week. Another option is to set regular appointments for yourself, such as social gatherings with family and friends, massages, or even therapy sessions.

These moments to stop and take care of you, away from your office, help you keep an appropriate balance between your work and personal life. We all need quality time away from work, so make sure you get some in the new year.

7. Embrace new technology

There isn’t much you can count on in the business world, but changing technology is something you can always expect. From blockchain and deep learning to smart AI assistants, there’s always a new tech opportunity to pursue.

While you don’t have to adopt every single new technology advancement that comes your way, you might consider picking up some new tricks during the new year. Small businesses have an advantage in embracing new technology, too; it’s easier to implement new ideas since there are fewer steps to test and adopt new tools (especially compared to larger companies).

8. Ensure you meet compliance regulations

You should always certify that your business complies with any existing laws and regulations, but the new year can be a great opportunity to renew your commitment to compliance.

Adhering to compliance regulations is vital for respecting the community and building public trust. Regulations compliance results in the protection and security of customer data and the health of customers by providing safe products.

A great example is getting a SOC 2 certification if your industry is in IT, SaaS, accounting, cloud computing, etc. Showing SOC 2 compliance helps demonstrate your organization’s commitment to protecting the privacy and security of your customers’ information — increasingly important in our connected digital age.

9. Revisit your business planning and strategy

A well-planned business strategy is the backbone of any successful business. It helps you set clear goals and objectives, identify your target market, and develop a roadmap to achieve your ambitions. A comprehensive business plan should include a detailed analysis of the market, competition, and financial projections.

The new year can be a great time to revise your business plan to make sure it still suits your business goals. Odds are, your business has grown and changed since you first wrote the plan, and it’s good to keep it up to date.

10. Improve your online marketing and digital presence

In today’s digital age, having a strong online presence is crucial for any business. A well-designed website, an active social media presence, and a robust digital marketing strategy can help you reach your target audience and boost your conversion rates as you enter the new year. Focus on creating high-quality content, engaging with your audience, and building a strong brand identity.

A solid digital presence not only improves your reputation but also increases your customer base and keeps you ahead of the competition. Moreover, an effective digital marketing strategy can help you save money and maximize your return on investment. So, make sure your business is visible and active in the digital world.

11. Foster your leadership and team management

Effective leadership and team management are essential for the success of any business. As a leader, your focus should be on building a strong team, setting clear goals and objectives, and providing ongoing support and training. By empowering your team members, you can boost productivity, improve morale, and reduce turnover.

A well-managed team can also enhance your customer service, increase efficiency, and keep you ahead of the competition. By prioritizing leadership and team management, you lay a strong foundation for your business’s success. Remember, a motivated and well-supported team is a key asset for any thriving business.

To improve your leadership in the new year, you can start small. Check out a few books on leadership and employ one or two tips from each. There are also online courses available, leadership seminars, and more. Find an approach that interests you to help you stick with it.

12. Improve your customer relationships and service

Building strong customer relationships is vital for the success of any business. Focus on providing excellent customer service, responding to feedback, and creating a strong brand identity. By building trust with your customers, you can increase loyalty, improve your reputation, and boost your conversion rates.

A good customer service strategy can also help you save money and enhance your return on investment. By prioritizing customer relationships and service, you establish a solid foundation for long-term success. Remember, happy customers are not just repeat customers; they are also your best advocates.

Have a successful and exciting New Year!

Never be afraid to up your business game with a New Year’s resolution. There are dozens (if not hundreds) of different resolutions you can make, all with great potential to improve both your business and personal life. Whatever you choose, the team here at ZenBusiness wishes you a prosperous and healthy new year!

In conclusion, for a higher level of entrepreneurial success to be achieved and maintained this year and even in the future, these resolutions can greatly be of help. Never be afraid to up your business game.

Business planning is a great way to spend the downtime many businesses have at the end of the year. Use these nine tips to get your business ready to start off on the right foot next year.

