What was different in 2021 compared to the year we all wanted to forget, 2020? Most companies have seen an upswing, maybe not in the way they had hoped, but it should have been a move forward for your business. Whether you’ve witnessed the resurgence or not, you’ll want to read on to see how you can take advantage of some trends that I believe will continue into the new year. The momentum can be there, but it is up to you.
When planning, an entrepreneur needs to view three perspectives: what has happened in the past, what is going on at the moment and what we see as the trends for the future. Of course, the future is the hardest to contemplate, but all too often we can forget about the past and present and just hope things get better. Hope, although necessary, is not a business strategy. Before we dig into a new year (or fiscal cycle), we should look back at what we experienced and how the economy affected our operations as well as how our people handled the ups and downs.
Some history to consider should include:
1) How and why was our revenue impacted over the past year?
2) Have we seen any new trends develop over the past 18 months or so?
3) What type of reserves do we have (in cash, time and other assets) to keep us moving forward?
4) What are my personal preferences? Am I up to committing more time or hiring more people?
5) Have I looked at real outsource opportunities? This should not only include workers, but wisdom providers who can add to your brain-trust and offer fresh insights.
The future can also be viewed through the eyes of experience and acquired wisdom. Business professionals must mitigate their risks and take some educated guesses on where things might go. In addition to clear goal setting for you, your team members and your company are a few items to consider as we look ahead.
1) What assets do we have on hand to better address the needs of the markets we serve? This evaluation should go beyond cash, which is important, but not all we need.
2) Where are our clients looking to be over the next 12 months?
3) What supply-chain developments are impacting our abilities to thrive?
4) Do we have the right players in place, and what training and insights will we provide to take them to a higher level?
Above all, lead. Keep your head up and be positive so others will follow and be productive because of your example. A new year can be a time of great opportunity, and 2022 is upon us and ready for you to make the best of it.
Wishing you, your business and your family a most happy, healthy and prosperous new year. Let’s make this one the best year yet!