Saul Mishkin

Tips For Starting Your Business Year Off Right

A new year represents a chance for new beginnings and fresh starts. It is a chance to assess what you have already accomplished and look ahead to the future. Here are several tips for starting your business year off right.

Before making any changes or adjustments for the new year it’s important to first assess the past year. This assessment should be comprehensive and give you a complete picture of just where your business is at currently. Without an accurate picture of the present, it’s very difficult to make good decisions about the future. This assessment should include…

•Reflection on the goals from the previous year.  Determine what worked well and what didn’t in regards to meeting those goals. Consider the goals you did not meet and try to determine the causes for not meeting those goals. 

•A full inventory of your product. This may include a complete inventory of physical products on hand or a complete list of digital products and services you provide. This inventory should also include sales data so you can determine which products or services are an asset to the company and which ones you should consider scaling back. 

•A staffing evaluation. Not only is this a good time to conduct performance reviews to see how your employees are doing but this is also an excellent time to determine if your current positions are still meeting the needs of your company. You might have an excellent marketing team but realize that the team is bigger than you need and so this is the time to move employees into another role. 

After you have conducted a thorough assessment of the past year it is time to make set goals and adjustments. As you set goals, consider where you went to be in one year, but also consider long-term goals. Once you have a thorough understanding of where your business is currently and you have set goals for where you want your business to be, it is time to make adjustments to help you get there. These adjustments help ensure you start the new year off right in your business because you can be confident you have optimized your personnel and systems to help you move forward in the right direction.

It will take time to complete a thorough assessment, set goals and make adjustments for your business, but this will be time well spent to ensure you are starting your business year off right.

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