The year 2021 is coming to a close, but it’s not the time to check out. It’s the time when you should be planning for 2022. However, some entrepreneurs don’t even try to strategize their business for the coming year, they just wing it.
In this episode, Samantha and Tim talk about the importance of generating a business plan before you start the next year. For your plan to be truly effective, you need to begin by looking back and reflecting on the year you’ve had.
It’s essential to look at the business data and recognize what went well, what needs to change, and what you can continue with for the following year. By knowing this information, you are able to carefully plan your business strategies.
We also talk about setting a theme for the coming year. Having a theme in place makes it easier to categorize every decision or change. You will be able to determine if your actions are aligned with your theme and company’s goals.
Have you laid out your business plans for next year? If not, listen in as Samantha and Tim chat about how they plan in their respective businesses.
IN THIS EPISODE YOU’LL DISCOVER:
- Why we need to reflect on the year that we’ve had (02:55)
- Sam and Tim’s theme for 2022 (05:12)
- The 9 key areas of focus when business planning (08:37)
- The significance of setting revenue targets (09:00)
- Product offering and pricing (11:00)
- Marketing and lead generation (13:05)
- Leverage and growth opportunities (15:11)
- Why it’s important to have a support team (16:20)
- Why business owners need to be in touch with operations (17:57)
- The value of having the right mindset (18:45)
- The need to establish 2022 priorities (20:10)
“This planning process that we do every year is so critically important in helping us achieve our goals.” -Tim Hyde
“When we set our yearly theme, it’s not just a theme for our business. It’s for our entire life.” -Samantha Riley
“Most people overestimate what they can do in the short term but underestimate what’s possible long-term.” -Samantha Riley
“Be really honest about your strengths and weaknesses. If you’re not a good manager or leader, appoint someone to do that role.” -Tim Hyde
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