We’ve celebrated the new year, and 2023 is well underway. Have you taken time to complete your end-of-year checklist?
With the start of any year, business owners are often coming off the busy-ness of the holiday season and feel bogged down by catch-up tasks. It’s essential, though, to make time for reflection and planning to ensure success and growth in the months to come.
Here are five topics you should go over to help you assess the success of the previous year and develop a strategy for 2023.
YEAR-END CHECKLIST:
1. Review last year’s revenue goals.
Each business owner should start the year establishing revenue goals. Revenue is a great metric for measuring success. Ask yourself:
- Did you meet or exceed your goal?
- Does your added revenue afford you the opportunity to improve or grow your business?
- If you didn’t meet your revenue goal, what were some of the factors that impacted the reduced income?
- How can you shift your marketing strategy to ensure you meet your revenue goal this year?
- How are you tracking your goals each quarter?
Use the answers to assess the success of the past year, create goals for the next 11 months, and develop a strategy for tracking this metric each quarter.
2. Perform a deep dive on your website.
A year is a long time for a website and, with your busy schedule, it might not be updated as often as it needs to be. Take time at the end of every year to ensure all the information is relevant and correct. Make sure all of the links lead to the right pages and that your page is easy to navigate. If you are having trouble finding information about your services, your customers are, as well. Even updating the images or adding a new headline can make your website feel fresh and exciting again.
3. Run a physical inventory.
If your business operates on a calendar year, running inventory is important for tax purposes. But it can also help you evaluate the success and popularity of the products you are selling. Use this practice as an opportunity to identify and remove slow-moving product and replace your inventory with a better option.
4. Focus on your staff.
If you have employees, look at the numbers to determine if you had too many, need more, or want to maintain your current staffing. Also, figure out if the current positions are enhancing your business or if those roles need to be reformatted. Don’t forget to incentivize and recognize the hard work of your employees. Consider a raise, bonus, or superlative to show them how much their help has meant to you.
If you are an independent business owner without employees, determine if your goals in the new year require more helping hands and begin growing your team.
5. Create a formalized plan for the new year.
Once you have assessed your successes and shortcomings, set your new year budget and goals, develop a strategy, and write it down. Share your vision with your team and make sure everyone is on board. Establish deadlines each quarter to track and measure progress. Without a clearly captured plan, it is easy to get sidetracked and miss out on growth opportunities throughout the year. It is also a great tool at the end of the year to check if you achieved what you set out to do. Ensure success with a formal plan.
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Assessing the health of your business and creating an annual strategy can be daunting. With so many moving pieces, where do you start? Let The Social’s Business help with the marketing side. We can perform a full audit of your platforms and create a plan that is perfect for you. Let us support your annual goals. Reach out to get started today.