This time of year, business owners are wrapping up 2017 and looking ahead to 2018. A recap of 2017 shows you not only what happened, but what you did to make it happen. As you look to your strategic plans for 2018, ask yourself these four questions:
- What happened in 2017 that was NOT a result of my efforts?
This can be anything from a hurricane or forest fire, to the phone ringing and a large customer landing in your lap. Any owner knows there is an element of luck to any business. However, many would say we create our own luck. We recognize opportunities and act on them, or recognize challenges and find the best way through them.
- What happened in 2017 that was a result of my efforts?
This usually involves creating a plan and sticking to it. It could involve implementing a new process, developing a new marketing plan with a SEO Agency, scheduling time to make customer or prospect calls, or any number of other factors that can make a business successful. If you’ve seen success as a direct result of your efforts, hopefully you measured the results and can see a clear path or pattern to the efforts. Metrics can reveal truths of which you may have not been aware. Assumptions can waste time and money. There are three key reasons to create a business plan. The first is that it helps you to plot your business’ future, the second is that it will help you to determine what you hope will happen to your business in a specified time frame, and the third is that it gives you a chance to calculate how you are going to achieve your goals. Creating a business plans are an ongoing process, and you have to keep reviewing the contents of your plan on a regular basis. A current plan makes it easier to persuade interested people to invest money and time in your business.
- What will you do differently next year?
Dusting off last year’s plan and trying again may not be the best idea. Doing the same thing and expecting different results is often touted as the definition of insanity. And yet, owners and managers typically take last year’s plan, (which was often the plan the year before, and the year before that), change a few numbers, and hope for the best. We don’t suggest throwing all caution to the wind, but taking some calculated risks may result in better than the marginal success of increasing goals 5% to 10% each year.
- Where will you get the time?
There are only 24 hours in a day. As a business owner, you know that work can eat up the majority of those hours. When looking back at their 2017 calendar/day planner, it’s common for business owners to realize the majority of their time gets bogged down in administrative duties. If that is the case with you, when do you have time to grow your business? And more importantly, how will you change this trend in 2018?
After reflecting on the questions above, you may realize that “the way we’ve always done it” may not be the best path to growth and prosperity in 2018. Here is one thing you should consider that could make all the difference to a successful year—a PEO. PEOs or Professional Employer Organizations, take on the administrative duties that commonly bog down businesses just like yours. A PEO can provide human resource, payroll, employee benefits, and risk management services that will free up your time and resources to focus on growing your business. And, a PEO will ensure you have experts in each of the disciplines looking out for your best interest.
A recent study of small businesses by McBassi & Company indicates that since becoming a PEO client, 70% report increased revenues, and 66% report increased profitability. In fact, 98% of business owners who are PEO clients say they would recommend a PEO to a small business colleague.
Set yourself up for success in 2018 and get an inside look by downloading a free guide: Why They Chose UniqueHR. Or, call UniqueHR today to see if a PEO is right for your small business, 361-852-6392.