The New Year brings the perfect opportunity to reflect on the past year’s business performance and determine where there’s room improvement. But to learn from our mistakes, we have to first identify them. Here are 12 questions that will help you develop a business-boosting action plan for the coming year:
- Did the market grow or shrink in my area?
- How did my business grow relative to market growth?
- How did my business grow in comparison with previous years’ growth?
- What was my “batting average” (i.e., ratio of potential customers vs. customers won)?
- Did my business respond to customer inquiries in a timely manner?
- Was I happy with the service my business provided?
- Did I receive good service from my suppliers and manufacturers?
- Would better equipment save time or money?
- Does my business need more or fewer employees?
- What might I do differently to increase sales, productivity and profit?
- What changes will have the most impact on my bottom line?
- What is the best way to prioritize and implement my action plan?
The answers to these questions will help you uncover your business’s current strengths and weaknesses. Use them to prioritize your future efforts and create a solid, moneymaking business plan for 2016!