Q4 Planning: How to prep your business to grow in 2021

Whether this is your first or twentieth year as a business owner, the last quarter of the year may often feel like an endless sprint to the holidays. Only to take a few days off (lucky you) and start all over again.

Want to make this year different?

Especially as the economy took many unexpected turns this year, keeping it business as usual without having a closer look at what went well and, most importantly, what didn’t might be tempting. However, in order to set yourself up for long term profitability, a hard, honest look at your business health is key as you set out to start the new year.

Set Your Business Up For Growth: Q4 Planning and 2021 Goals

As a business owner, planning ahead is likely the most effective tool you have in your toolbelt. 

In a recent article, we explored how to prioritize your business planning according to the Fix This Next methodology. We thoroughly discuss the key elements of strategic planning you should focus on as a business owner and how to set a solid foundation in long term, sustainable business growth.

Now, we’re breaking the Business Hierarchy of Needs into practical steps you can take this quarter to prime yourself for a successful 2021.

Conduct a thorough company-wide audit

As the holiday season approaches, take a close look at your internal processes, ensure you’re utilizing your resources to the best of your ability, and evaluate what, if any, tools and resources could be optimized or disposed of.

As you clean up your procedures, you’ll find gaps and maybe overlaps that might be draining your time and money. You’ll also be able to clearly see the areas you and your team can optimize as the busy season comes.

This year in particular, as the economy restarts in unknown conditions for most small business owners, you’ll be in a unique position to start over with a clean slate.

Take this time of in-depth review as an opportunity to document your processes and create Standard Operating Procedures for your business. Creating your SOPs with fresh, optimized systems and tools will propel you into the new year, free up your time and help you scale with ease to achieve all those hefty 2021 goals.

Depending on where you are in your journey, you can start documenting client or team member onboarding, lead generation, product launches, marketing efforts, and more.

Not sure where to start? Check out my handy SOPs for small business: Why You Need Standard Operating Procedures - Step by step guide 

Leverage this new-found knowledge of your business to automate your operations: No more manually adding people to lists! With your fresh SOPs, implement tools like Dubsado or Zapier, and finally set your business on autopilot. 

You’d be surprised by how much time you’ll save in the long run when small tasks are automated. And if there’s something you can’t quite automate with software, then look for these 3 signs you need an OBM.

Track your performance and finances

I know 2020 put the world upside down. However, Q4 is an excellent opportunity for you to take some time to look at the last year and evaluate how things are going in your business. Are your finances in line? Have you saved enough for taxes? Are your deductions properly documented?

On the flip side, have you sold as much as you hoped by this point? Can you spot any trends with previous years? Are upwards or downwards trends starting to emerge? Can you define what seasons or products have the highest ROI? 

This is the time to put your finances in order and evaluate what paths are no longer worth pursuing from a financial standpoint.

Set your 2021 goals

Here’s where the exciting part comes in! Once you’ve evaluated your performance to date, you’ll have a clear view of what areas of your business are calling for expansion and where you can best allocate your resources for long term profit.

In setting your business growth goals, you’re mapping out what your 2021 needs to look like. This way, it’s easier to objectively look at your path to get to where you want to be. 

Remember, growth isn’t always about doing more! It’s about finding the areas you feel strongly about and can bring you the best possible ROI. For example, there isn’t much use in setting the goal to hire 6 employees or sign 6 clients when you can make your process more efficient, cut costs, and increase revenue with the correct software and 2-3 big projects. Why do more when you can do better?

Have you heard of Gretchen Rubin? Her quick 13 tips to keeping your resolutions are a simple, engaging way to help you stay on track.

Your Successful 2021 Starts In 2020

If you’ve never taken the time to dive deep into your existing strategies and plan for the year ahead, you’re doing your business a disservice. 

Once you’ve established a clear foundation in your business and figured out what stage of the Business Hierarchy of Needs, you’ll be able to make informed, realistic goals for you and your team. And finally, start checking goals off your dream list.

Ready to make better plans? Let's chat ? https://www.the516collaborative.com/contact-us.