At this time of year it is customary to reflect on our many blessings, both professional and personally, and give Thanks for the gifts in our lives. This includes showing appreciation to those who have assisted us along the way, our employees, suppliers, family and the Creator who all have provided the path and tools to gain our blessings. It is also time to reflect on how we can improve and set new goals for the new year.
This should start with an assessment of the past year, review the accomplishments and challenges to objectively identify opportunities for growth as well as potential weaknesses to address. Only then can we set objectives for the next year and a strategic plan to reach those goals. Finally, set up or maintain a measurement process so that you can monitor your results along the way and modify your tactics during the year to boost your path to success.
Four steps to Business Planning
- Review (use objective measurements) your business and performance, hopefully against goals set previously
- Discover strengths and weaknesses to address
- Assess your current vision for the business and evolve as necessary
- Revise/identify your goals for next year (and three years out)
- Develop the strategies, then tactics to achieve the goals
- Create business dashboard to monitor results toward the goals
- Review quarterly
- Revise tactics as needed
Small businesses should not be intimidated by this process. While Fortune 500 companies will spend weeks and thousands to complete this process, even small businesses should conduct a simple review and goal setting. A “simple” process plan is available from Boost Business to help you on the journey.
We wish to give thanks to all our family, friends and clients and encourage you to spend quality time with family during this Holiday season. And if you need help with your planning, please let us know, America’s greatness is built on the success of Small Business.