Ahhh, yes! It’s the time of the year we gather around the holiday table (aka Zoom) with the significant people in our lives…and plan for the year ahead. (Oh, how I wish that were so.)
Unfortunately, most business owners spend more time planning Thanksgiving dinner than they do planning for business growth. And, when resources are limited, planning is even more critical.
David vs. Goliath Planning
There’s more than size that separates small businesses from large. The most noticeable difference is how each responds to pressure, stress, overwhelm, and uncertainty.
While corporations spend more time planning when things go sideways, small business owners spend their time putting out fires and dealing with day-to-day operations.
Granted, you have to weigh the importance of assessing, planning, and setting a direction for business growth versus being on the streets doing your thing. However, the real value of proper planning is the time saved by focused efforts and avoiding costly decisions.
A Year End Assessment is Not Rocket Science
A formalized strategic planning mechanism that is held annually is a nice idea. The truth is most of us small business owners aren’t likely to create — or engage — in such a formalized process. In fact, the failure of most small businesses to engage in any sort of structured planning is noted as one of the primary causes of the high failure rate. That’s just plain ugly — especially when it’s avoidable.
Regardless, we don’t need an MBA or special superpowers to accurately analyze and plan for the year ahead. We just need to schedule some time and take inventory of what’s truly going on in our business.
Planning means preparing for future success.
Business Growth Begins With an Assessment
One of the most valuable tools to identify growth opportunities is the year-end business assessment. It gives you the critical feedback and insight you need for proper planning.
Objectivity accelerates your odds for a successful year ahead.
Don’t Let Business Consume You
It’s easy to get devoured by the day-to-day hustle of a small business. We become engrossed in catching up and keeping up. Before long, we’ve squandered priceless resources and exhausted opportunities — all because we’re too absorbed in business operations — and drained by it all.
Once you’ve completed your year-end assessment, make plans to…
- Run your business profitably by putting a halt to underpricing—and underearning.
- Take better care of yourself by locking in boundaries, especially related to time.
- Work each day with a clear intention culminating from clearly defined goals.
- Make better choices by escaping over-commitment.
- Target double-digit business growth by delegating and outsourcing.
- Maintain better work-life balance through the use of technology.
The Census Bureau counted 40,000 firms with $1 million in revenue for 2017. Granted, that was 2017. Needless to say, they are a bit sluggish when gathering data. However, even if $1 million in revenue is not your goal, there’s tremendous benefit in setting a strategic direction for your business.
Want a year end assessment to spark your motivation? Join our entrepreneurial cohort at Eureka (It’s still free to join.) and download Think Clearly. Act Boldly. Head in the Right Direction.