Happy new year and congratulations for surviving another year in business. Are you just surviving or thriving? Or do you know? What are your goals? Do you have specific goals related to growing your business?
No matter what kind of business you own or at what stage (start-up, five years old, 20 years old) you will benefit from a detailed review of last year and a new or refreshed plan for next year. And the good news, it doesn’t have to take hours and hours of time to get re-focused and re-charged.
– Top line and bottom line sales (gross sales and gross profit);
– Major earners by line item (what product or service were considered major earners?);
– Major losers by line item;
– What did you do well? List three things;
– What did you do not so well? List three things;
– What did you learn?
– How will you apply to next year?
Develop new business goals for 2013:
– Overall financial and non financial goals;
– Top line and bottom line sales (overall sales and net profit);
– What product or service will be a new earner in 2013?
– What will earn more in 2013 vs. 2012?
– How will you maintain a focus on your goals stated for 2013?
– Do you plan to measure your performance?
– When will you measure your performance and how frequently?
By the way, I really sit down and figure out new business goals for my own business. And in doing so, plan to share my findings and my new business goals with a selected and trusted group of colleagues (other business owners like myself).
With the help of my business group I got through this presentation and answered their follow-up questions. Moreover, it was valuable to hear their presentations using the same format as new ideas came up including their new business goals. This exercise forced me to articulate and defend my ideas. It also forced me to use accurate numbers, something that I am guilty of not always knowing consciously. Likely because there is too much swimming in my head at times.
Give this exercise a try and develop your business goals soon. Let us know how it worked for you. Or share your ideas, we’d really appreciate hearing from you.
Good luck in the new year!