Updated: Jul 22, 2019
The new year is officially upon us...so what does that mean for the small business owner? A lot...
If you want to be successful in the new year, you have to lay out a plan. Most annual plans take a look at how you did the year before, modify any weak areas, address any operating or production issues, and set goals for the year to come. Every annual plan is heavily based upon driving revenues and meeting short term goals, so it's important to be realistic. And since we're talking about driving revenues, don't forget to add in how you're going to make it happen...you'll need to outline your marketing strategies for the year ahead.
Sounds like a daunting task, right? Most small business owners would even go to the length of saying "why bother, I know this stuff anyway". Well, you don't have to do any planning...if you don't want to succeed or grow. That's right...you only have to plan for growth and success.
Another benefit to the annual planning process is that it is meant to support your immediate needs, as well as your long term vision for your company. So if you're looking to hire a new staff this year, maybe change offices, or possibly need new computers or equipment, your annual plan is going to help you meet those needs.
Why every year? Well, you're running your business off of a fiscal cycle. Each performance evaluation that is done, is typically done once you've started to close your books for the year. Once you start thinking about running your Profit & Loss (P&L) statement, you should be thinking about how to make things better for the new year.
For more information about our own Annual Planning and Performance Evaluations services, email us at email@example.com.