With the year coming to an end, it’s time to start thinking about closing the book on 2016 and looking ahead to 2017. Count your small business blessings for the year and set the bar higher for next year. Here are a few ideas to help you get started as we head into the New Year.
1. Evaluate and Adjust Your Goals
Clearly defined business goals can provide direction, motivation and a clear way to measure your progress. Goal setting does not have to be time consuming and complicated and can help you find the path from where are now to where you want to be. One popular technique is SMART goal setting.
- Specific – You have clearly defined what you want to accomplish.
- Measurable – You have identified targets and milestones to track your progress.
- Attainable – Your goal is realistic and manageable.
- Relevant – You have identified a goal that fits with your business model.
- Time-Based – You have identified a specific period of time for the goal.
2. Revisit Pricing
Whether this is your first year or your 10th, understanding your business’s financial picture is crucial to the health of your company. Do you have a sustainable business model and are you adequately compensated for your time, costs and experience? Don’t cheat yourself by being under priced.