A (business) lesson I will never forget

It’s hard to believe, but the end of another year is fast approaching. As I get older, I could swear that time itself is speeding up.

Every year around this

time I know business in the next few weeks will start to slow down as my customers start thinking of Christmas and New Years’, then the dreaded “I’m broke till February because I spent too much on Christmas” blues. This is the perfect time to reflect on my accomplishments.

One of the toughest things in business is stopping for a bit and taking a hard look at our business and judging where we’re at compared to where we expected to be. Did we hit the goals we set? Are there things we can do easier? Can I grow faster? These are just a few of the questions that need to be thought about.

Personally, I’m a firm believer in reviewing my goals more than once a year, but I understand for many business people starting out, it’s hard enough to judge oneself once a year, never mind more.

Let me tell you a story of a hard lesson learned from my own life, so you will understand the importance of taking the time to review your business goals and achievements.

More than a few Christmases ago, like every business, we had our annual office party with food, food and more food. While everyone was enjoying themselves, it was a bitter party for me. Sure, I was a smiles on the outside, but sick to my stomach in the inside.

With the downturn in demand for some of our products and not taking action, I knew that 12 people at that party would not have smiles the following week when I would have to let them go.

Truth be told, my accountant had informed me it would be better if I let them go just before Christmas, but even I’m not that heartless. What is so sad about this life lesson is that it might have been prevented.

“How,” you might ask? Simply this, if everyone from the sales department to accountants knows the goals and targets, then action can be taken before it’s too late.

So what is the lesson here? Take the time every year to reflect (or, like in my case, more than that) on your personal view of your business. Get the facts of where you’re at so you can look at the changes needed to hit your goals. Only then can you enjoy the holidays and start next year knowing you’re ready to go.