As 2018 draws to a close, now is the time to review and reflect on the past year. A year-end review is vital to ensuring your success in 2019. Why? One of the fundamental steps in building a strong brand and business is to collect data on how each of your business goals and objectives are performing.
December, being the last month of the year, is an ideal time to review what worked, what didn’t work, and how you can improve in the coming year.
Last Year’s Highs and Lows
Identify the high points and the low points of the year. Consider your costs, the time expense involved and whether the final outcome was worth it. You may find that there are high points that were too costly for your business in the long run, or you may discover low points that could have been successful with slight adjustments.
Review these periods carefully to gain a full understanding of how your customer or client-base responds to different marketing strategies. Were you able to achieve your objectives? Were there added benefits or problems that you did not foresee in the planning stages but are obvious now with some time to reflect on them?
Resolutions and Next Year’s Goals
Using the insights you have gained from reflecting on the successes and failures of this year, create new strategies for 2019. What you learned in 2018 will help you determine your business objectives for next year. You may decide to work on achieving goals that were not met in the past year, or you may instead choose to draw up entirely new milestones you would like to reach that are more reflective of your current situation.
Even if you decide to scale back certain parts of your business and reallocate your energy into other parts of your business, do not think of this as a failure. In fact, it is just smart business. As the world changes around you, make adaptation one of your top priorities.
New Year, New Strategies
The holiday season gives you a little bit of time to stop and catch your breath. Over the year you have probably come across new tools and strategies that you suspect may help improve your business. Take this time to explore new software, the latest developments in your industry, and fresh ways to connect with your target audience and grow customer loyalty.
Marly Broudie is the Founder of SocialEyes Communications – a digital marketing and business development firm based in Toronto, Ontario.
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