Planning your business may not sound like an activity you want to pursue during the holidays, but if you’re in a business that slows down at this time of the year, planning may be the best way to spend your time.

Business planning at this time of year is especially important if your business has suffered a downturn or even if there’s been a sudden increase in business. In either case, you need to look at trends and consider whether they’ll continue and how your business may need to change as a result, which is where annual plans come into play.

While it may be tempting to kick back, relax, and let things go during your slow season, savvy business owners and consultants know better. They use the end-of-year slowdown as an opportunity to take stock of what’s happened during the past 12 months and make plans for the 12 to come.

From getting your finances in order to shaping up your staffing, let’s talk through some of the most important business planning activities to do now if you want your business to be ready for the New Year.

The Importance of Annual Planning for Business Owners

Annual planning is a cornerstone of business success. For business owners, it’s an opportunity to set a clear roadmap for the year ahead, outlining specific business goals, objectives, and strategies to achieve them. By dedicating time to reflect on past strategies, assess current market conditions, and set realistic goals, you can make informed decisions that propel your business forward.

Annual business planning helps align your entire company, helping ensure everyone is working toward the same objectives. An aligned business plan can lead to increased productivity, improved communication, and a stronger competitive advantage, setting the stage for a successful year.

1. Run your financial reports

Unless you’re happiest with a calculator in hand and spreadsheet open in front of you, the odds are good that financial reporting isn’t your favorite activity. However, the end-of-year slump is an ideal time to take care of some of the essential (if unexciting) tasks on your to-do list. By running the following reports, you can get a better understanding of how your business is performing financially:

• Profit-and-loss statement (P&L): Also known as an income statement, a P&L details all of a business’s revenues, expenses, and costs over a particular time period.
• Balance sheet: This document shows a company’s assets and liabilities, including any outstanding amounts owed to investors.
• Cash flow statement: A cash flow statement reveals how a business manages funds and includes information on how changes in the balance sheet impact cash and cash equivalents.

Additionally, creating financial projections can help you anticipate future financial performance and make informed decisions.

Don’t have an accountant to help out with these tasks? Accounting software programs can help you run these reports and manage other business-related tasks with ease.

RELATED: 5 Tips for Organizing Your Business Finances

2. Consider future goals

As one year comes to an end and another begins, it’s a good time to consider your goals for the future. Along with the above financial planning, small business owners should evaluate factors like customer testimonials, employee feedback, and the overall business outlook for the coming year. Take a good, hard look at your accomplishments this past year. If you aren’t meeting your financial and personal goals, it might be time to reevaluate your business practices.

For example, you should examine your products and services and determine what, if any, changes are due. Consider what’s working well for your competition and decide whether they’re doing something right from which you could learn. Setting clear objectives and delegating responsibilities are essential strategies to help your business grow and thrive.

3. Review your website

As you evaluate the areas of your business that need improvement, don’t neglect your website. These days, most small businesses have their own websites, and if yours isn’t up to snuff, you might be missing out on invaluable opportunities to grow your company. And this isn’t just updating photos and your company description. Along with clicking links to make sure they’re all working, check phone numbers and email addresses and be sure your contact forms function appropriately. Searchers are unlikely to stay very long on a site full of dead links and slow-loading images.

Additionally, owners should use the end-of-year slowdown as a chance to plan out their online content goals for the coming year. While you don’t have to outline every blog, newsletter, and social media post prior to January 1st, it’s a good idea to consider your overall content strategy. For example, if you’re going to promote a particular product line in the first quarter, brainstorm some ways of marketing those items to your customer base.

It’s also useful to consider factors like weather and holidays when making content plans. After all, clothing retailers will surely promote different wares in January than in June.

If you don’t yet have or want a new website, our business website service is easy to use and gives you lots of options.

