Reflecting on your business’s performance is very important. Here are the top 5 criteria to consider.
Set Goals
An annual reflection sets the foundation for new goals in the year ahead. You have all this information. Use this opportunity to take what you learned and decide which parts are important so you can get the most out of the year ahead.
Consider What Worked in the Past
Reflect on what you accomplished in 2021 when planning for 2022. If a strategy has been proven to work, think of ways to implement it into your new plan. Write down the habits and tactics that kept you on track and use them to help you reach new achievements. Reflecting on what’s worked in the past will also serve as a reminder of what you’re capable of doing. This is a great way to bolster your confidence and spur you forward.
Track Your Finances
When you run your own business, money management is incredibly important, which is why your plan should include a section for tracking your finances. Start by using an app or spreadsheet to separate your personal and business expenses. This will give you a clearer view of the health of your business. Then, pay yourself a salary based on your budget and remember to factor in taxes, an emergency reserve and a retirement fund. By identifying and tracking your expenses, you’ll make it that much easier to achieve your goals in the new year and beyond.
Measure What Matters
What you measure shifts your mindset, drives behaviors, and determines the results you see in your life. Do your employees know what’s most important for business success? Do you measure what truly matters to your business success?
Find Your A-team
You need trusted people in your life to give you feedback and hold you accountable. These trusted advisors are like the rearview and side-view mirrors on a car that enables a safe driving experience. There is often a big gap between knowing and doing. So find a system that has worked for you before. Do you have people in your life who can hold you accountable? Do you foster an environment where sharing bad news is celebrated?
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