Helpful Insight on Actionable Advice For Entrepreneurs
When the end of the calendar comes or the end of the fiscal year, it’s easy to stay wrapped up in the holiday festivities and possibly take a break. Below are three useful tips and pieces of advice that entrepreneurs can use to take action and prepare their businesses at the end of each year.
1. Re-evaluate Strategic Objectives
Re-evaluate strategic objectives to avoid recycling old strategies and tactics that will have little to no impact of moving the business forward in the new year. For example, a shift in market conditions may no longer make pursuit of certain customer segments worthwhile. A startup founder can end up “spinning their wheels” chasing a strategy that does not make sense given changes in the business climate.
2. Eliminate Waste
Review key processes to eliminate waste. Though businesses can have multiple processes, there are mission-critical and/or customer-facing processes that should be reviewed to uncover inefficiencies and waste.
Startup founders should ask, “What are my top one or two processes?” and “How efficient is each process?” They can then evaluate the performance of each process in terms the target metrics (e.g., speed, reliability, or other key metrics).
3. Plan For The Next Holiday Season
Small retailers should start high-level planning for the next holiday season. It may sound premature, but the end-of-the-year is the time to think about what product or service options met performance expectations and which sales tactics may or may not have worked.
Entrepreneurs can easily get bogged down in the day-to-day operations involved in running their businesses, and then easily overlook much needed planning for the future. At the end of the year, a founder may have plans set for the first quarter of the next year and even know what key initiatives they will pursue through the first six months of the year.
However, it makes sense to analyze the pluses and minuses of the current holiday season and note key takeaways that can be implemented the following year.
Time goes by fast in business and before they may realize, the next holiday season arrives. Then they maybe forced to react to critical needs like sourcing or inventory, without having considered the impact of their previous years’ efforts.