It’s been a tough year:
And that’s just the stresses related to your business. I know that many of you have experienced losses in your family and your relationships as well. So what do you do going forward? Many businesses have been waiting and holding their breathe for the return to normal. Others have ventured boldly into new waters with new successes and new failures. What if there is not a return to the previous normal? Exactly what does the future hold and how can you best position your business to be prepared?
June is a good time to evaluate where you stand with the goals you set in January and the milestones that you created to accomplish them. Are you on track? Do you need to re-set them? I believe that the best way to determine the direction going forward is to focus more on what is working and what is not working rather than on the crisis at hand. Here are some questions to ask:
How did your business respond to the crisis? What changes were made? What was the outcome of the changes? Were some beneficial to your business? Did you develop new products or services? Did you develop new revenue streams, new customers? Did your profit improve, decrease or stay the same?
How happy are you with the outcome of these changes? Do you want to maintain some or all of them going forward? What if it is not possible or profitable to return to your previous business model? What if your business has been at a standstill since the beginning of the pandemic and the prediction is that it may take many more months for it to return? What are your options? Are you at a point of moving on to something else entirely?
While it is impossible to predict the future, we can certainly evaluate our past and learn from our successes and failures. It may also be a great time to revisit your why for being in business in the first place.
Here is a video on re-discovering your why. It was made to speak specifically for educators, but you can sub in any profession or business:
What did you learn from this mid-year audit? I’d love to hear in the comment section below:)
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I was coming back from a year of being totally disabled physically and unable to work. Lynne got me on track with reinventing my business and developing successful strategies to create much needed income. Lynne is phenomenal. Prepare to take your business to another level with her coaching. Sonya King