Planning for New Year In Business

New year, new...business? No, that didn't really work there, did it? The new year is almost here and we know that that means: fresh starts, new goals, and re-strategizing!

While we should be evaluating our business every quarter and making changes throughout the year, the end of the year can be a good time to look at your business from a yearly perspective and reflect on the goals you set the year before, and the numbers that line up with those to see how you did against your projections.

Not only reflecting on the past year but planning for the year ahead is important for every business, big or small, no matter the industry. Your goals can change in your business anytime, but it's essential to set goals so you aren't just "winging it" with your entire business.

Today, we are going through step-by-step of how you can plan for the new year and get your business started off on the right foot.

Reflect + Evaluate

Part of your new year planning process should include reflecting on your past year. You might have heard the quote, "To understand the future, we have to understand the past." It's essential to reflect on the weaknesses and strengths you are currently facing.

Start by gathering any feedback you've received (from your team, customers, reviewers, clients, etc) and any stats and numbers to evaluate. What worked? What didn't? What doesn't bring you joy anymore? What progress did you make on your long-term goals? How did that pivot throughout the year? What are the analytics saying? DON'T skip this step!

During this step, it can help to break your business down by department to evaluate each piece — finances, offers, marketing, sales, customer experience, and your team — to get a closer look.

Set New Goals

Goal setting in business will always be something we preach. Just like your personal goals, these goals might change or pivot throughout the year, however, we need them as a starting place to get going on new projects, ideas, and strategies for our business.

When it comes to goal setting, use the SMART method! This stands for specific, measurable, achievable, relevant, and time-bound. This is how you create goals that you can actually follow up on and see if they are working.

Strategize

Let's tap into those goals even more! This is the part where we build the roadmap to get to those goals. When you think about an entire year of work, it's a lot, right? Set up systems, tools, and processes that will help you implement your strategy, so it doesn't look so daunting!

Your strategy should include action steps and new resources needed, to get you pointed in the right direction for success in the new year.

Budget

An overlooked part of preparing for the new year is creating or revisiting your business budget. With all this new goal-setting and re-strategizing, your budget should also be in the back of your mind. Evaluate your current expenses in your business, and where you'd like to allocate differently with your new year.

Starting the year with a solid reflection and planning process can make all the difference! By reflecting on the past year, setting new SMART goals, building a clear strategy around them, and reevaluating your budget, you'll be ready for the year ahead.

So, what’s next for your business in the new year?