The new year is settling in and with a new year comes new goals. We’re sure that you’ve made decisions regarding your personal New Year’s resolutions, but have you taken the time to contemplate what resolutions are best suited for your business in 2023? The last few years have been a whirlwind, especially for businesses that felt the pressure to turn to digital due to the pandemic. Those that set business resolutions for the last few years are likely to have shifted their views and altered their goals along the way to meet the demands of the 2022 online consumer. In 2023, it’s time for businesses to intensify this online strategy by setting themselves up for success with carefully constructed New Year’s resolutions. Not sure where to start? Lucky for you, we’ve got a few pointers that will help you out:

1. Set realistic goals

As a general foundation for your New Year’s resolutions, your business needs to set realistic goals. There is no harm in setting a few ambitious goals because this is a great way to motivate employees; however, sometimes it’s effective to be a bit more realistic. Instead of setting ridiculously over-the-top goals, try to find a middle ground – something that pushes your team to perform but is still manageable and achievable. If you are struggling to think of goals, ask yourself what you can and hope to accomplish in the year that follows, and develop goals around that. These reasonable achievements can also be spread out over each quarter to ensure continuous progress while also making goal tracking easier. The purpose of these goals is to give your business direction and, to ensure that you are on track, it is essential to monitor them. This brings us to point number 2 …

2. Improve organisational processes

We’re not just talking about general improvements, we’re talking about the appropriate use of automation to enhance your internal processes. Taking the recent global digital changes into account; in 2023, it’s important for business owners to consider cyber solutions when mulling over their resolutions. Reduce the risks of manual errors with digital solutions by removing the need for paper-based procedures. Technology simplifies business operations by providing an automated means of managing inventory, monitoring targets, and even conducting secure onboarding. Implementing software such as Identity Verification Services (IVS) and Bank Account Verification Services (AVS) will provide businesses with a secure and efficient approach to client relations. These two digital solutions offer a quick way for businesses to authenticate client identities and banking details, ensuring that the business remains KYC compliant while also reducing its risk of fraud exposure.

3. Boost your fraud defences

The growth of your business in the next year relies on the achievement of the goals that you set for yourself now. When you create this room for growth, you also expose your business to a higher risk of fraud. This means that you need to set an additional New Year’s resolution to strengthen your fraud defences. As we indicated above, introducing digital solutions like IVS and AVS into your business is a fantastic preventative measure against acts of fraud. Not only does this software provide an instant and effective way to verify the personal details of your customers, but it also reduces the opportunity for fraudsters to slip through the cracks and make their way into your business system. Using this software, you can confidently onboard the right customers.

4. Onboard the right customers

Onboarding customers and onboarding the right customers are two very different actions. It’s easy to allow a customer to sign a contract or purchase an item on credit, but it’s not as easy to ensure that your customer is reliable – unless you have safeguarded your business with effective security measures. If onboarding the right customers is your goal, then seeking out services such as credit checks and bank statement services is a must. These digital solutions give businesses the opportunity to look into their clients’ payment patterns to identify whether or not they are likely to make payments each month. Implementing digital bank statement services will allow your business to receive statements directly from the bank in an instant. This direct service reduces the risk of document fraud and improves the customer vetting process while allowing businesses to remain POPI compliant. Credit Score services can also be used to vet customers and ensure that they maintain good accounts with your business. Using bureau data, these services give businesses the resources to effectively manage their fraud risks by assessing customer credentials and deterring fraudsters.

5. Stop doing what’s not working, and move on!

Finally, we want you to have a look at all of your passed resolutions and general business activities, specifically paying attention to everything that didn’t work. Maybe it was your manual processes, or maybe your digital processes weren’t as sophisticated as they could have been. Either way, you need to take a look at those downfalls and think of a way to improve on them. As an example, if you have successfully onboarded customers but are struggling with successful debit order collections, it’s time to move on from your regular debit order process and implement Strike Date Optimisation (SDO). This unique service provides businesses with the three dates that clients are most likely to have funds in their accounts. This minimises the risk of failed collections and improves regular debiting processes in just a few simple steps. While some may not see the value of a New Year’s resolution, choosing the right one can make all the difference. Slowly execute your resolutions over the course of this year to refine your business operations by improving customer experiences and enhancing your security.

Are digital solutions a part of your New Year’s resolution?