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Preparing for Change in the New Year
A new year is upon us when we traditionally make resolutions about our health and plans—but what about resolutions for your business? The New Year is an ideal time to embrace growth opportunities and consider canceling programs that failed to produce results in 2024.
Look at Where You Are At
As the year comes to a close, it is time to take stock of how you and your team did. Review all company financial reports, including the following:
- Year-over-year profit and loss
- Year-end balance sheet
- Cash flow analysis
Don’t just stop at the financial outlook. Look over the other key metrics. The review could include the amount of merchandise sold, the number of people reached with your message or brand, customer satisfaction and reviews, and other statistical data affecting the bottom line. A full review of this data can inspire new ideas for business growth in 2025.
Envision Realistic Growth Goals
Next step: the future. Discuss your business goals as a business owner or with your executive team. Whether you have a one-year or five-year plan, set realistic goals for production, sales, new customers, and other key metrics. Name precise numbers and quantities that must be attainable and reflect your vision for the ideal scene for your enterprise. Along with all your planning, the end of the year is the best time to review your business insurance policy. As your enterprise grows, your business insurance coverage may need to be updated.
Evaluate Existing Programs
After a full review of the year’s statistics, it is time to evaluate the programs you have running, including your marketing campaigns and the products or services that have been most successful. Do a comprehensive evaluation of customer reviews and create a plan to increase goodwill and brand recognition.
Throw Out the Bad, Reinforce the Good
Once you’ve determined what is working and what isn’t, decide the changes to initiate for the new year. It would be best to consider phasing out certain less popular or profitable products and investing in more promising products or services. Set achievable goals to quantify the “how” and “when.” For programs for the new year, your targets should be:
- Specific: Be exact and name the precise quantity of sales, products, impressions, etc., you plan to achieve to attain the growth you envision for your company.
- Measurable: Make sure the goal you set can be measured and tracked. “Lots of sales” is not the same as “Maintain an average of $50,000 in XYZ product sales each month, achieving $600,000 total annual sales by year-end.”
- Attainable: Make your goal challenging but not impossible. Be honest with yourself and consider the actual resources you have.
- Relevant: After your analysis, you should know what matters to your business and what doesn’t. Don’t waste time and effort setting and achieving goals that will not get you closer to the ideal you have envisioned for your company.
- Time-bound: Set a deadline. And don’t make everything “by the end of the year,” either. Set realistic time targets so progress towards your goals happens regularly.
Plan A Smooth Transition
Now that you know where you stand and where you are going, ensure you issue a program to the relevant employees so they are onboard to move your enterprise forward. The plan could be as simple as a few steps for new staff to be hired and trained to expand your sales force or a complex plan for multi-location businesses.
Stay Safe While You Make Changes With the Right Business Insurance
The coming of the new year is a time to refresh and improve, not just as individuals, but to make resolutions regarding your company goals. As you plan for a new year of growth and change, business insurance will protect the progress you’ve made and cushion your business from financial losses from unexpected events that could arise.
If you need guidance on finding the most affordable business policies for your line of work, one of our helpful agents can discuss your options.