Reflecting on the year: Small Business Edition
From start to finish, here’s a broad, 5-point checklist to help you:
Assess your goals from this year.
Take a look at procedures and processes that worked well.
Consider customer feedback and reviews.
Assess return on investment (ROI) for marketing efforts.
Set your goals for the year ahead.
In a few days, most people will be welcoming in the New Year. Setting goals and creating a plan for the coming year is common among small business owners, entrepreneurs and individuals. Goals and a strategy for the New Year are important; however, it can be easy to overlook the first step to setting new goals.
The first step we recommend at Flywheel is reflecting on the past year. Assessing what you did, what worked well and what you can do better is a great way to start creating a plan for next year.
1. Assess your goals from this year.
Where did you begin the year? Did you accomplish your goals? Goals should always be smart. Quantum Workplace has an in-depth description of smart goals and how to set them. Smart goals are specific, measurable, achievable, relevant, and timely. Goals assist you as a business owner in defining your purpose and strategy for the time period you set. I personally work from a position of one-year focus broken down into four 90-day sections. I find it easier and less overwhelming to see the big picture while still focusing on the shorter term to achieve what is necessary. Always keep your goals posted in a visible space to enable you to daily see what you’re working towards and not lose your vision.
2. Take a look at procedures and processes that worked well.
What working systems do you have in place for your small business that worked well? This can be a simple thing like time batching to get work done or something more complex: processes for shipping, receiving, or even manufacturing. Whatever is working well, make note of that. Whatever is not working well or is less efficient, take steps to figure out a better solution. Time is money, so wasting time on processes that don’t work well costs you more than you realize. Be smart and ruthless in cutting in out things that are not growing your business.
3. Consider customer feedback and reviews.
Feedback from customers is valuable. There are always lessons to be learned from good and bad experiences. Set aside specific time to read through all customer feedback that you have access to via Yelp, Google, Facebook, or other places. Separate all feedback by positive, negative, and neutral. Look for ways to use positive feedback across social media and on your website. Do not let positive reviews go to waste. If the negative feedback contains information that you can use to make necessary changes, do that now. Sometimes negative feedback can be incredibly valuable when it pushes your business in a new, better direction. Sometimes negative feedback is a result of someone having a bad day and taking it out on you. Learn the difference.
4. Assess return on investment (ROI) for marketing efforts.
Forbes recommends that you think like a non-marketer when considering ROI. Marketers look at relationship management and impressions, which doesn’t always translate to dollars in business.
As a business owner, it's important to track your marketing dollars and the income generated as a result.
5. Set your goals for the year ahead.
Where do you want to be this time next year? Set goals that match the vision for your business so that you can begin to strategize ways to achieve those goals.
At Flywheel Marketing, we are experts in social media management and online marketing. With years of experience, we work creatively to meet the unique needs of each client. Click the button below to request a FREE assessment of your business's online presence. We look forward to working with you.