Did 2015 Measure Up to Your Business Plans for the Year?Posted: December 15, 2015
Remember back in January of this year, when your vision for your business was fresh and clear in your mind, when your business goals and objectives had a well-defined path to achievement? If you are like most business owners, your vision may have remained the same, but the execution and delivery to meet your goals and achievements was not exactly how you had planned. This is typical of most businesses, as our plans cannot possibly allow for unpredicted circumstances, whether positive or negative.
In preparing for the New Year, I encourage you to take the time to reflect on this past year and start preparing your plans for the New Year by considering the following questions:
- Revisit the tracking of your business plan and any other planning documents including your action plan, and review last year’s goals. Did your business accomplish what you set out to do? Why or why not? Write a list of all the company’s major accomplishments for the year (or lack of them). These will be handy when you do your business planning for the current year.
- What barriers prevented you from reaching your goals? How can you avoid them or prepare for them in 2016?
- What is the key area you want to improve on in 2016? What steps do you need to take to accomplish this e.g. hire more staff, expand into new markets, increase marketing/branding, etc.?
- Are there things you might have done differently e.g. hired too quickly, expanded too quickly, didn’t hire fast enough, etc.?
- Have you started a business plan for 2016 that includes writing your goals and plans for next year?
- Have you created a budget for the next year if you work on a calendar year fiscal basis?
- Have you reviewed your vendors and providers recently? Do you need new ones or replacements for existing ones? Review your list and score them, see where you might need to add or even get rid of any that are not providing you with added value.
- Have you reviewed and updated your marketing and advertising plans? Make sure you consult with your internal or external marketing professional to ensure you are strategically placing your marketing budget to align with your business goals.
We all know how important business planning is, so before you break for the holidays, take the time to reflect and plan for the New Year. You know the cliché: businesses that fail to plan, plan to fail.
Kick the New Year off with a clear plan with attainable goals and remember to take time off over the holidays and enjoy time with your family and friends. Thank you for following my blog over the past year. Happy Holidays.