Two Things to Keep in Mind When Reviewing Your Business Plan This YearPosted by sabrina
It’s the start of 2013 which means now is the ideal time to set meaningful new goals for yourself and your business. However, before you get your hands dirty with setting sales targets and conversion rate goals, take a moment to reflect on the broader direction your business is heading in. Here are a few things to keep in mind.
Reflect on your personal goals.
As an entrepreneur and small business owner, you are probably very involved in your business. Because your business can affect your personal life and lifestyle in many ways, it is important to set personal goals alongside your business goals, and to ensure that they are in agreement with each other.
You should ask yourself questions such as:
- How much money do I want to earn from my business?
- What lifestyle do I desire and is my business promoting it or making this lifestyle difficult to achieve?
- Do I want to take a more hands-off approach to running my business?
- Is my business in alignment with my personal values?
- What size do I want to grow the business?
- Do I want to aim to sell the business in a few years?
After you are able to clearly visualize what you want to get out of your business, you will be able to better formulate and modify your business goals. Reflect on the previous year. Is your business heading in the direction you would like it to? What can you do to get back on track or speed up the process of achieving your personal goals? Keep these considerations in mind when you review your business plan this year.
Keep your ideal customer in mind.
You have probably already defined your target market in your business plan. However, have you thought more deeply about what your ideal customer looks and acts like? What type of person or company tends to bring in the money and also happens to be a joy to work with or provide services to? Which clients or customers drain your time and make you feel frustrated? This year, make sure that your marketing plan is focused on attracting more of the kind of customer you want, and less of the ones that haven’t worked out for you.
What insights have you garnered from reflecting on the past year?