Understanding what did and didn’t work in a business the previous year is essential to making the New Year better. Following these basic words of advice can help toward a more profitable New Year!
Do review the past years successes and failures – Reviewing is essential in understanding what worked and what didn’t in the business last year. Without reviewing there is a good chance of following old patterns and repeating past failures.
Do learn from past failures – Research and figure out why certain products and services didn’t work out the way they were supposed to. Was there no demand for the product or service, was it marketed poorly, or was it not planned out/executed to its full potential?
Don’t repeat mistakes – It seems like a simple concept but it is easy to follow known and comfortable patterns. Unless these losing patterns are changed, a business cannot grow and prosperous ideas won’t be tried.
Do learn from others – Look at what competitors are doing. Are their methods profitable or are they about to close the doors? It is okay to imitate, but don’t copy.
Don’t just copy last year’s wins – Wins are great and should be kept up; the idea is to still learn from them. What can be changed, tweaked, or even deleted to make it even better? Remember reviewing and learning from wins is just as important as learning from losses.
For more help on how to learn from last year’s marketing efforts, contact us at firstname.lastname@example.org.