How was your 2016? Did you meet all your business targets? What were your successes? Which areas of your business didn’t perform as well as you expected?
These are the types of questions that small business owners need to be asking and reflecting upon in order to make 2017 an even more successful year.
In general, there are two questions you should be asking yourself this time of year:
1. How did we do last year? Consider this the review.
2. What do we want to do better/improve this year? Consider this your plan.
By reviewing your business, you may find ways to evolve or grow your business, and/or discover things that may be holding you back. Here’s a look at how you can review and plan for the new year:
1. Review the Previous Year
The goal of this is to absorb the year that was and identify some key takeaways and insights that you can use in the future.
Here are some questions to ask yourself:
• What did my business accomplish this year?
• What was the biggest success?
• How was performance last year? Better than the previous year?
• Did I meet my annual goals?
• What did I learn about my customers/the products and services I offer?
• What do the metrics say?
• What are some of the current projects I am working on?
• What worked well? What didn’t go according to plan?
• What opportunities do I have moving forward?
2. Create Your Business Plan
Using the information you have uncovered in your review, it’s time to do some planning and look at what you want to accomplish this year.
Here are some things to include in your plan:
• Goals for the upcoming year
• Areas you want to improve
• The customers you are targeting
• How you will measure success
• Areas of focus/projects you want to work on
• Determine your priorities, starting with your immediate goals
Once you’ve created your plan, review it with a trusted mentor, business coach or colleague. Identify the tools and skills you will need to achieve your plans.
Review Your Business Insurance Needs
A new year is also the perfect time to review your business insurance requirements. A lot can change in a calendar year! Still not sure you need business insurance? Here’s Four Reasons Why Your Business Needs Insurance.