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What Successful Entrepreneurs Do Before The End Of The Year

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Profit Is The New Black | Shontaye Hawkins | Business Coach

As the end of the year approaches many small business owners start creating their goals and strategic plans for the next year without doing one very important step – a year end review. A year end review is simply a look back at how your business performed over the past 12 months. It doesn’t hurt to go back further if you have that data available. The more information you have the better you can plan for the coming year.  

What data or information should I review? 

At a minimum, you should review what I call the “big 3” – revenue, expense and profit. You could look at your pricing, sales conversion rates, marketing return on investment and more.  

A year end review can help guide your business decisions, strategic plans and resource allocation for the next year. However, many businesses jump into the planning process without considering their current results. It’s a lot easier to hit 6 or 7 figures when you know what’s happening with your “big 3”. The year end review is not only about financial results. It should include an evaluation of all business areas – team, systems, products and/or services, and industry/marketing trends.  

Don’t set yourself up by spending hours and hours planning for the next year, without doing a thorough year end review.  

Your year end review may also include a client/customer survey especially if you’re planning to launch a new product or service in the new year. You could use the survey to get feedback, build excitement and get your clients/customers involved in the launch. For example, maybe you ask them to help you name the product or service, choose a color or decide on a design. It’s fun for them and valuable market research for you.  

Whether you’ve completed your strategic plan and goals for the next year or not, doing a year end review can be very insightful and eye-opening. Don’t guess about what is and isn’t working let the data and results speak for itself.  

Need help working through this process for your small business? Click here to schedule a complimentary consultation so we can create a customized profit plan just for you.

Filed Under: Blog, Entrepreneurs Tagged With: financial results, profit planning, revenue, sales, systems, team

About Shontaye

Bottom Line Strategist™ Shontaye Hawkins uses her extensive finance background and ability to “see through the numbers” to get your Profit Game Plan for success. If you’re ready to eliminate money leaks, create your very own profit strategy - based on YOUR goals - and achieve growth + profit for MEGA results, then Shontaye has exactly what you need. To get your FREE audio gift and receive Shontaye’s weekly newsletter filled with profit tips and strategies, follow the link and enter your name and email address to receive your instant audio download.
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