Happy New Year!
I am so blessed. I get to help people feel better, so they heal better with CastCoverz! products AND I get to answer questions about starting a business. The proverbial question, “How did you do it?” referring to building a business, is asked a couple of dozen times per week! So, in response to the people that dare to dream, I thought I would periodically answer some common questions. So, here goes…
Today’s post is oh, so, important! Not just because the new year often means recommitting, renewal, Goal setting. It can also be described as making resolutions or defining your priorities. Regardless, it is your vision, your dream for your future. Whether you’re a mom or an entrepreneur, or both! I recognize planning the future for some people may be challenging given the nation’s economic uncertainty, relationship issues you may be struggling with, or just living an overwhelmed life. With that in mind, I drilled down my goal setting process into a 1-2 punch for you:
Goal Setting Maxim #1 Before you know where you’re going, you
need to know where you’ve been. Planning for hopes, dreams and goals is vital to our vision and mission, whether it be as the CEO of my family or my
company. But, more important than that is taking a critical look at the year. This task is vital to give your goals, vision and mission a dose of reality. And there is no better time, than at year’s end. I set aside some time without distractions (I go off-site), bring the necessary numbers/information, bring a pad of pretty paper, and a sharpened pencil with a great eraser.
The first macro question I ask myself, “What are the top 5 things that worked this year?” With regards to the success of CCZ!, it was publicity/brand awareness, customer service experience, innovation (8 new
products!), my employees (retained and added!), and a four fold increase in sales (!!). Answering the next question, “What are the top 5 things that didn’t work?” can be painful because it looks at your weaknesses. For example, inventory controls tops that list (I don’t have a [reliable] process to manage the fabric, webbing, thread, snaps, boxes, labels, etc…). Not knowing exactly what I have and don’t have allows for leakage and that means lost dollars. Not to mention, you can’t manage something if you don’t know what it is. Now take each of those lists and ask, “Why?” In other words, “Why did innovation work?” Another example, “Why don’t I have a reliable inventory management process?” If you’re just starting a business/thinking about inventing a product, the same questions apply, just re-frame them. For example, if you have an idea for a product, what top 5 things worked (met with a graphic designer, signed up for Tamara’s Power Mentoring Class, etc…) and the top 5 that didn’t (I didn’t call the plastics molding company contact back, I didn’t conduct the market research [beyond my friends and family] I need to do, etc.).