Getting ready for a Year-End Reselling Recap
As we near the end of the year, we all have to think about what we have accomplished so far in terms of business. Selling isn’t only about making a sale, we only need to have a clear understanding of our business goals. If you did a goal timeline during the start of the year, the last quarter will be crucial for you since this is usually when you will assess whether or not you have achieved your overall business goal.
But why is it important to conduct a year-end recap? According to Chron.com, “An annual report gives a company a clear overview of how it performed in the previous year, and what new goals and missions need to be set for the upcoming year.” It’s basically a year-end check-up that shows what strategies have worked, how much of your target profit were you able to hit, and which areas of the business you need to improve on for the next year.
Here are some things that you should consider when doing your yearly recap:
1. Prepare sales figures.
Sales figures will be the most important thing thank you will need to review during this yearly recap. Tracking your sales weekly, monthly, and yearly is a tedious yet a crucial aspect of our business since this shows you which sales avenue performs best, how long it takes before a single person makes the purchase on your store, and most importantly, whether or not you are able to hit your target profits.
Moreover, looking at previous sales figures lets you set more accurate and smarter goals or the ensuing year in order to avoid overestimating your company’s capacity. Don’t be afraid to play with the numbers. It will be daunting to look at, but this is actually what will keep your business going.
2. Revisit marketing strategies you’ve done.
Aside from sales, marketing is also one of the most important aspect of any business. Most probably, this aspect took up most of your time. Revisiting your previous marketing strategies helps you understand which ones worked, and which ones did not. The role of marketing is to give you avenues or channels where you can sell.
If you are a reseller, chances are you’ve engaged in some marketing activities such as bazaar, flea market sales, yard sales, expos, and others. You maybe even did some digital advertising to increase your company’s visibility over the internet. But did these strategies work? Was it able to generate sales and turn prospects into customers?
3. Be ready for the good, the bad, and the ugly.
Lastly, this year-end recap is going to show you all your mistake, accomplishments, and big victories when it comes to the business. You may discover things that you could have done differently or items that you could have invested in in order for your business to perform better. But you will also realize that there are some things that you might be better off without. And that’s the beauty of having a yearly recap, to know if you are doing a good job in running your business. No matter what, be ready to accept victory or defeat. Be ready to accept the fact that there will be times that you will incur losses, and that’s completely normal! Most importantly, be ready to adapt and be ready to face new challenges that will arise.
Did you find this insightful? What are you doing to do before the year ends?