2017 In Review

2017 In Review

Looking Back to Move Forward

 

Even if New Year’s resolutions aren’t your thing, the ending of one year and the beginning of the next is a great transitional time to do some thinking. For a business, it’s important to reflect on progress made toward goals, successes and failures as well as opportunities for growth in the New Year.

 

As the year winds down, take some time to gather data and benchmarks to make sure next year continues on a trajectory of growth and new opportunity. You might want to:

  1. Create a list of every new account you got last year. How did you meet them? Use this data to pinpoint where you should spend your marketing efforts next year.
  2. Run a list of all accounts and score them on likability and profitability. Then consider what accounts need to be top-graded out over time.
  3. Look at your quarterly profitability for past three years to see what trends you notice.
  4. Print out a list of every company and person you paid last year. Look through the list and see which recurring charges and vendors can be cut out or reduced next year.
  5. Consider updating your credit card number every year or two to help you determine what subscriptions you should drop. Because they’ll have to reach out to you to continue payment, you have the opportunity to make a conscious decision to continue or cancel them.
  6. Review all the above information with your leadership team and use your findings to set goals for next year.

 

In addition to running reports and reviewing accounts, the New Year is also a great time to ask yourself the tough questions that will make next year better. Many owners never stop to ask these questions, so making a habit of doing this every December is a great way to keep these strategic questions in the forefront of your mind. Some smart questions to ask are:

  1. Would you enthusiastically rehire everyone on your team? If not, then plan to have discussions with employees to determine what their next year will look like.
  2. What client engagement events and efforts did you complete this year? What worked and what do you want to do next year to show clients/customers how much you appreciate them?
  3. What is your total payroll this year vs. revenue compared to last year?
  4. What are the biggest wins of last year and what were your biggest challenges from 2017? Have you found solutions for your outstanding challenges?
  5. If you could wave a magic wand and fix an issue, what would you fix and why?
  6. Is your leadership team aligned with your vision? Learn more about the importance of internal alignment by clicking here.
  7. If you were hit by a bus tomorrow, would your company survive? Learn more about the importance of a professionally-led company by clicking here.

What reflective rituals does your company have at the end of the year? Are there any important criterion or questions that we missed? Let us know on social!

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