Strategize the Success of YOUR Business! - Building YOUR Business for the FUTURE.
During the months of December or January I tend to take some time and reflect on the previous year. What were the successes? What were our shortcomings? Where needs improvement? What were some of the major events for the year? What were some of the lessons learnt? What are the goals for the upcoming year? Personally, I believe that this is important for every business. It helps you chart the way forward by improving on what went well and avoiding mistakes of the past. The aim is to continue building a successful and sustainable business.
Use your short-term goals as a measurement of success. There are times when we achieve our goals or are in the process of achieving our goals but need some additional resources. There are some goals that we were not able to achieve however, we need to document those reasons to determine whether it will roll over for the upcoming year or whether it was unrealistic. It will also assist in the development of SMART goals for the new year.
Review your financial records, inventory logs, sales ledger. Determine the trends from the past year and create projections for the following year. What items sold quickly? What service did people require the most? What items stayed on the shelves the longest? Were there items that people requested often that were either out of stock or not included in the inventory? What was the profit for the year? Were you able to easily cover your operating expenses? Do you need to raise your selling price to earn a bigger profit or maintain your profit margin? These are some of the things that you need to consider when you do your progress and performance review.
Your business is not just about the dollars and cents. It is also about people, i.e., your customers and your employees. Your customers are the ones who make your business a success. We can plan all we want but if people do not purchase our products or services then we will not be profitable. I do not believe that the customer is always right, but their comments, reviews and feedback are very important. Word of mouth advertisement goes a long way but a negative review goes further. So, what did your customers have to say about your business this year? Were they good reviews? Are there possible areas for improvement? What can we do make our customer’s experience better?
Our employees are our customers’ and potential customers’ first point of contact with our business. Were they adequately trained on the products and services that we offer? Are they equipped to interact with difficult or irate customers? Do they know how to deescalate situations so that they do not cause harm to the business while allowing the customer to feel a sense of satisfaction as they leave the business? Sometimes it’s the way we speak to a customer more than what we say, aids in deescalating situations. There have been instances that show that the way an employee interacts with a customer is an indication of their job satisfaction. Are your employees happy to be working for you? Are there ways that you can reward your employees for going above and beyond on the job? Happy employees can lead to better customer service, so it is worth some consideration.
Reflecting on the past year influences your goals for the future. It will shape the direction of the business. Do you require additional capital for the business? Do you want to expand your inventory or change your supplier? You want to expand the business to another branch? Do you need skilled employees or additional employees? Where do you see your business in the next 12 months? You just need to remember that this is YOUR business, and YOU determine its future based on your STRATEGY and DECISIONS.
Take the time to reflect on your business. Celebrate the wins, plan a strategy to master your shortcomings, and determine the future you want for your business. Each year we learn something new, we just have to use the lessons that we have learnt to build our business to be bigger and better and more sustainable.?