November is National Entrepreneurship Month and with that comes a chance for business owners to celebrate and reflect. The Forbes website offers these tips for entrepreneurs that are good to keep in mind all 12 months of the year:
1. Always put customers first. While digital tools are incredibly useful, it’s essential not to let distance de-emphasize the need to focus on your customers. Check in regularly with customers about how they’re responding to your services. Ask important questions to refocus on who you should be targeting. Is there something you aren’t doing that competitors are? What about the opposite?
2. Get your books in order. Belts and budgets tightened for a lot of businesses throughout the pandemic. Use revenue projections to predict what your business will need to bring in next year to remain profitable and limit turnover. Take a long look at your budget to figure out how you can stretch it as far as humanly possible. By getting creative with your bottom line, you’ll be able to sustain and thrive companywide.
3. Keep track of your mentorship programs and support systems. Employees are the heartbeat of any company. Seventy-one percent of Fortune 500 companies offer mentorship programs. By taking care of employees and providing them with opportunities to grow and feel supported, you keep high-performing staff in the organization and inspired to continue contributing to your long-term growth. And by building a healthy stable of mentees, you’re encouraging everyone to pay it forward —89% of them will likely mentor others.
4. Start brainstorming now— not in the new year. Planning is vital for any organization with long-term aspirations. But strategic planning can look different based on your unique goals. With less than two months left in 2021, take the rest of the year to put things into perspective for 2022. Continually revisit your budget, aligning those numbers with your big picture goals for the year. Put these elements into perspective and determine where they fit into your company’s prospects for the next year and beyond.
November is an excellent time to reflect on the past and look forward to your future business trajectory. Take this month to think about where you’ve been, look at where your company currently stands, and set a clear course toward its ultimate destination.