The pivotal fourth quarter of 2019 is here. In preparation for prospecting 2020, now is a good time to ask yourself the following question:
What worked (and what didn’t) in 2019?
For the things that worked, the answer is simple: Do it again and more often.
The tougher part of this evaluation is looking at what didn’t work, what that means, and what the next steps are. Evaluating failure is difficult because you must discern whether you should continue to tweak a product line or strategy; or cut bait and focus on a different tactic, idea, or measure.
Some aspects of your business that you will evaluate include:
In all of these examples, it is critical to take an analytical (and not emotional) view of what to do next. It’s never easy to potentially change vendors with whom you have long-term relationships, or tell an employee that they will no longer be working with you. Yet, when it comes to operating your business and making it profitable, business owners need to move the needle in the right direction.
It’s always scary to go into a new market or take your company in an unfamiliar direction; however, to ensure your company reaches its full potential, these tough decisions need to be made. There is too much on the line to make these decisions in a vacuum. Look to another professional, like your CFO or COO, to bounce ideas off of. Ultimately, in order to ensure the sustainability of your company and the employees that work for you, these decisions must be executed expeditiously to ensure a strong start to 2020.
Take-away: When faced with hard decisions for your business, it’s important to bring in a partner or unbiased observer to assist in the analysis. Reach out to AcceleratingCFO if you need assistance in preparing your 2020 budget or to brianstorm key strategic decisions.
Brian Califano
Co-founders & Managing Partners
AcceleratingCFO