For a small business to grow, it needs to understand two things: what went right, and what could have gone better. Growth is the number one goal for every small business, and reviewing each year is the key to facilitating that growth. Many businesses don’t take the time to do this, and it leaves an incredible amount of information left on the cutting room floor.
Today we’ll look at three simple tips that will help you plan a review method each year to understand and bolster your growth into the following year.
1. Ask Yourself: What Did I Accomplish Last Year?
The first step is to take an inventory of everything you accomplished in the previous year. It could be the number of clients you earned, the number that you retained, or simply how many leads you had that did or did not pan out. Take down everything and spend a moment appreciating all of the hard work you did, you deserve it.
2. Analyze: Compare Your Performance to Previous Years and Goals
Put together a list of metrics that you can use to measure your performance. These can be anything you like, but they need to be consistent. Here are some possible examples to get your mind moving:
- Total clients now vs the beginning of the year
- Number of leads divided by the number of people who became clients (a ratio)
- Total revenue (or divided by month)
Any metrics like these can be used to find and target areas where growth is lacking, and give you cause to celebrate the ones that are doing well.
3. Plan for the Future
Now that you’ve sufficiently analyzed the past, it’s time to start planning for the future. Start by examining three broad concepts: your vision, your mission, and your values. Start with a vision – this is something that defines your overall plan for the company and your ultimate goals. This can change from year to year.
Next is your mission. This is how you plan to pursue the vision you established, over the next several years. It gives you an opportunity to set strategies and goals in place for which you can hold yourself accountable.
Finally, you need to examine your values. These define how you do business and offer a reason behind everything you do.
Some Final Thoughts
These tips will help you define and measure your success and your goals, but as you move forward, keep in mind that small victories will build momentum toward your larger goals. Secondly, divide your goals into monthly, weekly, and daily tasks. Trying to tackle something large in the first month could result in you becoming overwhelmed.
Use an agency management system like QQCatalyst to organize and focus your tasks into goals that you can tackle. Greatness is waiting; you need only reach out and take it.