As we begin a new year and look ahead to what 2024 has in store for us, many of us will be setting ourselves new challenges for the year ahead. But its also a great time for evaluation.
Year end reviews are a great way to get your teams together and look at the last 12 months. What worked, what didn’t work? What do we want to change and what improvements do we want to make?
Here are our top 5 tips for an end of year review and how you can improve in the year ahead…
Identify your current processes
The most important thing when it comes to reviewing your processes is knowing exactly what your processes are. This sounds like a strange thing to say, but with many organisations relying on various departments to conduct various parts of the process and with the challenges presented in 2020 with staff changes, many procedures may not be as you think. Conduct a thorough audit of your processes so you can gain a real picture of each stage of the journey.
Are there any gaps?
Having conducted your audit, you will now be able to see if there are any gaps or bottle-necks in your procedures. Identifying these will enable you to evaluate where gaps need filling, any improvements or changes that can be made.
Are the processes working for you?
Its important to reflect on your procedures and not only take them on face value. They may be working mechanically for you but are they really giving you what you need, can they be improved and are they the best they can be. Speak to your colleagues who are actually doing the doing. They are the best people to enlighten you on whether things are going as well as you think they might be and can shed light on less visible issues.
Review your strategy
What is it you are wanting to achieve this year? Are you looking to streamline your procedures so you can become more efficient? Maybe you are looking to improve your payment security. Or after the pandemic hit last year, is your business now home based and requiring remote access procedures? Its important to be clear on your strategy so you can adjust your procedures accordingly. Once you have this strategy, you can check against your audit gaps and see whether the two fit together. Its then time to take action!
Find out who can fit into your new plan
With your new strategy for 2024 coupled with your process audit, its now time to see if your current solution fits with your needs. Amending or switching your payment solution can be a daunting prospect. But the question is, is it still the right solution? With the payments industry changing constantly, not all Bacs processing solutions are the same and by sourcing one that meets your individual business needs, the benefits of switching can be huge.
Catch up on our blog “Why switching your payment solution has more benefits than downsides” to find out more.