Looking back to look ahead

A review of 2017 can help an entrepreneur deal better with 2018.

This year has, to say the least, been a volatile one for the small business community. But as the year draws to a close and many businesses start to wind down, entrepreneurs should be encouraged to review the year that was and analyse how the business performed as this can be the driving force behind any new developments or goals that should be set for 2018.

Kobus Engelbrecht, spokesperson for the 2017 Entrepreneur of the Year® competition sponsored by Sanlam and BUSINESS/PARTNERS, says that many entrepreneurs have had to battle against a number of economic headwinds this year which could have either brought challenges or opportunities for their business.

“Many small business owners have likely had a bumpy ride, and this time of year is the ideal time to reflect on this journey – where the business soared and where it stumbled, and why.”

Engelbrecht expands on a few key business areas that entrepreneurs should be reviewing this time of the year:

Review the business against the business plan: Is your plan still relevant?

Entrepreneurs should be reviewing the goals they set for their business for 2017 and to what extent they were met or achieved. By reflecting on these, entrepreneurs can set new, attainable goals.

A good way to do this is sit down with a copy of the business plan and the goals laid out within.

Some of the key elements to review would include: Sales, profitability and cash flow forecasts – analysing whether these figures are within expectations and achievable given the current economic climate. Customer and staff retention – has the business’ staff turnover suffered any significant changes, and likewise, has the business lost or gained any clients that have resulted in significant challenges or wins.

Check in with and thank staff and suppliers:

Staff and clients are two of a business’ most valuable assets and it is important to thank them for their contribution. Taking the time to check in with staff and suppliers is a good way to receive feedback and insight.

Set measurable goals for the new year:

Write down achievable, realistic and measurable goals for the business in the coming year. These also don’t have to be purely performance based, but perhaps something the entrepreneur has been struggling to get to or putting off.

Analyse new trends on the market and if the business can adopt these:

The digital evolution has resulted in the way we do business and has unlocked many opportunities for entrepreneurs. The internet and the likes of social media platforms has also made it easier than ever to promote and conduct business.