Year End planning for your Small Business
I’ll be honest, if you are not in business, or have just started, today’s show might not make much sense to you, but it will give you an idea of why tracking performance for lots of different things can be. This could be marketing activity tracking, it could be employee performance, it could be your sales process.
At the end of the year, it is incredibly important for you, the small business owner, to look back at what you did the year prior, and make adjustments in your planning based on what worked and what didn’t. This can only happen if you do a good job of tracking data, recording sources for new business, and know truly, what worked, and what didn’t. It is okay to make mistakes. We make lots of them every year. But the smart small business owner does a good job of learning from those things that did not work and what did. Do less of what didn’t and do more of what did.
But before we jumped into planning, Johnny shared with us what Johnny Battle is all about: Johnny Battle is about being like a Spartan warrior, but more importantly, we will all be faced with a challenge; a divorce, a bully, a mountain climb, a business challenge, etc. We are forced to fight because we care about something. As business owners we have to wake up daily and look at ourselves in the mirror and know that you are responsible, and that you will always come out on top.
We get a little introspective on today’s show. Looking back on 2014 to see what we did well and what you can do better in 2015. A few things you need however to be able to do this: you need data from the the year, you need it organized, and you need to know where you want to go with your business. Do you need more sales? Do you need more profit? Do you need more staff? Do you need to outsource more?
Things we talked about along the way: Lifetime Value of a Customer, ROI (Return on Investment). and acquisition cost.
We finished up our conversation talking about cutting things out of our businesses that just don’t make sense. If you decided to cut something out of your business as a result of hearing our show today, we want to hear about it and why.