No surprise, a lot of businesses missed their goals this year, but would it surprise you to know that many also exceeded theirs? Some were fortunate enough to be in industries that thrived in the current business environment, others simply looked at where the marketplace moved to and moved their business in that direction and hit or exceeded their goals. They never gave up on them, they simply pivoted their mindset and their business, because they still wanted to achieve their goals, they just had to find a new way to do so.
When I talk to business owners wrapping up their years, one of the biggest areas of disappointment and stress is their company’s financial performance. Most had at least a rough budget, yet most hardly looked at the budget or replanned it when circumstances changed. They didn’t do enough monitoring and re-evaluating of the financial performance of their business, which starts with having a financial plan – a budget.
As I got several of my clients off to a great start on their 2021 Annual Plans, I had a long talk with them about the shortcomings in some of their previous plans. They all agreed that they didn’t do enough looking inside their business and themselves in their planning and agreed to emphasize this for 2021. They realized that they had capped their growth potential unintentionally by not looking deep enough. Did you commit the same self-sabotage this year? Did you let COVID prevent you from growing personally? Are you ready to grow again?
It’s that time of year when our focus as Business Owners needs to balance between completing the execution of our 4th Quarter plans and creating our plan for next year. You do have a Q4 plan, right? And you always create Annual Plans? With so much uncertainty as we end 2020 and enter 2021, can you risk not having one?
You are a business owner – congratulations! When you got started you had plenty of referrals from friends and neighbors, which was great. Those jobs are done, so now what? It’s time to sell yourself and your business. You need to talk to people about your business. Yes, you. How do you get the word out? Start with your existing customers. Do they know everything that you can do for them, all your products and services?
If I had to choose one word to describe 2020, it would be Disruptive. The nature of a disruption does give us an opportunity for at least one thing – Change. Earlier this spring, the word we kept hearing is pivot: the need to shift our focus, products, delivery methods, finances, even how, where and when we were working. That agility was necessary and effective, but is it a long-term strategy?
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