While holiday office parties and year-end bonuses might seem like frivolous expenditures, they can have a significant impact on a company’s bottom line. These celebrations can boost employee morale, improve productivity, strengthen company culture, and ultimately lead to higher retention rates and increased customer satisfaction.

According to a 2023 survey by Challenger, Gray & Christmas, company holiday parties were at their peak in 2019 when 75% of companies reported hosting one. Then Covid happened. In 2021 only 27% of companies held a holiday party. Over the past two years, the holiday party appears to be making a comeback. But does it have the same positive affect it did five years ago?

A new Visier survey is saying that “69% of employees would prefer to receive a larger annual bonus instead of attending a holiday party.” It further says that the top reasons employees are choosing to not attend the holiday party include: “feeling like they already get enough socialization during the workday (36%), a preference to keep personal life separate from professional life (33%) and not wanting to spend time away from loved ones (28%).”

Deciding on the best way to make your employees feel appreciated and connected takes empathy and understanding. Have you ever known an exceptional gift-giver? They can find unique items that delight and engage recipients. You never find them picking up a gift card on their way to a party. Here are some key traits that define a fantastic gift giver. Try them this year with your employees.

Attentive Listener:
Listen to others, paying attention to their interests, hobbies, and subtle hints. Remember details and use this information to select thoughtful gifts.

Thoughtful and Considerate:
Put effort into choosing gifts that are personalized and meaningful to the recipient. Consider the recipient’s preferences, needs, and lifestyle when selecting a gift.

Creative and Imaginative:
Think outside the box and come up with unique and original gift ideas. Take time to craft personalized gifts or experiences.

Generous Spirit:
Give from the heart, focusing on the joy of giving rather than the cost of the gift. Be willing to go the extra mile to make a gift special.

Good Timing:
Know the right moment to give a gift, whether it’s a birthday, holiday, or a special occasion. Understand the importance of surprise and spontaneity.

Effective Communicator:
Express feelings and appreciation through heartfelt messages. Convey the thought and care that went into selecting the gift or celebration.

Business owners will likely relate more to either being a planner or being open-minded. Planners like to focus on detail and use an organized and structured approach. Open-minded people lean more toward being flexible and creative. The most successful business owners often strike a balance between the two. Adding some open-mindedness on top of your planning can exponentially increase your opportunities in the following ways: 

Mental Preparedness:

• Clear Goals: A well-defined plan with clear goals helps you focus on the areas that are most relevant to your business. This focus makes it easier to spot opportunities that align with your strategic direction. Open-minded individuals are more receptive to diverse perspectives and ideas. This can lead to even more opportunities that can align with your strategic direction.
• Prioritization: Planning allows you to prioritize tasks and allocate resources effectively. This helps you identify and capitalize on the most promising opportunities. Open-minded individuals are more willing to take calculated risks. This can lead to significant rewards and breakthroughs.

Knowledge and Awareness:

• Market Research: Planning involves conducting thorough market research to understand industry trends, customer needs, and competitor activities. This knowledge empowers you to identify emerging opportunities early on. An open mind allows you to perceive situations without preconceived notions or biases. This helps you see opportunities that others might miss.
• Industry Analysis: By analyzing industry trends and developments, you can anticipate potential shifts and disruptions, which can lead to new opportunities. Open-minded people are better equipped to overcome obstacles and find creative solutions to problems.

Resource Allocation:

• Financial Planning: A solid financial plan ensures that you have the necessary resources to seize opportunities when they arise. Open-minded people are not afraid to make mistakes. They learn from their failures and use them to improve future decisions.
• Human Resources: Planning helps you identify the skills and expertise needed to capitalize on opportunities. This allows you to build a strong team and attract the right talent. Open-mindedness helps you build strong relationships with others, which can open doors to new opportunities.

Risk Management:

• Contingency Planning: A well-crafted plan includes contingency plans to address potential challenges and setbacks. Open-mindedness allows you to adapt to changing circumstances and seize unexpected opportunities.
• Risk Assessment: By identifying and assessing potential risks, you can develop strategies to mitigate them. This proactive approach can create new opportunities for innovation and growth. Open-minded people are better equipped to overcome obstacles and find creative solutions to problems

In essence, planning is like having a roadmap that guides you towards your destination. Along the way, you’ll be more likely to spot detours, shortcuts, and hidden treasures that you might otherwise miss.

One of the hardest things for many entrepreneurs to learn as their companies grow is delegation. Yes, you can learn to do it yourself, but doing everything yourself is a huge limitation. To grow a business, you must let go. Reward yourself and start by delegating work you do not enjoy and are not good at.

Letting go does not mean abdication, it means leading. Here are a few tips –

What to delegate

Delegate work that you are not particularly good at.
Why struggle with something that someone else would love to do?

Delegate work that must be done but does not drive the business.
Two areas that often qualify are accounting and routine HR (hiring key people is not routine).

Delegate work that can be done much cheaper elsewhere.
Outsourcing, even international outsourcing, is a fact of life.

How to delegate

• Look for talented people whose strengths match the job that needs to be done.
• Set clear expectations about deliverables, timelines, and quality (milestones). You or someone else may need to train and mentor the person.
• Develop written steps, templates, processes. Videos made on zoom or other services are an alternative that can work quite well also.
• Do not micromanage. Their qualifications and approach will be different than how you would do it. Focus on if clients are happy (internal or external) and if work is getting done. Do take the time for reasonable reviews, particularly while training.
• Monitor that milestones are met. Always have clear conversations about what is working and not working after reviewing milestones.
• Sometimes it will not work out. If this happens, see if you can move the person to another job more aligned with their strengths. Sometimes it is clear the person will never work out. In that case kindly give them the opportunity to find new employment. Delay never makes it easier.

Welcome to leadership.

Without a strategic plan, a company risks:

• Missed Opportunities: Not having a clear direction can lead to missing out on valuable market trends or growth opportunities.
• Inefficient Resource Allocation: Without a defined strategy, resources might be wasted on activities that don’t contribute to the company’s overall goals.
• Reactive Decision Making: Companies without a plan often find themselves reacting to external factors rather than proactively shaping their future.
• Lack of Alignment: Employees may have different or conflicting goals, leading to inefficiencies and decreased productivity.   
• Vulnerability to Disruption: A lack of a strategic plan can make a company more susceptible to market changes or unexpected challenges.
• Loss of Competitive Edge: Without a clear vision and strategy, a company may struggle to differentiate itself from competitors and maintain its market position.

In essence, strategic planning provides a roadmap for a company’s future. Neglecting it can significantly hinder its growth, profitability, and long-term sustainability.   

Here is a good resource on how to create a strategic plan: What Is Strategic Planning? | Strategic Planning Process & Steps (thehartford.com)