Let’s get honest and take a look at how your business fared this year. Immediately, I’ll guess that you fared better in 2021 than in 2020. But how can you do better for 2022?
Here are a few questions you can consider to improve your business for the year ahead:
- What are your competitors up to? And how can their strategies impact your success? If your competitor is transitioning to a new business model, evaluate a similar approach for yourself. Will your shared target market respond favorably to their change or prefer your status quo? What can you do to differentiate yourself from them?
- Are there trends that may affect your business? We’re still experiencing considerable disruptions in the supply chain, which can negatively impact your business if you’re dependent on materials. Do research now to find alternate providers or different materials so you can still meet deadlines. We’re still in for a challenging few months!
- Conversely, what trends could be to your benefit? How can you set yourself to be successful? Do you foresee more individuals needing your product or service in the next few months? How do you position yourself as the leader in the market? Don’t get left behind!
- With in-person events restarting, how can you be a guest speaker? And while you’re there, have your talk filmed for promotions in the future. Nothing builds credibility like being featured on a stage.
- If you look at your target market, are they still investing in your solution? Have their needs or budgets changed? How can you evolve based on their changing needs?
- Where could you have done better in 2021? Did you miss out on opportunities? What factors lead you to miss out? Asking these questions isn’t about penalizing yourself but looking for ways to improve, so the challenge doesn’t repeat itself.
- What are your clients/customers saying about you? Do you do a follow-up survey to see how you did? When you rank poorly, are you following up and then taking measures to improve? Negative feedback can be tough to hear but can be an opportunity to create change.
- Do you frequently hit the same roadblocks? Identify them and start looking for options to avoid them before they happen again. You may need to streamline processes or build buffers in your timelines. Whatever it is, identify it and solve the problem.
- Overall, what could you do better? Is it time to introduce new products and services? Try sending a survey to current and past customers, focusing on how you can better serve them. You may just uncover your next business idea!
- You know what you do well, but are you making others aware of your strengths? Do your prospects know what makes you better than the competition? Are you leveraging happy clients by featuring testimonials? Do you have a referral program in place? Word of mouth is still the best way to advertise!
There’s certainly a lot to think about…our suggestion? Enlist the help of a peer to help (constructively) break down where you could do better and where you’re already excelling! Get critical with yourself; a new year is always an opportunity for a fresh start!
