324 | Your 2024 Business Checklist For Product Brands
At the end of every calendar year, I like to take time to plan for the upcoming year.
I thought it might be helpful to share some of the things that I look at as I’m wrapping up one year and starting a new… in case it is helpful for you.
So today’s episode is going to focus on a new year checklist for your product-based business. I’m going to share 10 things that work for me in hopes that they will work for you, too.
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Business Checklist for the New Year
First, I want to mention that there is no wrong way to prepare your business for a new year. I’m a very numbers, data driven person. I like calendars and structure so the 10-point checklist I’m about to share with you is what works for me, and it works for a lot of my clients.
If you need to adjust this for your own needs, business circumstances, or adapt to how it works best for your brain or organizational style, then go for it!
1. Look Back
Reflect on this past years’ successes and challenges. Consider not just how you were feeling but look at the data points of what worked and what didn’t.
As far as successes, you will want to identify your:
top revenue streams
top customers
lowest revenue streams
customers who have dropped off
When it comes to challenges, think through why they were challenges.
Was it logistics?
Did you overcommit?
Did the financials not work out the way you wanted?
Was it too stressful?
Think through what made those things challenging and note them, so that we don’t repeat them again.
2. Set Clear Goals & Objectives For The New Year
Your goals for the upcoming year may be focused on hitting a financial target, launching new product categories, or streamlining your systems so that you’re not working so hard.
I’m a numbers person, so I like to set goals around how much profit (not revenue) we’ll work towards.
I want to make a note about profit here; you hear a lot of businesses talking about their revenue number — which is wonderful. But, it is also misleading.
I once had a client who earned over $1M in revenue, but she wasn’t pulling a salary.
I had another client who earned $300k in revenue but was paying herself a salary of $80k a year, and she provided her team with end-of-year bonuses.
The $300k a year business was more profitable and sustainable than the $1M business.
So, be sure to look at your profit rather than revenue when considering the health of your business.
And, increasing your reorder percentage and your average order value (AOV) are two additional goals I like my clients to focus on. From there, we can build out how they are going to do that.
I talked about the importance of these two key wholesale metrics in episode 307, so if you haven’t listened yet, I’d encourage you to do so.
3. Review or Finalize Your End-of-Year Finances
These data points are going to be critical in helping you make decisions for the coming year in terms of where you want to focus your time, money, and energy.
Plus, it will make it easier come tax time. If you have not yet finalized your end-of-year bookkeeping, I’d encourage you to actually do this first before you do your reflection on the year.
The numbers sometimes shine a spotlight on successes or challenges
4. Product Audit
January is a busy time for product brands, particularly those that sell wholesale. So, this one may need to wait until a slower season, but it's helpful to do a product audit towards the beginning of each year.
During this audit, you’re analyzing the product mix to see:
if anything should be discontinued or added
reviewing production costs to see if you can streamline expenses
if you need to raise your prices to align with market rates
If you are a LABS member, be sure to check out our quick training on how to run a product audit in your business.
5. Sales & Marketing audit
Like your product audit, you are looking to see what worked and what didn’t.
What do you want to do more of? What do you want to do less of?
Also, this is another area where the metrics may reveal interesting information.
Google Analytics, for example, can tell you where the majority of your website traffic comes from.
If you’re not seeing sales from Pinterest, for example, but you’re spending several hours a week on Pinterest, maybe it's time to pull back.
If you’re seeing great return on investment (ROI) on your marketing emails, then lean into that and find ways of nurturing & retaining our customers.
6. Customer Experience
This is a good time to check in on your customer experience.
What types of positive reviews have people shared with you — and how can you utilize those in your marketing?
Have your customers experienced any friction with your checkout process or communication that you can easily solve?
Your customer experience and customer journey tie closely with your sales process… so thinking through each step that a customer takes from acquisition to retention will help you enhance your sales and even your marketing.
7. Legal Check-In
Do you need to renew any business licenses, re-up your LLC or file any other legal documents that renew on an annual basis?
8. Team Check-In
If you have a team of people that work with you, the beginning of the year is always a good time to share your priorities for the new year and how everyone can contribute to the goals of the company.
First, saying those things out loud makes them real for you which means you’re more likely to achieve the goals you set out to do.
Secondly, involving your team in those goals and communicating what they are and how everyone on the team can contribute to the outcome strengthens the bond between everyone on the team.
Employees and contractors thrive when they know what is expected of them and what they are working towards. Once you’ve done all the hard work of reflecting and then setting new goals, share them with your team.
9. Think Through Big Projects
What big investments are you going to make? Are you exhibiting at trade shows? Are you investing in new product categories? Are you looking to participate in professional development? Do you need to invest in new technology?
I like to think through these things at the beginning of the year so that I’m making intentional rather than reactive decisions as the year goes on.
If I know I want to update my inventory management system then I can set aside money for that project, or I’ll start budgeting and saving for that project so that the money is there and earmarked for that project.
I find that planning ahead for larger expenses leads to more thoughtful purchasing.
10. Practice Gratitude
The new year is a good time to show appreciation for those who have supported your business in years past.
Employees
Top customers
Vendors or suppliers
Think about the people who make it possible for you to do the work you do day in and day out and send them a note, an email, or small gift.
It doesn’t have to be a lot. The practice of acknowledging their partnership will go a long way.
Wrap Up Your Year
This 10-point checklist for product-based businesses will help you kick off a new year.
From reflecting on the past year's successes and challenges to setting clear goals, evaluating finances, and conducting product and sales audits, these actionable steps to help you prepare for the upcoming year.
Quick Links:
Here is a quick recap of links to other helpful blogs and podcasts shared in this post.
256 | 4 ways to measure trade show success excluding sales with Katie Hunt
052 | Building a team and leveraging systems with Lichia Liu, Gotamago
307 | Elevate Your Sales with These Two Wholesale Metrics with Katie Hunt
153 | Coaching with Katie Hunt: How to Set Financial Goals for Your Business
275 | How to Improve Your Customer Journey with Jordan Kentris, A Good Day
178 | 7 Ways to Enhance Your Customer Journey with Katie Hunt
238 | Building Your Dream Team with Kira La Forgia, Paradigm Consulting
If you have ever wanted to pick my brain, or get my eyes and ears on your business, Proof to Product LABS is the place to do it.
We have monthly group coaching calls and a wide range of On Demand training specifically for product-based business owners. We open up the doors a few times a year so be sure to sign up to learn more!
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Connect with Katie Hunt
Katie Hunt is a business strategist, podcaster, mentor and mama to four. She helps product based businesses build profitable, sustainable companies through her conferences, courses and coaching programs.
Website: prooftoproduct.com | Instagram: @prooftoproduct
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