The 5 Questions Every Business Owner Should Ask Themselves at the End of Every Year

Michael O. "Coop" CooperLeadershipLeave a Comment

The end of the year is a great time for business owners to take stock of what worked, what didn't, and what needs to change in the business, or within you, to create a profitable business.

Take the time to consider these five questions and answer them honestly.

  1. What were my main sources of stress, and what can I do to change them for next year?
  2. What were my main sources of fulfillment, and how can I do more of that next year?
  3. Markets change nearly every year. What were my customers really buying from me this year? And will they want to buy the same thing next year? If not, what do they really want to buy? (Hint: it's probably not what you think!)
  4. What's currently happening in my market that I must address proactively next year before my competitors do?
  5. It's important to get distance and perspective that can only come from taking time off. How much time will I take off next year, and when?
    (My personal belief is that business owners should take a minimum of 6 weeks off each year.)

An important point about using these questions in the best way: Answer Them.

Don't just skim through them and answer them in your head. That's what busy, overwhelmed, overcommitted entrepreneurs will tend to do. But this is the time to start doing things differently. Often business owners will focus on questions #3 and #4 because they relate to markets, and hence appear to be the most important ones on the list. 

It is just as important to answer the other questions thoughtfully as well. If you don't take decisive, committed action to address your levels of stress and fulfillment, or don't deliberately plan in time to get away and gain perspective, you will simply recreate the same overworked, overcommitted, overwhelmed experience from the past.

It IS time to do things differently.

I hope you had a fantastic year and that you find the activities that renew you over the holidays!

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