As we enter the final weeks of 2005, you are undoubtedly hunting
for gifts. While these are obvious year end considerations, you
should also be reviewing your business strategy for 2006.
Business Strategy - 2005
Whether your fiscal year ends in December or doesn't, the end of
the month is a good time to take stock of how things went in
2005. While the old saying is "time flies", it is particularly
true for businesses. Business owners tend to be fixated on two
to three month time periods. As a result, they can fail to see
developments over longer periods of time.
After you've taken care of all your holiday gift purchases, you
should have some down time in the last two weeks of the month.
Business tends to slow down as people deal with the holidays,
travel to see family and so on. This is the perfect time to go
back and consider the business year. Specifically, you should
focus on where your business was in January 2005. What were your
goals at that time? Did you meet them during the year? If not,
why? You will almost always be surprised when you realize how
the business developed over the last year. This global view can
give you a better perspective and evaluation of how things are
going.
Business Strategy - 2006
After contemplating 2005, you should give consideration to what
you want to accomplish and where you want to be by the end of
2006. Ask yourself the following:
1. What is a reasonable revenue increase for 2006 compared to
2005?
2. Are their products or services you should pursue?
3. Are their products or services you should drop?
4. If a strategy is underperforming, does it make objective
sense to continue pursuing it or cut your losses?
5. What are your biggest frustrations and how can you deal with
them?
6. Who are your most valued employees and have you taken a
moment to thank them?
7. Who are your least valued employees and what should you do
about it?
8. Which vendors or suppliers do great work for you and which
don't?
Many other questions will run through your mind. There are no
wrong ones. What is important, however, is you write the goals
and thoughts down and keep them somewhere private. Next
December, you should pull them out and see how things are going.
About the author:
Richard A. Chapo is a San Diego business lawyer with
http://www.sandiegobusinesslawfirm.com - a San Diego business
law firm in San Diego, California.
