BizTips from SCORE – Take a Deep Breath before the New Year Begins

Take a Deep Breath before the New Year Begins

I always hated this time of year.  The year ended.  Objectives have been either met, not met, or exceeded.  And, you have to start all over again.  As a small business owner for almost 30 years and before as general manager for two different businesses, planning was integral to the disciplines that drove the success of those businesses.  As the New Year begins consider three elements of your annual plan. 

Sheryl Baba, owner of SBaba Skincare, Yarmouthport, shared these thoughts on FB, “soon the New Year starts, so now is a great time to: Wipe the slate clean, focus on what you really want and chart your course”.  If one puts her thoughts in terms of your small business it might read like:

1. Create a recession-resistant plan with clear objectives and strategies to achieve those objectives.  The objectives need to be SMART – Specific & Quantifiable, Measurable, Achievable, Realistic, and Targeted.  1, 2, or maybe 3 objectives.  Keep the plan focused. 
2. You need to have very specific tactics (what you will do) that you can employ to support the strategies you have created to achieve your business and personal objectives. And, these tactics need to be budgeted so you can see their impact on your bottom line.

Once you set your annual objectives, you need to have a plan to measure your accomplishments and make adjustments as your original plan assumptions change.