The Secret to Creating Your Annual Business Plan

If I were to ask … are you delighted or disturbed that January is on the horizon … which would you pick?

As a business owner, your instinct might be to quickly kiss the year goodbye … and push full-throttle into the New Year.

It’s no wonder … who doesn’t love a fresh start?

Before you do this … I invite you to step back and rewind the past 12 months.

Consider the celebrations and tribulations you experienced on your business journey.

You may say to yourself, what’s done is done … and instead, look toward the path ahead.

However, … by focusing only on the future, you’ll miss out on discovering some incredible lessons learned from the past.  All of these elements are crucial for you to develop a well thought out Annual Plan for your business.

So before you pop open the bubbly … here are three key areas for you to review, so your business will confidently advance into the New Year.

1.  Review Your Business Foundation

This is the bedrock of your business and is made up of your vision, mission and values. These three pillars serve as a compass, guiding your business toward its fundamental purpose.

You may discover some shifts have happened over the past year. Maybe your purpose has changed or the impact you want your business to make has evolved.

It’s natural to alter your Business Foundation, but it can only happen if you make the space to think about it.

2. Know Your Numbers

Someone once said to me, “Numbers never lie.”

When I heard that, I’ll admit it scared me a little. As a young business owner, I had never reviewed my revenue or expenses … except at year-end. And I’ll be honest, it usually came as a shock.

When I regularly started analyzing my numbers, the fear left and suddenly I felt empowered because I had the facts in front of me.

Dig into your numbers and open yourself up to the stories they tell you.

3. Inventory Your Offerings

Whether you provide services, products or programs … or maybe a blend, taking stock of what’s selling and serving your clients best, is vital.

When you do this you’ll be able to make informed decisions about what to scale up, what to eliminate and what new offerings to create.

Taking the time to review your business foundation, know your numbers and inventory your offerings will ensure your Annual Plan is built on the insights of the past and the anticipation of the future.

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