How to Do End-of-Year Strategic Planning For My Small Business (SMB)
As the year winds down, many small and medium-sized businesses (SMBs) are shifting their focus toward reflection and planning for the future.
End-of-year strategic planning is critical for ensuring your business starts the new year on solid ground.
Whether you want to streamline operations, set financial goals, or plan for growth, a strategic approach can make all the difference.
5 Steps to Tackle Year-End Planning Effectively as a Small Business Owner
1. Reflect on the Past Year
Before planning, take stock of the past year. What worked? What didn’t? Consider:
Financial Performance: Did you hit your revenue and profit goals? What were your biggest financial goals, and did you hit them?
Operational Efficiency: Were processes streamlined, or did inefficiencies slow you down? Where do you feel the biggest “pinch” in your operational processes?
Customer Feedback: What are customers saying about your business? If you don’t know (or are scared to know), run a customer survey ASAP. It can be uncomfortable, but it will give you valuable insight.
Team Dynamics: How did your team perform, and what areas could use improvement? If you don’t have a team yet, do you want one? Do you feel like you need one?
2. Set Goals for the New Year
I love using the SMART goal framework, which stands for Specific, Measurable, Actionable, Focused, and Time-Bound. In my opinion, the most important of these is Measurable - if you have goals that aren’t clearly measurable, it is easy to avoid either checking in with them or pretend that you are or aren’t meeting them.
I also try to calibrate my goals to be stretch goals, but not impossible - I like to think if the goal feels 60-70% achievable, that’s the right level of ambition for a good goal.
Some example goals that could resonate for your business include:
Increasing revenue by 20% by Q4 of next year
Launching a new product or service in the first half of next year
Reducing operational costs by 10% in the next six months
3. Break down your business goals into smaller steps
Now that your goals are set up, it’s time to break them down into an actionable plan. I recommend breaking down steps for the next 1-2 months, which will get you most of the way there. Planning for an expedited timeline can help buffer against any delays or setbacks.
Set owners and timelines for these items so you have it laid out for yourself. Then, get to work!
4. Prepare for the 2025 tax season
Don’t let tax season catch you off guard. Start gathering necessary documents and finalizing your bookkeeping, and ensure your CPA is ready to prepare your documents on time.
If you need help with getting your bookkeeping in order, we can help! Learn more about our Bookkeeping Services here.
5. Set next steps to roll out the strategic plan
A strategic plan is only as good as its execution. Schedule monthly or quarterly check-ins to assess progress, adjust strategies, and stay on track. This can feel uncomfortable if you aren’t on track, but remember that it’s better to know that than to avoid goal setting altogether. Worst case, you have to adjust the plan. That’s ok!
Need Help Building Your SMB’s Strategic Plan for 2025?
End-of-year strategic planning isn’t just about setting goals but creating a roadmap for success.🏆
Ready to take your business planning to the next level? I’d love to connect with you!
I specialize in helping small and medium-sized businesses create actionable, measurable strategies that deliver real results.
