As the year comes to an end it is time for you to take an honest look at your business? How did you do? Did you grow, did you stay the same or did you shrink? Many business owners look at the bottom line to determine how well or poorly they did but this is not enough. An honest evaluation of your business requires that you look into all areas. Your business is an entity that is made up of several different parts and to determine whether you are making progress you need to look into all of them. Here are the different areas that you should examine.
True, we have already said that you should not look at the bottom line only, but you must6 examine it none the less. If you are not making profits you may as well be wasting your time. You need to compare what you made in sales as well as profits this year to what you made last year and even the year before that. Remember, more sales doesn’t mean more profits. You may, in fact, have made fewer sales but made more money because you are saving in other areas of the business.
Richard Branson’s philosophy is that a business is only as good as its employees. This is very true. It doesn’t matter whether you are paying your employees enough. You have to keep them motivated if you want them to work smart. They have to feel like they are growing. In other words, what did you do for your employees in 2016? Did they get any additional training? Did you get to know them any better? Did you promote some of them?
Brand awareness is the lifeblood of your business. If the outside world doesn’t know your brand they will not buy from you and everything will come to a halt in time. Did you do anything to make your brand better known this year or did things stay the same? Remember, you want to be the go-to business for your product or service, not just a business that people buy from once and forget about.
How many complaints did you receive from your customers and what were they about? What did you do to fix whatever they complained about? A lot of times you will find that customers complain about the same thing over and over.