When starting your new business year, why is it important to evaluate your prior year results?
A1
If you want to be successful, decide what matters & track it regularly. You cannot improve what you do not measure.@SovInsurance #StartupChats https://t.co/dfeRKEcWDn pic.twitter.com/EteePOgzng— SUE SUTCLIFFE (@SueSutcliffe) January 29, 2020
I created a tag in my email called "FRICTION" and tag my emails with things that are causing #fricton. That way when I get to the time blocked in my schedule for important stuff, I can see a list of all things and pick away at the problems one by one.#StartupChats https://t.co/yYmJkJx8GN
— SUE SUTCLIFFE (@SueSutcliffe) January 29, 2020
How much time should you spend evaluating your prior year results versus moving ahead with your new annual plan?
A2
Spend what ever time you need to evaluate prior year's results, as successful annual plans need smart goals which detail KPIs, where you are now, where you want to me, and how you're going to fill the gaps.@SovInsurance #StartupChats https://t.co/lGwjk35Yun— SUE SUTCLIFFE (@SueSutcliffe) January 29, 2020
What are the top three things business owners need to focus on at the beginning of a year?
A3
The top three things business owners need to focus on at the beginning of the year are their smart goals, how best to achieve their goals, and how they measure success KPIs (Key Performance Indicators).@SovInsurance#StartupChats https://t.co/q69rfXj75O— SUE SUTCLIFFE (@SueSutcliffe) January 29, 2020
When looking back on the 2019 year, what indicators signal a need for change in business practices?
A4
When looking back on previous year I spend a lot of time on my P&L and Balance sheet comparing to previous year. I understanding why the increase/decrease, and try to forecast how I can move the needle on that & affecting top 20% revenue/expenses.@SovInsurance#StartupChats https://t.co/QF1KRJK1BT— SUE SUTCLIFFE (@SueSutcliffe) January 29, 2020
What part of your annual business plan is most likely to change from what you expected it to be?
A5
The parts of your annual business plan you don't wrap strategies around are most likely to change.
Smart goals + strategy + tracking = Success@SovInsurance #StartupChats https://t.co/gpK5Gan07d— SUE SUTCLIFFE (@SueSutcliffe) January 29, 2020
What approaches can entrepreneurs take to implement change while motivating high performance from their employees?
A6
Smart leaders involve their teams in planning smart goals, strategy and success tracking, keep them in the loop and incent them when you goals are reached. @SovInsurance#StartupChats https://t.co/ZQsPkltwvX— SUE SUTCLIFFE (@SueSutcliffe) January 29, 2020
If change initiatives are identified in your annual business plan, what are some change management best practices?
A7
I am not a #ChangeManagement specialist, but I believe firmly in involving my team, writing down goals and strategies and tracking/celebrating success regularly.@SovInsurance#StartupChats https://t.co/vhfixL3WD8— SUE SUTCLIFFE (@SueSutcliffe) January 29, 2020
Strong businesses mitigate risks. What advice do you have for entrepreneurs to identify and mitigate risks from the start of the year?
A8
Whether you call it a SWOT or TOWS, #businessowners who update their business plan including reviewing business strengths, weaknesses, opportunities and threats regularly is critical to mitigating risks. @SovInsurance #StartupChats https://t.co/UkIFw9didc— SUE SUTCLIFFE (@SueSutcliffe) January 29, 2020
Why is it important to review your insurance coverage when you create your annual business plan?
A9
It’s important to review your insurance coverage when you create your annual business plan because:
1) It’s a cost
2) It protects you against risk
3) Things change
4) The most you know the more you can protect yourself@SovInsurance#StartupChats https://t.co/CZuNPGlHkP— SUE SUTCLIFFE (@SueSutcliffe) January 29, 2020
How can entrepreneurs stay the course with their long-term strategy while identifying specific focus areas in their annual plans?
A10
Entrepreneurs can stay the course with long-term strategy by including their short-term strategies into their annual plans and monitoring their results monthly and/or quarterly.@SovInsurance#StartupChats https://t.co/72PRP8CJyp— SUE SUTCLIFFE (@SueSutcliffe) January 29, 2020
What is your final top piece of advice to set entrepreneurs up for success with their annual planning process?
Why should you do annual planning for your business?
Benjamin Franklin said it best…
“If you fail to plan, you are planning to fail”@SovInsurance#StartupChats https://t.co/bty15d5J2t pic.twitter.com/fzFu5oFotB— SUE SUTCLIFFE (@SueSutcliffe) January 29, 2020
We talked about the best strategies for your business to be effective, efficient, and excellent from the start of your new business year, how to set your sights on concrete success and how to build your business with the right intention and support.
The event had 39 contributors, 29.7 million impressions, and the Wakelet can be found here.
