You’ve been running a small and local business for a year now. What’s changed? What have you learnt? And how will this affect the way you go forward?
You could grow, diversify, and you could even move beyond the local radius you’ve originally set yourself.
But no matter what, the next 12 months are likely to look a lot different than what you’re used to! And because of that, we’re here to discuss the possibilities with you down below.
From A to B: How Have Things Changed?
A lot can change in 12 months. If you were to compare this year to last, what stark differences would stand out the most? Here are a few to think over.
Your working hours
Let’s face it, you’re working on your business a lot more than you were 12 months ago!
Sure, you may have had a day job back then and were only running your company as a side hustle. But now you’re full-time, your working hours have changed drastically.
Has this been a good change for you? Or is it something you want to focus on over the next 12 months?
Your client base
You’ve picked up a few more customers, you may have lost a couple – both are to be expected.
If you’ve picked up a repeat customer, this is a very good sign. You’ve clearly got the kind of product that can keep someone coming back for more.
Either way, it’s best to identify what’s going well, in terms of your customer service. What do people enjoy about working with or buying from you?
And if you’ve lost a customer, is there anything you’ve learnt that could prevent clients falling off in the future?
Highlight these things and you can build even more momentum over the next year too.
Your business’ value
Your business wasn’t worth anything when you first started. Now, you’ve probably added value in the region of 100%+.
After all, you’re selling a product or service that’s earning you real money, and you’re covering your overhead without much trouble.
If you don’t know your business’ current value, that’s okay. You can use a quick and easy calculator to get a ballpark figure.
Of course, if you’re going to value your company – and even just at an estimate – you’re going to need a calculator that uses the right industry-specific factors.
If you’ve got a waste business, where you rent out dumpsters or hauling vehicles, you need to use a proper Dumpster Rental Business Valuation Calculator.
It would be no good using a general calculator that only takes half the facts into account. And if you’re not quite sure about any figures, put your best guess down.
What Have You Gained?
Let’s focus on the positives first!
What have you gained over the last 12 months that could change the way you do business in the future?
New clients
Whether it was just the one or two, or you experienced a wave of new, conversion-heavy traffic, you’ve gained some new clients. That’s always something to celebrate!
New clients means more sales, a chance for word of mouth advertising, and the ability to make use of user-generated content on social media. All three are net bonuses for a small, local business.
Good reviews
Speaking of word of mouth, how many new reviews have you gotten on your Google Business Profile? How many new testimonials have you been able to add to your website? Both are great, both do wonders for your reputation.
This is also where you want to consider the best ways to bring more good reviews your way. And honestly, you usually just need to send out a reminder to your clients to leave one in the first place.
What Can You Build on?
Online visibility
When you tap in a keyword related to your business, where do you appear on the search results?
You might pop up in the local map pack, which is great. But are you in the top pick of the results? There’s usually up to four featured businesses in this section.
Similarly, where are you on the actual page ranking? Do you pop up on the first page itself, or do you have to dig a bit deeper into the second and third pages?
Or maybe you’re a little further back, and the first link you see is on the fourth or fifth page.
If so, your local SEO could be in need here. It’s not a disaster, so don’t panic. But it is something to focus on over the next year.
Work/life balance
As we mentioned above, there could be a work/life balance issue going on in your life right now. Your business is getting bigger and more successful, and you feel like your career is firmly on the right path.
But with all that being said, your personal life could be suffering. When was the last time you arranged to meet a friend? When was the last time you got a proper eight-hour sleep?
You don’t want an issue like this to continue on and bloom into something worse. Catch an imbalance between your work and life now, before it grows into full-blown burnout.
Your Local Business a Year Later
It’s officially been 12 months since you opened doors for the first time. Now, you’re a small, thriving business with all kinds of opportunities available to you.
But before you grab hold of any of them, make sure you’re aware of what you’ve done so far, how things may have changed for you, and double check that your long-term goals are still the same.
It’s always good to take a moment to check these things at least once a year, no matter how old your business is. After all, these points are all essential to making sure you’ve got the necessary insight into your business, its budget, and what you really need to do next.
Photo by Ono Kosuki
