At the end of a year, it is typical to take some time to reflect. This is particularly true of 2020, a year that upset business across every industry. Many construction projects were halted, some canceled entirely. Supply chains were greatly disrupted, upsetting timelines, and incurring additional costs. The hiring and onboarding processes had to be rethought entirely. And the future remains uncertain.
While you may not have been able to accomplish many of the things you set out to last January, there is still a lot that can be learned, which you can apply to the new year. Take an hour or so to really think about the following questions – this can help you determine smart goals for the future. Ideally, you should brainstorm each of these, and solicit feedback from different employees who may have a unique perspective.
What are your areas of weakness?
Likely, the pandemic exposed vulnerable areas of your business that should be strengthened. Perhaps only having one supplier led to massive delays. Or your client base could be too focused on a particular sector. Consider how your business was negatively affected, and the ways that you could curtail this in the future.
What are your core strengths?
Hopefully, the opposite is also true. In an unstable and uncertain situation, in what ways did your business or team shine? Perhaps communication methods really stood strong when they were put to the test. Or maybe there were positions that were seamlessly able to transition to remote work. Make sure that you highlight these areas and commend your team for a job well done.
What are your opportunities?
The answer to this third question should stem from thinking about your weaknesses and strengths – along with consideration of the market as a whole. In what ways does it make sense for you to grow, and what resources do you already have that can expedite this process?
One Final Word
Now that you have a sense of what your focus should be over this upcoming year, it is time to create your business goals. When doing this, it is important to make sure that your goals are clearly defined and specific, and that you have key performance indicators in place that can help you track your progress along the way.
Of course, you should also keep in mind that there is still a lot of uncertainty in the world right now and that it will not be “business as usual” for a while (if ever again). Make sure that your goals are flexible, in case there is another lockdown or continued restrictions. Beyond that, stay optimistic. By taking the time to really work through this exercise, you will set yourself up for success – even in a difficult time.