As the year begins, it marks an important milestone for business owners and entrepreneurs. Here is a list of things to do for your business to hit the ground runnung this year.
REVIEW YOUR YEAR
Review your plans: Look at your planned numbers (revenue, profit margins, trends, and lessons learned). Avoid having to re-learn the lessons by tracking evidence of what worked, what didn’t and why.
Carry out a 360 assessment of your business, including the performance of your employees, finances and clientele. Critically analyse the position of the business vis-à-vis what was planned.
REVIEW YOUR BOOKKEEPING
Take an honest look at how much your business realised within the year versus how much you spent. Pay attention to whether all necessary books
were posted and the accuracy levels. Ensure traceability of the worthiness of your business this month. The last thing you want to do is to start a new year without knowing what your finances look like!
REFOCUS
Make a list of everything that you spend time doing. This should include work-related tasks, activities, goals, etc.
Identify anything that you no longer enjoy doing or that might be distracting you from working towards your bigger goals.
There’s a difference between working towards something worthwhile and simply wanting to complete something. Figure out the activities, which are most important and rewarding.
This will enable you to focus on the important things in your business.
REVIEW RESOURCES
This includes human resources, tools and equipment, as well as finances. Match your observations with actions as you refocus to begin the year. Fit talents to activities, eliminate or punish those who caused losses
and reward those who put the business at the helm of success.
Identify training/mentorship needs. Review whether the available tools and equipment will help you achieve your intended goals, or if you need
to purchase new ones, or make necessary repairs. Consider if financial performance allows expansion and act as required.
GET INFORMED
Are there any new laws that are taking effect, how best have you prepared for them, is there anything new that you think may impact your business? Be compliant to avoid penalties.
Understudy the environment and look out for anything that may disrupt your prospect strategy.
REVIEW YOUR GOALS
Think about what you want your business to achieve.
Be SMART, set goals rather than making resolutions, especially in business, there is a difference between a goal and a resolution. Resolutions are things you keep, goals are things you attain.
Build your strategy with your team and mentors: Once you have goals for your business, get your team on board. Schedule a planning and strategy meeting with your employees to create the plans you need to reach those goals.
Research carried out by Margaret Nakakande a business development professional in Kampala, Uganda
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