Business development consultants
Business Strategy – Year End Considerations
As we enter the final weeks of your financial year, you are undoubtedly hunting for ideas of how to do better next year. While these are obvious year end considerations, you should also be reviewing your business strategy.
While the old saying is 'time flies", it is particularly true for businesses. Business owners tend to be fixated on two to three month time periods. As a result, they can fail to see developments over longer periods of time.
So, after you've taken care of all of your end of year financial obligations, you should have some down time to work on your strategy for the next year.
This is the perfect time to go back and consider the business year. Specifically, you should focus on where your business was in January. What were your goals at that time? Did you meet them during the year? If not, why?
You will almost always be surprised when you realize how your business has developed over the last year. A global view can also give you another perspective of how things are going.
After contemplating your last business year, you should give consideration to what you want to accomplish and where you want to be by the end of next year. Ask yourself the following:
• What is a reasonable revenue increase for next year compared to last?
• Are there products or services I should introduce?
• Are there products or services I should drop?
• If a strategy is underperforming, does it make objective sense to continue pursuing it or cut my losses?
• What are my biggest frustrations and how can I deal with them?
• What do I need to change about myself?
• What do I need to learn?
• What do I need to do?
• What can I do in my business that no one else does, or dares to do?
• What can I do in my business to make it truly outstanding!
• Who are my most valued employees and have I taken a moment to thank them?
• Who are my least valued employees and what should I do about it?
• Which vendors or suppliers do great work for me and which don't?
Many other questions will run through your mind. What is important is you write these down and keep them somewhere private.
Next December, you should pull them out and see how things are going.
For help in producing a strategic plan for your business, call Steve Mills Marketing on 0118 930 5700.
