1. Deep Cleaning the House: Tidy Up Your Business both Physically and Procedurally 

The tradition of deep cleaning before the Lunar New Year is about sweeping away the old to make room for the new (送舊迎新).  

For this, Asians mean thoroughly cleaning their houses, literally from top to bottom – which involves moving all the furniture in a home to get at the floors and walls, scrubbing down the grout in the bathroom, and even risking their lives wiping the outside of their windows in a multistorey apartment. As you can imagine, this is a bit of an undertaking, so people usually start spring cleaning weeks before. 

For businesses, this means more than just a physical clean-up. Ensure your office or shop is spotless by cleaning every nook and cranny, organising your workspace, and disposing of any clutter, which is just the first step.  

It is also an excellent opportunity to perform a procedural clean-up by reviewing and streamlining your business processes. Identify any inefficiencies or outdated procedures and update them. This is the perfect time of year to ensure your operations run smoothly and efficiently. Need help identifying inefficiencies or streamlining workflows? Our Business Advisors can guide you in boosting productivity. 

2. It’s Time to Clear Out the Red: Settling Debt and Giving Out Bonuses 

In Asian tradition, it is believed that starting the new year in debt will result in being in debt by year’s end as well.  

While this may seem like superstition, many businesses make a concerted effort to settle any debts and clear their accounts before the new year begins. They prioritise paying back money owed to family, friends, and business partners to ensure a fresh start. Financial tidiness is not only good for stepping into the New Calendar Year but crucial for approaching the end of the Financial Year. It’s time to do your best to make it look good in the books, right? If you are looking for some impartial advice to manage and plan your business finances, our specialist advisors from Access to Finance team are here to support you. 

Also, as winter comes to an end, it’s a great opportunity to show appreciation for your employees’ hard work by giving out bonuses. In addition to these bonuses, it’s common in Asia for seniors to give red pockets, or “Lai See” (利是), to juniors. It’s because seniors, whether ageing gracefully or having high social status, are regarded as someone having a good fortune. By distributing red pockets, they share this good fortune with their juniors. We might not need to do this to such an extreme, but sometimes, a good gesture might help set a positive tone for the year ahead. 

3. Start it with a Bang: Lay Out Your Plan for the Upcoming Year 

There is an old Chinese blessing that says, “Having an excellent start to your best-laid plans” (大展鴻圖). However, there is one prerequisite to having an excellent start in a new year: you must have your plan laid out. 

Spring is the time for farmers to plan their agricultural work. They need to decide what types of plants they will grow in their fields, which areas to reserve for cattle and sheep, or whether to convert some of the land into a pond for fish. This season is crucial for making decisions, and every wise choice stems from a thoughtful process. 

Now is an ideal time to analyse your business’s performance over the past year. Take a moment to identify what worked well and what did not. Once you’ve done that, establish clear and achievable goals for the upcoming year. Whether you aim to expand your product line, enter new markets, or enhance customer service, having a solid plan in place will help guide your efforts. Not sure where to start? We are here to help you analyse performance, define priorities, and create a roadmap to achieve your goals. 

The most crucial aspect of a plan is to communicate it clearly throughout your organisation. It’s essential to ensure that your team is aligned. Share your vision and goals with your employees and outline the necessary steps.