For entrepreneurs, 2020 might feel like a vast realm of opportunities and uncertainties, which is nothing short of daunting. The new year is simultaneously terrifying and filled with excitement. There might be thousands of ideas circulating in your mind, and formulating that into an action plan to materialize those ideas is no small feat. Our first piece of advice? Just start. You’ll gain more traction as you go. Where do you start? Read on!
The Year in Review
To begin, ask yourself three simple questions about your past year of business:
What worked well?
What was just okay?
What didn’t work?
The answers can be regarding anything relevant to your business, from operational processes to marketing campaigns to team bonding events. If something went well, what contributed to that? Next, what activities worked okay, but could be improved upon? For example, processes that are satisfactory, but have room for continued development that could make your customer experience even better or synergize your operations. Finally, what simply did not work for your business? Maybe you struggled with consistent posting on social media, or maybe there were quality issues with your supplier. Outline it all - the hits, misses, and everything in between to get a bigger picture of how your business performed in 2019.
Your Numbers
Business growth is equally evaluated by qualitative measures and quantitative key performance indicators, such as financial, marketing, and operational metrics that will differ depending on your industry. These measures will further demonstrate the objectives you met or exceeded within the past year. This might not correspond with your business’ year end, but it’s always a good idea to take a closer look at your numbers in order to effectively plan for the future. If your idea of KPIs is a little bit fuzzy, our friends over at Business Link have a great blog to help you sharpen those definitions!
Creating Your 2020 Vision
Looking forward to the new year, while keeping the past year’s performance in mind, start with an expansive, judgement-free brainstorm. Give yourself the freedom to think of everything you want the new year to encompass, including future projects, current projects carried forward, processes to refine, skills you wish to hone, financial goals - anything and everything you envision in 2020. Don’t worry about mapping anything out initially, just compile your ideas to get a more concrete sense of the year ahead. Next, maybe after a quick snack break with some holiday goodies, begin organizing a plan based on your brainstorm session. Start with the bigger projects you wish to tackle, then create a list of tasks associated with each one, as well as a rough timeline that you’ll work with. Breaking up projects into smaller tasks will make them feel more attainable. Of course, nothing is set in stone and things will definitely adapt from how you first pictured them. That’s okay! Right now, your mission is to set out your priorities and break them into manageable tasks, starting 2020 on the right foot.
Setting Intentions
For some, the strategy of 2020 might already be set in stone, or maybe you’re dedicating your holiday season to friends and family and taking a break from the stresses of business ownership. In that case, here is a list of more general resolutions to inspire your new year:
Finally write a business plan
Attend more networking events
Improve your digital presence
Understand your numbers
Uplift other women entrepreneurs
Join a peer group
Expand beyond borders
Give back to your community
Grow your team
Make your own needs a priority
Maybe 2019 was your best year yet. Maybe it was lined with pitfalls and you’re celebrating its conclusion. Or maybe January is just another month for you. Regardless, business ownership is filled with new beginnings that you can utilize to propel you forward. Take some time to contemplate your business ambitions and make them actionable. Our mission is to enable your success as a business owner, connecting your present situation to a future vision.
