End of Year Business Audit: Bootstrapper’s Edition

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You know the phrase, “You’ll never know where you’re going if you don’t know where you’ve been?”

Well, I don’t have the luxury of wandering aimlessly through life (neither do you), so I like to be as intentional as possible in my activities, particularly when it comes to business. We bootstrappers have to be on top of what’s going on in our business because frankly, we don’t have resources to waste.

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The end of the year is a great time to do a temperature check, so I’ve listed the major areas you should take a look at, along with the questions you should be asking yourself.

Goals. Did you make any for 2015? Did you achieve them? If you did, you’re on a roll, set your goals for 2016 and knock those out of the park as well. If you didn’t set any goals and/or didn’t achieve them, try something different in 2016, you just might surprise yourself.

Revenue Map. Compared to last year (if you were in business then), did your business make more money? Do you know much money your business made this year? (If you don’t, make it your business to figure that out.) What can you offer to generate more revenue? If you’re not making money you don’t have a business, you have a hobby that’s eating a hole in your wallet.

Expenses. What did you spend on this year? What’s the ROI (return on investment) of those costs? If you’ve paid for education this year, commit to implementing what you learned before purchasing anything else. If you have any recurring costs that aren’t putting anything back into your business, ask yourself if it’s worth it to continue shelling out that money. If you don’t know anything else, know your money outflow…although you SHOULD know other things, just saying.

[Tweet “If you’re not making money you don’t have a business, you have a hobby that’s eating a hole in your wallet.”]

Social Media. It’s the great equalizer, remember? What profiles do you have? How often do you post on each? What do you post? What kind of engagement do your posts get? If this year’s efforts haven’t gotten you the results you want, change it up! Craft your 2016 social media strategy and make sure you track your results – otherwise you’ll be in the same place at the end of 2016. One part of the Bootstrap Buddies video series covers social media strategy, you can sign up here.

This list isn’t the be-all-end-all, depending on your overall business strategy and industry you probably have a few other audit items to consider. (don’t forget to renew your business license.)

However these  should help you start thinking about what you’ve done this year and ways to step it up next year. If you want to get something you’ve never had you have to do some things you’ve never done, right?

Wishing you a New Year full of #BabyStepstoGreatness,

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