Strategic Planning for the Upcoming New Year

Though it’s only October, there’s no denying that the new year is coming swiftly upon us. Soon enough, business owners will be wrapped up in the whirlwind of the holidays. While spending time with loved ones is important, so is strategic planning for next year.

Getting a head start on evaluating your business will let you enjoy quality time with family and get a great start in 2019. Check these 5 items off your to-do list:

1. Perform a SWOT Analysis

Take time at the end of the year to complete a SWOT (strengths, weaknesses, opportunities, threats) analysis and use the data to drive your strategic planning. Compare the results to the strategic plan you set at the beginning of 2018, then decide what parts worked and what parts didn’t. Take an honest look at where you are, where you want to be, and how you plan to get there. The safest way to take a journey is with a great roadmap, and a SWOT analysis can help you create one.

2. Make a Plan to Renew Your Knowledge

If you’ve already had training in strategic planning, or you’d like to start from scratch, the new year is a great time to seek out resources, trainings, and conventions to help you get started. Working with a business coach can give you incredible access to expertise, as well as a sounding board dedicated to helping you achieve the goals you’ve set for your business.

3. Keep an Eye Open for New Talent

Around the holidays, other business owners can start to get distracted. Stay sharp and keep an eye out for talent that would be swooped up quickly any other time of year. Make a real hiring push during the holidays, and you’re sure to see talented recruits that are looking for work.

4. Create Your Budget

This one’s pretty obvious. At the end of the year, create your budget for the following year. Spend time looking at where your money went the year before, and if those expenses were worth the investment. If not, the new year is the perfect time to start weeding out unnecessary expenditure.

5. Make a Resolution to Roundtable

Though it seems cliche, the magic of the holidays just might be what it takes to follow through on your 2019 resolution. One of the best resolutions you can make for yourself and your business is participate in a business owner roundtable. The goal of the business owner roundtable is to bring together a small peer group. Once everyone is laser-focused on the goals, the focus shifts to the hot topics on every business owner’s plate, including demystifying financials, developing key performance indicators, and strategic planning.

Want to make a professional resolution that will change your life? Work with a business coach. Catalyst Group ECR can help you get off on the right foot in 2019, with advice and coaching for every strategic planning decision that you make. Get in touch and learn more about how a business coach can improve the life of your business.