4. Start on your taxes

It’s everyone’s least favorite time of year. Still, filing taxes on time is important if for no other reason than the IRS imposes a late filing fee of 5 percent of the additional taxes owed for each month. If you have some extra hours in December, consider taking the time to get your tax documents in order. Look over your paperwork and make sure nothing is missing. Additionally, you may want to contact a tax advisor to help ensure you aren’t missing out on potentially lucrative deductions. Remember that if you use independent contractors, you are required by law to file 1099-NEC information form with the IRS by January 31 and to also provide a copy to the contractors by that date.

The ZenBusiness Money Pro app can help you prepare for tax season by simplifying your small business’s finances. It features invoicing and expense tracking to help save on taxes.

5. Sit down with your team

Employees are the backbone of any small business. However, that doesn’t mean relationships with staff are always smooth sailing. As the current year winds down, schedule some time to speak to your team members one on one. Discussing strategies for customer retention can also be a valuable part of these meetings, helping ensure that your team is focused on maintaining and improving this crucial metric.

Along with informing them about performance areas that need improvement, let them know what they’re doing well and encourage them to keep it up in the New Year. Want to avoid HR issues moving forward? Think about reviewing your employee handbook to make sure it’s up to date.

6. Assess your staffing needs

Once you’ve evaluated your team’s performance in recent months, you’ll be in a better position to determine staffing needs for the coming months. With many small- and medium-sized businesses reporting that hiring new employees is their most challenging task, owners need to make smart decisions when it comes to staffing.

Start by assessing whether you need new employees throughout the year or just at particular times, such as your busy season. Understanding and defining roles within your own business is crucial for effective staffing and delegation.

If you decide seasonal help is all you need, it might be worth working with a staffing company. These businesses specialize in finding and screening part-time and temp workers who can help you out at the spur of the moment. Additionally, you can predict future needs by determining your goals for the months ahead. If you have a new project launching in June, have a strategic plan to bring on additional workers a month or two ahead.

7. Reflect on previous strategies

Reflecting on previous strategies should be a vital part of your annual business plans. It allows you to evaluate what worked and what didn’t, pinpointing areas for improvement and opportunities for growth. By analyzing past performance, you can gain valuable insights into your company’s strengths and weaknesses, as well as the market trends and conditions that impacted your business.

This reflection is not just about looking back but about using that information to inform future strategies. With a clear understanding of past successes and challenges, you can better position your business to achieve its goals in the coming year.

8. Separate your marketing plans from your sales plans

Marketing and sales are two sides of the same coin, but they require distinct strategies. Marketing plans focus on building awareness and generating leads, while sales plans concentrate on converting those leads into customers. By separating these plans, you can help ensure that your marketing efforts are effectively driving sales and revenue growth.

Set clear goals and objectives for each plan and establish metrics to measure their success. This separation allows you to optimize both your marketing and sales strategies, leading to improved business outcomes and a more robust bottom line.

9. Take a much-needed break

While it pays to get your organization ready for the New Year, as a business owner, you should still aim to take a little time for yourself. Plan a few days away from it all when you can relax and recharge. You’ll reenter the workplace with a clearer head and a firmer commitment to building your business.

Put your plan into action

Creating an annual plan is just the first step; putting it into action is where the real work begins. Communicate your plan to all your stakeholders, including employees, investors, and customers, to help ensure everyone is on the same page. Establish a system for tracking progress, monitoring key performance indicators (KPIs), and making adjustments as needed. This proactive approach helps ensure that your plan is executed effectively and that your business stays on track to achieve its goals.

Regularly review and revise the plan to remain adaptable and responsive to changing market conditions, keeping your business forward-focused and ready for success.

Low-Risk and Safest New Business Ideas to Launch

So, you want to start a business and learn about the safest businesses to start. That’s smart because starting a new business can be risky. There are all kinds of risks of losing your capital investment, time spent, business confidence, personal reputation, family relationships, and your health, too!

So, in this blog post, we’ll give you lots of low-risk business ideas and tell you which are the highest-risk businesses to avoid.

Plus, we’re going to share with you our hard-won tips on how to make your business startup safer to reduce risk and increase your chances of business survival and success.

What is the safest low-risk business idea to start?

