You want a successful small business, so take some time to review and plan:
1. Review your business plan
– is it up to date? Do the numbers need amending based on your experience over the past 12 months. The Business plan should be a living breathing document that helps drive your business forward. Maybe it’s time to rethink your business plan – do a SWOT analysis and see what’s going well and what isn’t and write a new plan if necessary.
2. Set targets and Key Performance Indicators (KPIs) for the year so you check if you are on track
– how do you know if you are succeeding if you have nothing to aim for. Set targets for yourself and look to monitor your KPIs every month. What went well and what didn’t go so well? What needs tweaking or changing?
3. Review your marketing for the past year.
– See where your business came from; do more of what was successful and less of what didn’t work; look at new avenues of marketing your business. Can you do more marketing to increase business?
4. Review your pricing
– should it be increased?
5. Look at your costs for the past year
– are they still appropriate; can any be reduced?
6. Have a look at changes coming along this year
– (for better or worse) and plan how you are going to react e.g tax changes; Regulations;
7. Find a mentor and chat regularly throughout the year to help keep your business moving forward.
– This may be another business person you know who you can share ideas with. How do you make yourself accountable to yourself and not let yourself off the hook?
8. Get on a workshop or course to learn some more and update your skills
9. Seek advice in areas which you know are not your strengths