As this year comes to a close, you're probably already thinking about next year, planning vision parties, and even adding in personal development goals as well. As an entrepreneur leading with passion and purpose, there are ways to be more intentional about analyzing progress, what is working or not, and putting new services and goals into motion for the next year.
In December, we take the month off from client projects and use the time to reflect on what has worked and what hasn't. I'm sure you know as entrepreneur but throughout the year, we are so consumed with client projects and the day to day operations that we don't pause, step back, and see if those things are leading us in the direction we envision as an agency. Today, we are sharing our exact process for how to review your year and adjusting our systems and priorities moving forward.
REVIEW YOUR PROJECTS FOR THE YEAR
What projects were your favorite? What about them made them a favorite? Was it the client, the budget, the branding elements? Which projects would you rather not repeat? What about those less-perfect projects made them less favorable? Of those items, which could you have handled differently to change the outcome?
Of all your projects, rank them in order from least favorite to favorite. Now focus on your top three. Pick three similarities about them. Those three similarities are what you’re going to build your marketing and branding around in 2020. They will build the profile for your ideal client going forward.
For example: when we I did this exercise heading just a few months ago, we realized all of our favorite clients were politicians or those in the coaching industry with 2-5 years experience. From that moment on, we stopped focusing on anyone with a business and honed in on serving those who are in service and leadership. Those other creative entrepreneurs created the same revenue, but when we took stock of what we loved and felt we did best at, the answer was clear. It’s important to note that this recommendation isn’t as much about niching as it is messaging. The similarities in your top three projects might not be type. It could be that they’re about leading with purpose. The point is that by identifying your ideal project, you know who you are targeting. This allows you to write more effective copy on your websites, social media captions, and email marketing that resonates with that market.
DIVERSIFY YOUR REVENUE
If you’re going to pivot your business, the new year is a great time to shift. Diversifying your revenue streams is important in any business Multiple streams of income gives you a little cushion when business is slow in one area or another.
As an example, you could consider offering hourly consultations for one-off services depending on your industry for a client who isn’t ready to commit to a full package offer. These consults will be billed at a 3 times a premium rate. So, if your hourly billable rate is $220 on a standard design project, these calls should be limited to 60 minutes and billed at $660. Keep these calls limited to a single day a week (we like Mondays, as they are often our admin days) and limit yourself to no more than three so it isn’t eating into your other work.
Affiliate links are an easy way to link similar items from a project and have them live permanently on your blog, creating passive income. We’ve also found that our affiliate links make us steady revenue when pinned to Pinterest.
DON’T FORGET TO TELL PEOPLE YOU OFFER THIS SERVICE. The key to diversifying your income is that you need people to know it’s something you offer. Talk about it on Instagram Stories, announce it in newsletters and reference it later, share case studies on social media or blog posts. People need to know there are ways to work with you aside from full-scale projects for these other revenue streams to generate income.
REVIEW FOR NEXT YEAR TO SCALE YOUR REVENUE
You are in business to make money. Take a look at your profit loss statements and see how and where you made the most money this year, as well as where you made the least. Don’t forget to take into account the amount of work that went into each. Once you identify your biggest moneymaker, consider how you can scale that facet of your business further. For example: if full scale consulting packages NETTED you the most money (so, after your costs, your team’s costs, materials, lunch dates, and gas are covered, you had the most money in your pocket), plan on focusing more on that side of the business.
PLAN YOUR MARKETING FOR THE YEAR
Setting branding and marketing goals should be at the top of your priority list and your budget. If you aren’t sure how much to allocate and to where. Our recommendation is to put your funds into platforms or sources that will provide the most impact—elevating your brand, launching or improving your website, and stepping up your social media game. By investing in avenues such as Pinterest or offline platforms that lead to continued, organic growth, your marketing dollars will reap a continuous return. Refining your brand’s identity and visibility is an essential investment for 2022 growth.
Successful businesses are those that are analyzed and edited regularly. Don’t put your companies year end review off, schedule in time to review your year and set goals for 2022. As always, don’t forget that every loss or misstep was a learning experience to celebrate. Not every win in business is a win!