{"id":65,"date":"2019-12-19T18:39:54","date_gmt":"2019-12-19T18:39:54","guid":{"rendered":"https:\/\/vocne.com\/blog\/?p=65"},"modified":"2020-08-02T16:29:56","modified_gmt":"2020-08-02T16:29:56","slug":"how-to-gear-your-business-up-for-the-new-year","status":"publish","type":"post","link":"https:\/\/www.vocne.com\/blog\/2019\/12\/19\/how-to-gear-your-business-up-for-the-new-year\/","title":{"rendered":"How to Gear Your Business Up For the New Year"},"content":{"rendered":"\n

Taking a Look at Your Previous Year<\/h2>\n\n\n\n

As the year draws to a close, it is normal to want to prepare your business for 2020. January is right around the corner, and it may be tempting to rush into your plans for your business. However, it is important not to forget where you currently are. Throughout the year you have been monitoring the health of your business. This is a very smart thing to do because it allows you to make real-time adjustments when necessary. It is a good idea to keep note of all these changes for the year\u2019s end so you can review all that has happened.   <\/p>\n\n\n\n

Before you look ahead to 2020, be sure to take some time to reflect on 2019.  This will allow you to create a plan for your business’s immediate and far-reaching future. There are many metrics for you to look at, but in this blog we are going to give you three of our favorite tips on how you can structure your end-of-the-year business reflections. <\/p>\n\n\n\n

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Photo by Ruthson Zimmerman<\/a> <\/figcaption><\/figure>\n\n\n\n

1. Looking Back at Revenue Generated<\/h2>\n\n\n\n

Some of us start a business as a hobby, but for most people the business they create is an important part of their income. Sometimes it is supplemental to another job we have, or it is our sole income. Regardless of what your aim is for your business, it is essential to track the revenue you generate.  <\/p>\n\n\n\n

In order to obtain our desired quality of life there are basic requirements we need to meet to pay our bills. Often this leads to the creation of a revenue sales goal or budget. As you prepare for 2020, be sure to look back at what revenue you generated this <\/em>year and set it against the goals you set for next <\/em>year. Did you make enough money? Was there surplus? Did you fall a little short? Asking yourself these questions will guide the process of compiling these statistics of your company. This will allow you to create a more precise budget plan for 2020. You will see the areas in which you came up short, areas in which you could improve, and areas in which you met goal. <\/p>\n\n\n\n

How well are You Managing the COGS and the OPEX?<\/h2>\n\n\n\n

In addition to your top line revenue, the cost of doing business is another important factor to take a look at. Two main aspects of this, though there are others, are \u201cCost of Goods Sold\u201d (COGS) and \u201cOperating Expenses\u201d (OPEX). Let\u2019s take a look at these two elements.  <\/p>\n\n\n\n