End-Of-Year Planning For Businesses: Part 2

We all know why end-of-year planning for businesses is important: it helps you finish the year on a strong note, as well as hit the ground running for the next.

But how do you approach it for maximum effectiveness? Today we are sharing three questions you should answer before getting started. We will also cover some of the most important areas you might consider for your own end-of-year planning.

Three Questions To Answer During End-Of-Year Planning

1) What did you plan for 2022?

The first thing to do during end-of-year planning is to reflect on past goals. Specifically, what you planned for 2022. This gives you a good idea of the place your organization was at this time last year. 

Why exactly this matters?

It’s all about understanding what to focus on. What were your goals last year, and why did you decide to pursue them? Reflecting on this can inform your overall strategy for the next year. What do you want to continue working on, and where will you shift your focus?

2) How did you perform on your goals this year?

Once you’ve reminded yourself of your goals from 2022, it’s time for the second question: did you succeed? This second question lets you reflect on your successes. 

However, even more importantly, it allows you to reflect on your organization’s shortcomings. Where did you fail at goals that you set? More importantly, why did you come up short?

The answers you come up with here will give you a clue on how your team can perform better. Are there certain skills your organization is lacking? Maybe it’s time to invest in area-specific training for your workers. Perhaps your organization spread itself too thin over 2022? Time to double down on the projects that matter the most.

Regardless of the answers you come up with, this second question is vital during your end-of-year planning. It will set you up to be better prepared and more successful in the following year.

3) What do you want to achieve in 2023?

Now that you’ve reflected on what you planned for 2022 (as well as how successful you were in reaching your various goals), it’s time for the most important question: what next? Specifically,  what are the main areas your team is going to focus on?

While this question is essential for any business, it’s important to note that each organization will have slightly different priorities. And that’s ok – most important is nailing down the goals that matter the most to your team.

Maybe your business is focusing on releasing new products in 2023. Maybe your priority will be more big ticket clients. Whatever it is, spend some time with this question and involve your entire team. After all – this is what you will be focusing on during the year to come!

End-Of-Year Planning: The Areas That Most Matter

With that exercise completed, it’s time to move on to the actual planning. While there are a ton of areas your team might focus on, here are some common areas you can focus on:

• Large expenses. This is inherently tied to your budget for 2023. While it can be difficult to perfectly plan ahead, you should already have a good idea of what your biggest expenses will be.
• Team skill sets. Moving from point A to point B is often simply a matter of having the right skills. Time to plan training for your team.
• Products / clients. This is what will make the cash register ring. Best to plan far ahead of time.
• Cybersecurity. This is a topic that more and more businesses are taking seriously. If you are one of them, check out this list of the most important steps you need to take.
• Content. We are big on content marketing. It’s a great way to attract new clients and position yourself as an expert in your field. Planning now will pay dividends in 2023.

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