Start Off January Strong: 5 Things Entrepreneurs Should Audit at Years End
In business, the month of December is made up of the last-minute hustle, holiday parties, and sewing up those deals heading into the upcoming year. For us entrepreneurs, it should also be a time to self-evaluate and assess our overall achievements and failures – our year’s performance. A time to take inventory on what was done well, breaking down those moments of success, and what didn’t go so well that needs to be revamped and changed when the new year begins.
Here are five things that you should audit at the end of each year to help you strategize and prepare for the upcoming year, I recommend all entrepreneurs do.
#1 Audit Your Time
Since many entrepreneurs always have multiple things in play, it is extremely important to schedule everything and live (and sometimes die) by a calendar. Schedule in activities that are reserved as either family time or “me time” like dinner with your children, yoga class, movie time with your spouse, your nightly bath ritual or else they will not happen or be pushed aside as not as important as finishing up that last thing for work.
It is necessary to do a monthly audit of how many hours you spend on research, planning for projects, phone calls, coaching/mentoring, blogging, and how many weekend were used to catch up on projects and emails. This allows you to identify where the majority of your time is spent, where you may be wasting time, and what activities award you the most for the time spent. After having a clear understanding, you can then set or adjust goals and limits moving forward.
#2 Assess Your Finances
It is essential to close out any year with a clear understanding of the state of your finances, both within your business and personally. Audit all your bank accounts, credit-card statements, monthly income, and any losses that the business had. This allows you to enter the new year with a firm grasp of your financial health and the stability of your business.
#3 Analyze Strengths and Weaknesses
Employees are usually asked to analyze their performance throughout the year and provide an assessment of their wins and the opportunities they need to work on for improvement. I believe it is just as important for entrepreneurs to do the same.
At least once a month, preferably once a week, write down something that went well that week or something that you’re proud of, like taking on a new client or a project getting renewed. Then, write down something that didn't go well or that didn’t turn out the way you were expecting and assess why, like not handling a client problem effectively or entertaining too many distractions.
These insights will allow you to think about what to continue doing next year and brainstorm ways to improve.
#4 Determine Future Opportunities and Threats
To start off the new year strong, think about two to five new projects or major goals you want to start working on in January. Do this by brainstorming trends in your industry, needs from your target audience, and studying your brand's analytics. Also spend time looking at competitors to see what they've launched lately to make sure you’re not doing anything too similar and keep an eye on the direction they're taking.
#5 Question Your Passion and Purpose
The end of the year is a great time to question both your passion and your purpose. Perhaps after a long year of running your business with the processes and systems you currently have in place; you might feel like it's time for a change.
Spend time in December doing a gut check to make sure you’re still enjoying what you are doing and to reframe your purpose based on what matters to you now and in the year ahead.
Taking inventory on what's working, what needs to be fixed, and what's next for your business is a great thing to do in the month of December to allow you to approach January with a clear head and game plan.
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