How to Review Your Business
If you want your business to succeed in the challenging year ahead, you need to get ready now. By making time to review and take stock of where you’re currently at, you’ll be able to avoid mistakes, overcome difficulties and help your business to outgrow the market, no matter what happens next. Here’s how to prepare so you can hit the ground running in 2023.
Evaluate what worked well
Zig Ziglar once said, “Winners evaluate themselves in a positive manner and look for their strengths as they work to overcome their weaknesses.” When you look back at the year just gone, it’s important that you identify the strengths, successes and victories of your business first and foremost. What did you set out to accomplish? Which goals did you achieve? Review your year-end profit and loss statement, CRM activities and calendar and give yourself a pat on the back for meeting milestones. Tracking your achievements like this is a great way to show you a very clear picture of where you made gains.
Assess what needs improvement
Once you’ve identified the positives from the past year, you need to clinically review where things slipped and what needs work. The three legs of a successful business model are sales and marketing, financial management and customer service. On a scale of 1-10, assess how you rate all three of these categories and what can be done to make improvements in each area. As we face into an uncertain 2023, there’s no use burying your head in the sand. You need to know exactly what needs a tune-up so that you can prepare your business to outperform the market.
Perform a SWOT analysis
A SWOT analysis is a review of the strengths, weakness, opportunities and threats of your business. Where is your business winning? What are its failings? How can you maximize its opportunities? What are the potential threats you need to consider or mitigate for? A SWOT analysis is a powerful planning technique and an extremely effective tool that will help you to strategize and overcome all the challenges your business might meet in the coming year and beyond.
As this year ends, it’s the perfect time to plan so that your business can win, no matter what happens next in the marketplace. To learn more, listen to the latest episode of “It’s a Good Life”.