Review and Renew in 2010

Any current business owner should have gone through the goal-making process for your next fiscal year by now, especially if that begins in January. If you're a procrastinator like I can be, maybe you have not done this yet. Honestly going through a process of assessing the current state of your business, identifying any issues and needs, then planning for the next year is a vital process for company growth. I plan to have a solo company retreat on Sunday to really assess YB Consulting and all the other pieces of my career path to understand what I really want to do in 2010. If I do not do this, it will hurt my business and future plans which ultimately hurts my family -not an option.

If you think your company does not have goals, you are mistaken. There are a few basic goals that all businesses will choose from in their next fiscal year:

• Grow Revenue. Revenue growth can be accomplished through increasing current sales and/or adding a new product or service. It may require the addition of new resources but this could be a good thing.
  
• Reduce Expenses. Expense reduction can be a difficult task. It may involve reducing the products or services you offer, changing suppliers or even the quality of supplies, relocating your place of business to a cheaper venue, maybe even reducing your staff.
  
  
  
  
  
  
  
• Improve Customer Service. No one can go wrong by improving customer service. It definitely helps in retaining current customers and may even entice them to refer new customers - always a plus for business! It may involve hiring more staff (or outsourcing), purchasing new software programs, or just adopting a new system to interact with your customers complete with new policies, new branding, or new marketing tactics.
  
• Maintain status quo. Maybe business is going really well and you are content with where things are. If you add more business it may overwhelm your firm, or there really is nothing left to reduce. Maybe your goals are prioritized with your personal life and strengthening those relationships since so much time was put into your business this year. If this is you, congratulations for this revelation.
• Exit. Sometimes it is just time to cash out. Try something new. Retire. Reaching this point in a business can be exciting because it allows you to focus on a true end goal that will bring you to a new start. I remember meeting with the owner of a very successful software company. She and her husband built the company to great success but at this time, she wanted to concentrate on her personal interests and real passion (she was not the software type). At the time of our meeting, they were in the middle of executing a plan to position their company to be bought by whoever was interested. They were already planning out their next phase of life but had to be released from this major responsibility. It takes a plan to do it right.
  

Yes, at least one of the goals above will fit your company. I will be pursuing two - grow revenue and improve customer service. On Sunday, I will block off time away from my family and buckle down to write an action plan towards this. I consider an "action plan" a list of goals with measurable actions to accomplish specific results, like S.M.A.R.T goals for business. Also, I have thought of new ideas and been presented with additional opportunities that need serious consideration and planning (if they will be pursued).  I have reached the point of sink or swim - I'm striving to be like Michael Phelps in my space!

I'm excited about 2010 and hope that all other business owners are as well!

Which of the goals above best fit with your business plans for next year?