Venture Technique – 12 months End Considerations
As we enter the final weeks of 2010, you’re undoubtedly hunting for gifts. While these are obvious calendar year end considerations, you should also be reviewing your venture method for 2011.
Business Technique – 2010
Whether your fiscal year ends in December or doesn’t, the end of the month is a fantastic time to take stock of how things went in 2010. While the old saying is “time flies”, it’s particularly true for businesses. Enterprise owners tend to be fixated on 2 to three month time periods. As a result, they could 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 inside the last 2 weeks of the month. Business tends to slow down as individuals deal with the holidays, travel to see family and so on. This is actually the perfect time to go back and take into account the business calendar year. Specifically, you should focus on where your business was in January 2010. What were your goals at that time? Did you meet them during the calendar year? If not, why? You’ll almost always be shocked when you realize how the enterprise developed over the last twelve months. This global view can certainly give you a better perspective and evaluation of how things are going.
Venture Method – 2011
After contemplating 2005, you should give consideration to what you dream about 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 2011 compared to 2010?
2. Are their products or services you should pursue?
3. Are their products or services you should drop?
4. If a tactic is underperforming, does it make objective sense to continue pursuing it or cut your losses?
5. What are your biggest frustrations and how could 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 perform through your mind. One can find no wrong ones. What is important, nonetheless, is you compose the goals and thoughts down and keep them somewhere private. Next December, you should pull them out and see how things are going.
Olawhole Lawrence is the founder of nyc online advertising firm and A NJ SEM services firm. For more on small businesses, visit the author’s blog.
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