This is the time of year when many look back over the past. But I think it’s important to have a reason to look back and it’s not just to reminisce. Rather, it should be to perform some analysis of what went well and perhaps not so well. While, hindsight is 20/20, you can’t judge decision you made months (or even years) ago based upon information and knowledge you have today. The world doesn’t work that way . . . we have to make decisions with only the information at hand. As you look back, ask yourself:
- What are the key differences in your business versus 12 months ago?
- Are there areas where your business has shown remarkable change?
- Were there key decisions you made during 2014 year that shaped the year?
- Were there decisions that you wish you had made differently, and, if so, what information might have been available to you at the time if you had looked for it?
Just this morning I was comparing how a client did in relation to its 2014 budget and I remembered that we reallocated certain budget line items just prior to the start of the year. It was the perfect opportunity to remember the rationale behind those decisions and whether it played out as we had thought. This information will definitely be part of the discussion when we have our 2015 recap.
But the key question I have as I look back at information and work papers from the past is about what I now know that I could apply to our 2015 business forecast and operating decisions.
Like it or not, none of us can do anything about the past but we all have the opportunity to shape the events of today and tomorrow. With that in mind:
- Are there things that you learned during the past year that you can apply to 2015 that could make a dramatic difference?
- If there were missed opportunities, are they still available to you? While some may be lost to time, others may still be out there and may only be a phone call or email away.
- What can you try in 2015 that is a drastically new approach from anything you have tried in the past?
Sometimes, looking back can help you look forward!
As we wrap up 2014, I’d like to take a moment to thank all of my readers and clients for the opportunity to have been part of their 2014 success. Here’s to an even better 2015!
If your business could benefit from fractional CFO services, I would welcome the chance to speak with you. Please give me a call at (314) 863-6637 or send an email to [email protected]
The archive of these monthly newsletters is posted at the Resources section of homza.com