You’re sitting at your desk, thinking about what business to start. You’ve considered a few ideas, but you don’t know which one is the safest. Don’t worry! We’ve created this list of safe and profitable businesses for entrepreneurs who want to start their own firm but need some help deciding which idea to launch.

Characteristics of Low-Risk Businesses

Low-risk businesses typically have certain characteristics that set them apart from higher-risk ventures. These traits help minimize the financial and operational risks involved, making them ideal for new entrepreneurs. Here are some key characteristics of low-risk businesses:

• Low startup costs: These businesses often require minimal investment to get started, reducing the financial burden and risk.
• Flexibility: Many low-risk businesses can be operated from home or on a part-time basis, offering flexible working hours and locations.
• Low overhead costs: With lower expenses for rent, equipment, and staffing, these businesses are easier to manage financially.
• High demand: Catering to a high-demand market helps ensure a steady stream of customers and revenue.
• Low competition: Operating in niches with less competition makes it easier to establish a market presence and attract customers.
• Scalability: The ability to scale up or down based on market conditions allows for flexible growth and expansion.

By focusing on these characteristics, you can choose a business idea that offers a safer path to success.

Now, let’s look into those safe business ideas.

1. Why update the logo for Halloween?
2. How to Decorate the Logo for the Holiday
3. What to Put on the Logo

Holidays are a good chance to draw attention to the brand, strengthen the emotional relationship with customers, and increase sales. Renewing your logo, the company’s most recognizable symbol, is a visual tool for achieving these goals. We’ve prepared a complete guide on adapting your logo for Halloween, including some useful tips and creative ideas.

Why update the logo for Halloween?

The impact of holiday identity on your customers is not limited to Halloween: impressions and emotions help build a long-term relationship with the brand. Take care of decorating the logo to:

• Enhance the emotional bond. A holiday is an extra opportunity to communicate with your clients. Make them remember this dialogue; help them get surprised, inspired by new ideas, or smile.  
• Stand out from competitors. Emphasize uniqueness, show the company’s character, and demonstrate creativity. Explore your competitors’ solutions and come up with original branding to stand out from them.
• Increase sales. During holiday seasons, consumers spend more money than usual and are prone to spontaneous purchases. According to the National Retail Federation, Americans have been spending an average of about $9 billion on Halloween celebrations in recent years.
• Attract new customers. Draw attention to the brand using creative marketing. Demonstrate the renewed identity at as many customer touchpoints as possible to expand your audience.

How to Decorate the Logo for the Holiday

Whatever the brand’s character and target audience are, and whether you’re using original art or Halloween logo templates, stick to the basic rule: even a holiday-bound logo must be simple and recognizable.

• Choose proper decoration tools. It can be a thematic icon, a stylized font, or a new color palette (usually orange and black). When selecting tools, focus on the type of your logo and don’t use all of them at once; it will look tasteless.
• Stick to your corporate identity. The update should be in line with the nature of the brand and the interests of the target audience. A smoothie-producing company, a beauty salon, and a bank will have different Halloween logos.
• Find out what customers think. Offering a few options for the holiday identity and arranging a poll on social media is another way to involve your clients in the discussion.
• Use the update in context. Renew not only the logo but also other elements of the corporate identity. Decorate the offline or online store, think of a thematic newsletter, hold contests, and change the profile design on social media.

What to Put on the Logo

Witches, pumpkins, skeletons, and other “scary” symbols are related to the origin of Halloween. It comes from Samhain, an ancient Celtic holiday that was associated with death and supernatural phenomena.

Today, it’s common to be scared on Halloween more as a joke, so symbols are often pictured humorously. To create your Halloween logo design, take a step-by-step approach: choose an icon, define its character, color palette, and, finally, the options for being placed on the logo. We’ll share some ideas for inspiration.

A Bat 

The night animal is often associated with mystery, danger, and evil. But in modern mass culture, the bat has a broader meaning such as rebirth, dream, and intuition. For example, the bat on the famous Batman logo means a fair fight against evil.

