Saul Mishkin

Why You Should Always Review Your Year Before Planning For The Next Year

All too often when we look ahead to the future we make decisions based on what we think has happened in the past. This means that we aren’t always using accurate data to make future plans. Instead, it is important to make decisions based on what you know is happening. In order to do this, you should always review your year before planning for the next year with your business.

Take time to critically evaluate your goals from the previous year. Which goals did you meet? Which goals did you not meet? Were they extremely ambitious goals that you didn’t meet but that you made significant progress towards? Taking time to evaluate your goals from the previous year gives you an opportunity to see what worked and what didn’t work. For goals you didn’t meet, you may consider adding them to the plan for the upcoming year. Additionally, you may decide to scrap some goals all together after a year, or more, of trying to achieve them.

As you evaluate the goals you also want to look at which circumstances may have contributed to reaching, or not reaching, the goals. Consider if these are circumstances that can be replicated to ensure meeting future goals, or if these are circumstances that can be removed so that goals can be met in the future. 

It’s worth noting again, that it’s important to consider actual data when determining which goals were met, rather than simply thinking about which goals you think you met. This allows you to better plan for the future of your business. Consider data from all areas of the business as you make these decisions. 

Reviewing your previous year can also help you determine what pivots may be necessary for the coming year. Carefully evaluate what business practices worked and which didn’t to determine what adjustments need to be made for the coming year. Make sure that all aspects of the business are included in the evaluation so you can move towards optimal efficiency and productivity. You may find that while your focus was on building a business to customer model, you had your most success with business to business clients. That may mean it would be wise to consider pivoting your business model in the upcoming year to increase your business to business clients.

There are many benefits gained from taking time to review your year before planning for the next year in your business. Here’s to a great new year!

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