Dec 29, 2017
As we reflect on 2018, entrepreneurs need to review, process and implement.
As entrepreneurs , I think we always have to reflect on what’s working and what’s not working. Even more so, we should do this exercise as we end the year.
I will urge everyone of us to review, process and implement.
Review what happened month by month of this year. I like to start with the good things that happened and then end it with all of the things that did not go so well.
Then process what occurred due to certain decisions. Process what worked and what didn’t work. Process what you could have done differently. Process if that product could be implemented differently. Process if you need to have a broader customer base. Process if you need to hone in on your business model. Perhaps, you realized that by the middle of the year, your business went in a different direction. Does that direction make sense? At this point, it would be helpful write down questions that only you can answer. This is the section, you can also take a hard look at your finances. Process if you are satisfied with your revenues. Maybe you’re satisfied with your revenues but not so satisfied with your profits. This is when you can take a hard look at your expenses to realize where you can make your business more profitable. Do you need the big offie space? Do you think you can start selling more of a high profit product? Can you contract some of the work out instead of using full-time employees?
The last part of this process is to implement. This is a very crucial part of the process. If you don’t implement this part the rest of the steps might as well be null and void. This last step can also come across as being intimidating and overwhelming. It can sometimes be easy review what happened over the years, pat ourselves on the back. It can be a bit harder to process what worked and what didn’t. But implementing what we learned from the process can take a lot more effort. If we go back to the example of your profitability being weak. You think that selling a higher profit product is a good idea. Now, you have to go for it. In my first episode, I spoke about not needing permission.This can be a bottle neck in small businesses. But this is when you have to be relentless to implement a strategy that makes sense.
The good thing about this episode is that it ties into the reflective mood of the end of the year. However, you can implement this strategy any month of the year. I really do believe that you can review, process and implement any day of the year.
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