Fourth Quarter is upon us! 2020 has eerily flown by and we seem to be getting through what may have been one of the most challenging moments in the history of business. A time I hope you are able to optimistically reflect on, learn from, and rise above.
Q4 is an ideal time of year to launch your annual business review. We’ve created a SIMPLE 3-STEP process that will help you get real, deal, and heal from a year of highly uncertain twists and turns.
Our October blog walked you through Step 1 which was Tax Preparations / Financial Review. Step 2 shines the light on 2020 Action Plan results and how to use this information to produce a strong plan for 2021 which is our final Step in the process focused on in our December blog.
TAX PREPARATIONS / FINANCIAL REVIEW:
Step One focused on finances. Getting a good handle on your taxes now allows you enough time to implement last minute tax strategy, before EOY. Numbers can be a scary conversation; especially as entrepreneurs as our bank account may not always reflect what one might define as “success”. Our money demands daily review and discussion ensuring you’re making smart money moves year-round, not just on April 15th.
ANNUAL RESULTS REVIEW
Step Two focuses on the RESULTS of your 2020 Goals and Action Plan allowing you to discover new sprouts of opportunity to increase production and overall success.
Now if you haven’t identified business goals or an action plan as of yet, not to fret, use your actual results to build on and plan ahead. The goal with this exercise is to compare where you wanted to be at the start of 2020 versus where you are today, then use that information to fill in any gaps.
Several things to keep in mind as you complete your Annual Review:
– 2020 has been an Asshole of a year, BE KIND TO YOURSELF
– If you pivoted this year, do you plan on continuing the new practice or release it when things begin to normalize
– Focus on all the GOOD stuff that did go right this past year!
Pro Tip: Below is a simple spreadsheet breaking down high level annual goals chunked into quarters and ultimately serves as an amazing CEO vantage point on your business.
2020 GOALS/ACTION PLAN:
GROW ONLINE RREACH TO 100K
SOCIAL MEDIA CAMPAIGN IN PLAY
Increase advert budget
$100K IN SALES
Add additional models to each line
I hope this helps you wrap up 2020 successfully. Stay tuned for Step 3 as we begin planning for 2021!