From the articles
START STRONG TO FINISH IN GRAND STYLE
Indeed, the year is ended and it is time to take stock of how you and your business has performed.
Are you happy with the anticipated results? If the answer is yes, are you prepared to deliver the same performance next year or go to the next level? If the answer is no, are you prepared to deal with the obstacles and challenges that prevented you from achieving your goals this year?
I have personally observed that for me to have a bright start to a new day depends on the condition I sleep the night before. So is any business that is a going concern. Your result of this year is a build up from the previous. There may be little time to change the results of 2017 but there is plenty of time to prepare for changes in 2018, if you start now.
Reviewing the past several months, is your business foundation strong enough to build the next phase of your expansion? Your foundation needs to be durable, providing the necessary support to accelerate current business practices that will generate more revenues and improve overall performance
In your evaluation of the past year, if you are not convinced your business is running at maximum capacity or operating efficiently, it is well advised to spend time to identify the primary obstacles and demands your business require to get on track for better performance in the coming year. Do you need to invest in people, products or infrastructure? What will it require in time and finances to build a strong foundation for future growth?
One of the most important tool of an entrepreneur is a ‘living’ business plan – that plan should be reviewed periodically and now is another time for review. One of the biggest challenges for business owners is to look outside the day-to-day operations to see the threats and opportunities for growth. If you do not have an advisor, seek help from peers who can give you an objective assessment.
There is an old saying that what gets measured gets managed. It is time to run through the numbers – the financial result of your business. For businesses without dedicated and experienced accounting department, this can result in serious problems. If you do not have any metrics of measuring the performance of your business, this is the perfect time to set them. It is tempting to delegate the maths to others to do for you, yet cash flow management is an area where many entrepreneurs neglect. By understanding the numbers that are relevant to your business, you can ensure that you are giving yourself every opportunity to grow and prosper.
Now is the time to plan for the coming year. How much do you need to invest? Will you need to pivot from plans that have not provided expected results in the prior months? Your team is waiting for your definitive plan of action. They want to know where they are headed so they can meet your expectations. Take the steps necessary to get ready for the best possible outcomes in the coming new year. The action you take today, will impact where you end up next year.
“Starting strong is good, finishing strong is epic.” ― Robin Sharma