This symbol can be a universal solution: everything depends on the style of the image and its color palette. A black bat with sharp webs on its wings will look ominous, and a multi-colored cartoon-like one will look funny. The placement of the icon also matters:

• If your logo is round, try placing an image inside it;
• add wings to your logo; or
• draw a bat holding your logo in its paws.

A Ghost

A ghost is not necessarily scary: it has been proven by Snapchat, which chose it as its main symbol. The nature of the creature can be funny, mean, or nasty:

• draw a ghost flying over your logo; or
• turn a letter that fits the shape (e.g., “S,” “O,” or “U” turned upside down) into a ghost.

A Skeleton

This is one of the most popular Halloween symbols. Use a traditional skull with bones in the Jolly Roger style or a regular full-length skeleton or give it a naughty character:

• if your brand has a mascot character, turn it into a skeleton; or
• dress your skeleton in branded clothes and accessories such as a T-shirt, a hat, or glasses.

A Pumpkin 

An orange vegetable with an evil grin, the so-called jack-o’-lantern is an indispensable attribute of the holiday. It’s no surprise that pumpkin is one of the most popular ideas for decorating the logo. When choosing this image, try to find an unusual solution:

• think of a facial expression: smiling, threatening, or mysterious;
• place the brand’s name inside a jack-o’-lantern;
• turn a matching letter or any round image into a pumpkin; or
• stylize your logo so that it may look like a pumpkin.   

A Vampire

Although Count Dracula is the most famous vampire image, you don’t have to use sinister associations. A vampire can be both terrifying and ironic:

• use some elements of the vampire style (e.g., add fangs to your logo); or
• try a two-in-one formula (e.g., draw a bat with fangs).

A Witch

The silhouette of a witch on a broom against a full moon is a traditional Halloween symbol. The image is associated not only with witchcraft, evil, and misfortune but also with healing. Today, witches are more often portrayed as caricatures rather than scary characters. This image has great potential for logo renovation:

• use some elements of the style (e.g., put a pointed hat on the logo or turn a letter into a broom);
• if there’s enough space, place the whole silhouette: let the witch fly over the brand’s name or between the words on the logo; or
• come up with an unconventional image for the sorceress that matches the brand’s character.

A Werewolf

The image of a wolfman will not suit all brands, as it is strongly associated with evil and danger. If you want to convey these feelings before Halloween then:

• add a recognizable wolf silhouette to the picture;
• use the picture of a wolf’s head against a full moon; or
• add shaggy ears or a tail to the logo.

Chucky

One of the iconic horror-style images is a serial killer whose soul “lives” in a “Good Guy” doll. The combination of an innocent child’s face with blue eyes and terrible scars is associated with nightmares and death. Before using Chucky, make sure your target audience adequately understands the deadly doll’s presence in the identity.

Frankenstein

The recognizable creepy face with scars has become a canonical symbol of everything associated with horror. Think about whether it’s appropriate for your brand’s style. Keep in mind that nowadays, the image of Frankenstein is often used not only in the traditional style but also comically or animatedly. You can only use a recognizable part of the image for your logo, e.g., the scars.

A Mummy

The image of a goner wrapped in bandages is often used humorously, as it provides great room for creativity:

• wrap the entire logo or a part of it (e.g., one letter or an entire word); or
• if you use an image or a mascot character, turn it into a mummy.

Summary

Let’s summarize how to craft a perfect Halloween logo step by step:

• define the style based on the brand’s character and the interests of the target audience;
• choose proper tools (colors, fonts, and icons);
• come up with an extraordinary idea that will set you apart from the competition; and
• use holiday identity at as many customer touchpoints as possible.

Excellent customer service will make your business stand out. These 17 customer service tips can increase customer satisfaction, build client loyalty, and lead to referrals, recommendations, and more sales.

Providing excellent customer service is one of the most important keys to small business success. Whether your business competes with large national concerns or with local retailers and service providers, exceptional customer service will help you build loyal customers and repeat business. Use the 17 pointers below to wow your customers and keep them coming back.

