If you are a stock-based business, the importance of doing a stocktake is paramount...
Given that we've rolled over into a new financial year it would be a timely decision to reflect on the last 12 months, and also set new goals to achieve in the next 12 months.
I hear you say, "But do I really need to?". Yes, I think you do. Whether you do it now or choose to do it at the start of a calendar year, just do it. Some people will take a moment every six months, sometimes even more frequently. But doing it at least every 12 months, helps keep you in check.
So, how was your performance last year?
What did you do well?
What could you improve on?
You need to allow yourself some time to reflect. Usually you feel there is no time to think about these things, that you
need to grind on and work harder. But reflection is important so you can learn or rediscover what you are doing, why you are doing it, and
where you are heading.
Are you where you wanted to be at this point in the year? If not, think about why this may be. What goals can you set now that will get you to where you want to be? Remember to ensure your goals follow the SMART principle.
S - Specific
M - Measurable
A - Attainable
R - Relevant
T - Time-based
Here are some ideas to get you started:
- Hire more help/ employees
- Reduce any ongoing business expenses
- Learning: Enrol in any courses you would like to do. What about conferences?
- Create a new product or service - or perhaps jazz up an existing one
- Schedule in a break away - we all know how hard it can be to take time away, but commit to some dates for at least a few days away from the tools/desk
- Branding update - sometimes you need a fresh look
- If not already, start measuring your performance and that of your team
- Find a mentor or business coach - perhaps you are in need of some guidance
Update your systems and processes - now is as good a time as any for change
On that last point about systems and processes, that's where we shine! It's easy to put operational changes in the 'too hard basket', but they are important for driving efficiency in the business to ultimately improve its growth and profitability. We will work with you to implement the right systems that are suitable for you, your team and your business.
For your business to grow, you have to be willing to learn. I hope I have given you something to think about.
"We do not learn from experience...We learn from reflecting on experience." - John Dewey