What did you learn this 2022? In addition to that question, which may be a bit obvious and applies to both your personal life and business, there are beliefs and even rituals that you can apply before December 31, to start the new year on the right foot.
In this sense, we present a small list of things that could become your kind of ritual as an entrepreneur every year-end:
1. Make an assessment of the results of your business
In other words, an economic diagnosis, how is your business at this time of the year? Has it grown, remained stable, had losses? It is important that you be honest and objective in your responses.
Once you have answered, make the comparison with the previous year. Obviously, in order to have concrete results, you will have to lend a hand of the numbers, in this way you can find faster the mistakes you made to avoid them or what you did very well to apply it in 2023.
2. Make a financial plan
What are your plans for the following year? Consider the economic reality of your company and with it what are the objectives, within a short, medium and long term. In this way, you will be able to know how much money you need to meet them.
By taking into account the funds you need, you will then be able to specify where you will find the resources you need, for example: an investor or capital injection from partners, through external credit, among others.
3. Establish which will be the largest project(s)
This point refers to that fact that will make a significant difference in your company compared to the previous year. It is necessary to mention that these projects depend on the stage in which your business is.
Some examples of great plans are: developing new products or services, a change of image, opening a new establishment of your brand, exploring new markets, reconfiguring internal processes, among others.
4. Check what are the current trends
Analyze the current trends and those that will possibly be positioned for the following year, both in the industry that you manage and those related to it. Some general examples could be: what will happen to the marketing of influencers? What will be the sales trends?
All this, according to the needs and tastes of your current and potential customers.
5. Balance Sheet
Last but not least, draw up a balance sheet of your company in as many aspects as you can. An idea to get you started is to answer questions like:
- What have been the main objectives achieved? And how did you get it?
- What was the period of greatest sales? And why did such a situation occur?
- How did your marketing strategy work? What have you failed? What were the best strategies?
- What was your main challenge and how did you solve it or are you going to solve it?
- What do you need to implement to generate more sales?
- What 2022 practice didn’t work and are you going to stop performing?
- What practice brought you the best results and how can you improve it?
You already have several ideas for entrepreneurial rituals to close the year with a flourish every December 31st.
Editorial Team The editorial team of EMPRENDEDOR.com, which for more than 27 years has worked to promote entrepreneurship.