ZenBusiness has won Austin American-Statesman’s Top Workplaces awards in the Purpose and Values, Compensation and Benefits, Leadership, Work-Life Flexibility, and Innovation categories for 2023. To help your business become a better place to work, follow this five-step model.

The United States has changed dramatically over the past five years. Things like the pandemic and the rise of artificial intelligence have redefined our mental landscape regarding how we play, live, worship, and work. Because of these sweeping changes, the expectations and demands of the workforce are overwhelmingly different. The workplace of today must put a high priority on human resources. Businesses can make their organization the best place to work by following the five-step PRIDE model:

• Provide a positive working environment
• Recognize, reinforce, and reward each individual’s efforts
• Involve everyone
• Develop the potential of your workforce
• Evaluate and measure continuously

Provide a positive working environment

Creating and managing a good organization takes an entirely different approach. Indeed, one-third of the executives surveyed by Robert Half International Inc. now say the work environment is the most critical factor in keeping an employee satisfied in today’s business world.

A key aspect is workplace flexibility. First Tennessee National Corporation started taking family issues seriously and made them a top priority. They reshaped the rules they had forced employees to live under, added many family-friendly new benefits, and sent managers through three and a half days of training. The result: employees stayed twice as long, and the bank kept seven percent more of its customers.

Recognize, reinforce, and reward each individual’s efforts

Money may attract people to the front door, but something else has to keep them from going out the back. People have a basic human need to feel appreciated, and recognition programs help meet that need.

A successful reward and recognition program does not have to be complicated to be effective. An equipment dealership in Louisville, Kentucky, has almost eliminated turnover with its programs. The employees participate in a profit-sharing plan that could possibly mean $700,000 upon retirement. Other incentives and benefits they provide include:

• Every year, employees celebrate their work anniversary with a cake and receive $100.00 for each year employed made out in a check to the Snap-On Tool Company.
• Twice a year employees’ children receive a $50 savings bond when they bring in their “all A’s” report card.
• They reward employees with a “Safety Bonus Program.” Each employee’s driving record is screened twice a year. Anyone with a citation is removed from the program. At the end of the year, those employees remaining split $2000.00.
• To minimize the “we-they” syndrome, employees rotate jobs for one hour every Friday. For example, the person in the parts department becomes a service technician. This builds a stronger team and improves communication within the company.

Involve everyone

Exceptional organizations involve the ideas and suggestions of everyone. The Sony Corporation is well known for its ability to create and manufacture new and innovative products. In order to foster the exchange of ideas within departments, Sony’s Corporate Research sponsors an annual Idea Exposition. During the exposition, scientists and engineers display projects and ideas they are working on. Open only to Sony’s employees, the exposition lets individuals share ideas otherwise protected by departmental walls. This process creates a healthy climate of innovation and creativity at all levels of the organization.

Develop the potential of your workforce

For many people, learning new skills is just as important as the money they make. In a study by Linkage, Inc., more than 40 percent of the respondents said they would consider leaving their present employer for another job with the same benefits if that job provided better career development and greater challenges.

The National Center on the Educational Quality of the Workforce (EQW) found that, on average, a 10 percent increase in workforce education led to an 8.6 percent gain in total productivity. On the other hand, a 10 percent increase in the value of equipment only increased productivity by 3.4 percent.

Evaluate and measure continuously

Someone said, “If you don’t know where you are going, any road will lead you there.” That advice did not work for the Titanic, nor will it work for the business world. Evaluation and measurement must surpass normal accounting procedures like profit and loss but include measuring turnover, customer satisfaction, employee attitudes, and management effectiveness.

LaRosa’s Pizza Company completes a cultural audit once a year, which measures employee’s feelings about pay and benefits, care and recognition, etc. Additionally, all employees evaluate their bosses twice a year using an Internal Customer Satisfaction Index (ICSI). The ICSI has only four questions and asks the employees to give their managers a letter grade from A to D in four different categories.