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Business Strategy - Year End Considerations

As we enter the final weeks of 2005, you are undoubtedly hunting

for gifts. While these are obvious year end considerations, you

should also be reviewing your business strategy for 2006.

Business Strategy - 2005

Whether your fiscal year ends in December or doesn't, the end of

the month is a good time to take stock of how things went in

2005. While the old saying is "time flies", it is particularly

true for businesses. Business owners tend to be fixated on two

to three month time periods. As a result, they can fail to see

developments over longer periods of time.

After you've taken care of all your holiday gift purchases, you

should have some down time in the last two weeks of the month.

Business tends to slow down as people deal with the holidays,

travel to see family and so on. This is the perfect time to go

back and consider the business year. Specifically, you should

focus on where your business was in January 2005. What were your

goals at that time? Did you meet them during the year? If not,

why? You will almost always be surprised when you realize how

the business developed over the last year. This global view can

give you a better perspective and evaluation of how things are

going.

Business Strategy - 2006

After contemplating 2005, you should give consideration to what

you want to accomplish and where you want to be by the end of

2006. Ask yourself the following:

1. What is a reasonable revenue increase for 2006 compared to

2005?

2. Are their products or services you should pursue?

3. Are their products or services you should drop?

4. If a strategy is underperforming, does it make objective

sense to continue pursuing it or cut your losses?

5. What are your biggest frustrations and how can you deal with

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them?

6. Who are your most valued employees and have you taken a

moment to thank them?

7. Who are your least valued employees and what should you do

about it?

8. Which vendors or suppliers do great work for you and which

don't?

Many other questions will run through your mind. There are no

wrong ones. What is important, however, is you write the goals

and thoughts down and keep them somewhere private. Next

December, you should pull them out and see how things are going.

About the author:

Richard A. Chapo is a San Diego business lawyer with

http://www.sandiegobusinesslawfirm.com - a San Diego business

law firm in San Diego, California.