Preparing for the Upcoming New Year!
Lack of preparation and planning will hamper your business’s growth and success.
This is a simple rule in life that also applies to your business. Although planning is an activity that can be carried out (and should be) throughout the year, December 31 is this line in the sand that makes us realize time has been ticking away. In your business, this is often a good moment to slow down and get out of the routine activities you are usually engrossed in.
As the end of the year approaches, it is an excellent time to go over your business’s performance. Go through your preliminary financials. Have you achieved your objectives? Did you meet your sales target? Did expenses run out of control?
These are all important considerations and you need to prepare for the New Year by first reviewing your past performance. This review will guide you to the steps you need to take in the next year to grow your business.
Develop New Objectives
Once you have taken stock of your past, it is time to lay out your future goals. Set some short-term goals which you will work on in the upcoming year, but also set medium- and long-term goals. Setting objectives and making a plan will help you navigate through the countless options and choices you have to make every day regarding your business.
When you have a finish line (your goals) in sight, it is easier to plan how to get there. If you don’t know where you want to go, your business may end up going in circles (no growth) or might even tread backwards (decline in business).
Set Out Strategy
After your goals are in place, you can subsequently decide the strategies you need to implement to achieve your new targets. This can be a simple solution, like hiring extra sales representatives to give a boost to your revenue, or increasing visitors to your website by hiring an SEO company.
Adapt to the Environment
Remember that like with your life, you can only plan where you want your business to go and implement strategies to get you there, but you cannot control every variable that will affect you or your business.
A client who owes your enterprise a large amount of money going out of business will definitely affect your results. Your business may experience a significant cash crunch due to the inability to collect accounts receivable from the bankrupt client. This can be stressful, but you will need to adjust your objectives on the fly. Worry only about the things which are in your control.
Were you planning a big product launch? Is it possible to postpone it so that your expenses relating to the launch can also get delayed? This would allow your business to recover from the cash crunch. In the meantime, consider a review of your expenses and cut costs where you can without affecting customer service or product quality. These are the steps you can take in our example, but each problem or curveball thrown at you will have its own solutions that you need to discover and implement.