Hard to believe, but it’s the end of yet another year. If you’re running a small, home-based business, this is probably also the end of your fiscal year. You might also be experiencing a lull between holidays right about now. What better time to sit down and do some hard-core business review and planning? Here are some things to consider when doing that end of year review and planning.
What worked well? – This is good time to pat yourself on the back for work well done. Take a look at some of the things that really went well this year and make a note of them. Were they the result of some prior planning? Or were they just the result of your entrepreneurial spirit at work?
What didn’t work? – This is also a good time to review those things that didn’t work very well. Why didn’t they work? Should you do away with them? Or are there actions you can take to improve these aspects of your business so they do work well? If so, note that as well.
What can be done better? – Are there things that worked pretty well or just OK that could be improved upon? Take stock of these and brainstorm some ideas on how you might do them better or more effectively.
What new opportunities await? – The end of one year is also the beginning of a new year. What things lie ahead for your home-based business in 2007? This is a good time to set some new goals for the coming year.
Is the Business Plan still relevant? – This is also a good time to review the master business plan. The business plan is often ignored as we go through the daily activities of managing our business throughout the year. Most experts will tell you to review the plan more often than once per year. But if you’ve been avoiding this review, here is a good time to review the plan and make any necessary changes to it.
Review and planning is often something that we never have time for during the year. Taking some time out at the end of the year to do this will give you a good fresh start for the new year.