As changes in your industry take place, it’s often necessary to pivot your strategy so your small business can keep up with the latest trends. The new year is a perfect opportunity to take a step back and assess your business’ overall small business continuity and operational strategy. By doing this, you will know if it’s time to reset certain aspects of your business. In this post, we’ll walk through tips to help guide this process.
What was successful and what needs improvement?
In the fast pace environment of a small business, it’s often challenging to step back and assess your successes and failures. However, this type of thinking is critical to evaluation and planning. Take some time to look at the full picture and assess what worked and what didn’t work in the past year.
Were you able to keep up with customer demand? Were your employees spread too thin? In this process, make sure to acknowledge your accomplishments and congratulate yourself and your team.
Review and adjust your goals
Clear direction is important to achieve successful growth, so take some time to develop new goals or make updates to your existing goals. Make sure that you have a clear summary of where you would like your business to go in both the short and the long term.
Whether you exceeded your goals in the past year or fell short, assess the outcomes and pivot from there. Make sure that you don’t become complacent with success. If you met your past goals, create new goals that set the bar higher to take your small business to the next level.
Analyze the numbers
Metrics are critical to small business owners. They provide data to assess if your strategy is working and give you a look into your business’s long-term trends. Take some time to select the metrics that are important to your business and measure your goals.
Some common metrics that may be important to your small business include new customers vs. returning customers, customer acquisition, revenue, and fixed and variable costs.
Seek your employees’ input
Make sure to get your team’s feedback in your evaluation. Because your employees are the boots on the group, they may have important information on your day-to-day operations. Their input will likely give you a point of view that you hadn’t previously considered. Inviting your team to help set goals will also give them a sense of ownership which can lead to higher performance in the long-term.
Looking back at your business’s performance in the past year will provide valuable lessons that can be used to set measurable goals in the year ahead and maintain small business continuity in the future.