As the year draws to a close

As the end of 2022 is quickly approaching, I have met with several entrepreneurs looking ahead and planning for the next year. Here are a few things to think about as you wrap up one year and look forward to the next.

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Retrospective

As a calendar year comes to its close, I always spend time reflecting on the past year. What worked and did not; what did I learn and what do I need to learn; why did certain things play out the way they did; what do I need to start/stop/continue doing; where is the market going? Throughout the year it is easy to get lost in the details, so use the end of the year as a chance to take a big step back and draw out the key learnings that can be applied to your business to make it more successful in the new year.

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Next year plan

Every financial model I have ever seen or built is wrong … so while that process is important, pay more attention to the sensitivities, trigger points, and best/worst case scenarios when budgeting for the next year. One of my favorite tools (that we use at Atlanta Ventures each year and encourage our companies to use) is the Simple Strategic Plan. It clarifies your core values, goals, key initiatives, pitch, etc. It is a great tool to work with and align the team on what is important for next year. 

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Team

Speaking of the team, make sure you use the end of the year to check-in with your team. What are they seeing, how are they feeling, what can you do to support them? Are there key positions you need to get ahead of hiring for next year? The culture and team you create can be a powerful competitive advantage. A little thank you at the end of the year also cannot hurt.

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So with the holiday season and end of year approaching, take the time to reflect, plan, and be thankful for your team.

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