Peter Done, the Group CEO and founder of Peninsula Group, a global business services specialist, discusses the importance of reassessing business goals and strategies at the beginning of a new financial year in the UK. He emphasizes the need for leaders to be open to change and avoid getting stuck in traditional ways of thinking. Done encourages experimentation and innovation, even if it means reinventing the wheel and trying out new approaches to see what works best for the business.
One of Done’s key pieces of advice is to set achievable goals that can be measured, making it easier to uphold a strategy throughout the year. He also stresses the importance of staying on top of legal changes, particularly in HR, as the UK has seen significant updates in employment rights and statutory payments in 2024. Ensuring that a business is compliant with the latest laws and regulations is crucial to reducing legal risk and staying informed about any necessary paperwork or processes.
Managing spending and keeping a close eye on expenses is another essential aspect of business strategy highlighted by Done. Regularly reviewing processes can help identify areas where spending is inefficient and where investment is needed, such as training and development for the workforce. By evaluating the bigger picture and understanding the goals of spending, businesses can make informed decisions about where to invest and where to cut costs.
Done also recommends utilizing software to streamline processes and improve efficiency within the business. Software tools like BrightHR, developed by Peninsula Group, can help with HR admin management tasks such as building rotas, tracking overtime, and pulling absence reports. By leveraging technology to save time, cut costs, and enhance productivity, businesses can optimize their operations and reduce the risk of losing important documents or paperwork.
As business leaders look ahead to the coming year, Done advises taking the time to assess all factors that contribute to achieving business goals. He emphasizes the importance of having conviction in decision-making and encourages leaders to be proactive in trying new strategies. By learning from both successes and failures, businesses can continue to grow and adapt in an ever-changing market. For business owners and leaders seeking growth opportunities and networking support, Forbes Business Council offers a valuable platform for connecting with like-minded individuals and accessing resources for professional development.
