It’s the end of the year again. After all the eating, shopping, and merrymaking of the holidays, take time to sit down and review your business. It is important to assess how your business did during the year.
Here are some checklists for your end of the year review:
- Do your financials. If you are like some home business owners who don’t do their financials on a regular basis (or worse, do the financials only once a year for tax time) now is the time to start doing your profit and loss statements, etc. Get a clear picture of how well you did with your business by determining your actual income and expenses for the year
- Analyze your financials — where is your revenue coming from, what are your biggest cost items, who are your biggest customers.
- Make a list of what worked — and what did not work — for you this year. Look closely at your products and see which ones are doing well, or which ones you’ve seen decline this year. How about your suppliers? Or your processes? If you have a website, what type of product or content does your visitor want?
- Review your marketing. What strategies brought the most customers? What is the most cost effective strategies? Are there ways you can cut down the costs yet get the same — or even better — results?
- Know your customers. Now is the time to get a clear idea of who your customers are. Some businesses have a clearer view of who their customers are, while some do not. For example, a landscape business owner knows that home owners in his area are his target market; but a blogger may not exactly know who reads his blog and why. If you are the latter type of business owner, devise some ways you can get a better picture of who your customers are.
- Review your website. Sit down and think what content or products you need to offer next year. Go through your website statistics and study the data, including traffic levels, what pages are perused the most, where your traffic is coming from, etc. Check to see if there are any pages you need to overhaul or misspellings you need to correct.
- Make a list of what you need to do next year. After your review, start thinking of what strategies and approaches you need to do next year to take your business to the next level.
Read the complete end of the year home business checklist