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2020 was an unprecedented year for businesses globally. 
While it came with unexpected challenges, it also presented unique opportunities for growth and adaptation. In our latest podcast episode, we delve into the necessary questions that will help you assess your year’s sales and gain valuable insights. This reflective process is not merely about crunching numbers but understanding the deeper stories behind those figures and using that knowledge to inform future decisions. Below, we’ll expand on the five critical questions discussed in the podcast that you should be asking yourself as a business owner.
1. Your Favorite Sales Moment
One of the most profound ways to assess your year is to think back on your favorite sales moment. What was that standout experience that brought happiness, fulfillment, or even a sense of accomplishment?
Why This Matters:
This question allows you to tap into what really drives your business and motivates you. It’s not always about the revenue generated from a particular sale but the deeper meaning behind it. For example, your favorite moment might not be tied to your highest sale but could relate to a satisfied customer who became a repeat client.
Action Steps:
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Identify the customer and the product or service they purchased.
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Reflect on why this moment stood out to you.
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Analyze the element that made this sale special and consider incorporating those elements into your future sales strategies.
2. Your Best Sales Month
Next, think about your best sales month. While you might be tempted to consult your QuickBooks or bookkeeping software, start by going with your gut instinct.
Why This Matters:
Identifying the best sales month and understanding why it was successful are crucial. This helps you pinpoint strategies that worked well and can be replicated in the future.
Action Steps:
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Identify what you think was your best sales month.
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Analyze the factors that contributed to this success. Was it a promotional campaign, a seasonal trend, or something else?
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Use this analysis to plan future campaigns and bolster your sales strategy.
3. Why Do Your Clients Buy From You?
Understanding the core reasons why customers choose your business over competitors is foundational for growth.
Why This Matters:
This question is powerful because it helps you understand your Unique Selling Proposition (USP) from the perspective of your clients. Knowing this enables you to tailor your offerings and marketing messages to better attract and retain customers.
Action Steps:
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Reflect on why you believe clients buy from you.
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For deeper insights, consider asking a few customers directly for feedback.
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Use this information to refine your marketing and sales approaches, ensuring you’re meeting the actual needs and desires of your customers.
4. Three Things You Would Do Differently
Hindsight is 20/20, and there’s always something to learn from what didn’t go as planned.
Why This Matters:
This reflective question helps you identify weaknesses and areas for improvement. By acknowledging what you would change, you actively create a roadmap for better decisions in the future.
Action Steps:
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Write down three things you would do differently if given the chance.
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Develop a plan on how you can implement these changes in 2021.
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Consider seeking feedback or advice from mentors, colleagues, or business coaches to refine these adjustments.
5. Reviewing Your Numbers
Finally, dive into the data. Analyze your total sales, monthly sales, total expenses, and monthly expenses.
Why This Matters:
Understanding your financials is not just about knowing how much money you made or spent. It’s about recognizing patterns and making informed decisions. Reviewing these numbers holistically helps you see the cause-and-effect relationships in your business, providing a clear picture for future planning.
Action Steps:
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Compile and review your total annual sales and expenses.
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Break these numbers down month by month to identify patterns.
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Use this analysis to spot areas where you can cut costs, increase investments, or capitalize on successful strategies.
By asking these five questions and reflecting deeply on their answers, you’re not just looking back at the past year but actively setting the stage for a more strategic and successful 2021. Remember, the goal is not just to identify what happened but to understand why it happened and how you can leverage these insights for future growth. Pause, reflect, and then act with a renewed sense of purpose.
Stay tuned for our next episode, where we’ll continue to provide insights and strategies to help your business thrive.
