How to do a year-end review and create next year’s plan for your coaching business.
It’s December, and it’s the time of year we often begin to wind down and think about what next year will bring.
Many of you have asked me, “so….what do I do at the end of the year? I feel like accomplished so much but I’d like to make next year even better.”
How can you make the best use of your time this month?
Here are my tips for you to end this year on the right note and get ready to tackle next year.
Say thank you. Make it personal. You can send handwritten notes, small gifts or cards to the people who have been part of your business.
Who specifically should you be acknowledging?
Definitely, express your gratitude to all your clients and past clients. But I would also recommend thanking any peers or partners you’ve worked with throughout the year. This is a great time to reconnect with other coaches, consultants, bloggers, or entrepreneurs.
Give your year-end income a boost.
One idea is to offer a mini, one session, goal setting class. There are many possibilities, you could either do a group class, webinar or individual session. All these options are popular, choose the format that is closest to your style and feels like you would enjoy the most.
Do a business review and set goals for next year.
Here are a few questions to get you started:
- Are you satisfied with your progress this year?
- What would you like to do differently?
- What would you like to accomplish next year?
- How do you want your business to grow?
- What big dreams would you love to achieve?
I’ve created a FREE printable business goals worksheet you can use to plan your upcoming year. Grab your copy >>>>>>> Here.
Plan Your income.
Is it time to increase your rates? Start by analyzing what you charge and do some research on the current average rates to see how you compare.
Establish your new rates and decide how you will handle the change with your legacy clients. Some coaches leave their legacy clients at the original rates, others provide written notice of the change for any renewals.
Do an in-depth assessment of your website.
Read the content, make updates and tidy up any small errors. Maybe you have a new designation, or your contact details have changed? Ensure your information is completely up to date.
In addition, check all the links and buttons and correct any broken links and dead ends (404 Error). Ask yourself, are there any additional links you can add to provide more value to your website visitors?
Clean up your space.
Unsubscribe from email newsletters that you don’t read. When you reduce the clutter in your inbox it will help you make a fresh start on the new year.
Clean up your computer files and do a backup of the data. Ensure your virus software is up to date.
Clean up your physical workspace too. Organize, recycle and eliminate the things that you no longer need. Vacuum, dust and do a thorough wipe down with an environmentally friendly cleanser.
Manage your expenses.
Get your expenses in order. Make sure you have all your original receipts, so you will have a jump on tax season.
Look at your credit card statements. Cancel subscriptions and any recurring billing plans you no longer use. Are there tools that you could downgrade to the free option because you don’t use enough of the paid version to make it a worthwhile business expense?
Get creative, ask yourself, how else can I save a bit of money each month?
Remember the lower your business expenses, the higher your profit!
More ideas to reduce your monthly costs:
- Double-check the domain names that you have registered, are there any that you no longer want? Remove them from the auto-renew option.
- What type of interest rate are you paying on your credit cards? Where possible, use credit wisely and pay off your balance each month. If you do keep a balance you could try calling the credit card company and ask them for a reduced interest rate.
- Check your other business expenses. Are you able to get a reduced rate on your internet charges or on your cell phone? If you call customer service and ask what they can do to reduce your monthly costs you will be surprised with the savings they will find for you. (You may need to be persistent and friendly)
Fine-tune your client communication.
Evaluate your Client Welcome Package. Is it current, professional-looking and still in line with how you do your client onboarding?
Next, review your sample session format. This is a great time to revise your format to improve the conversion rate so you can get better at signing up more new clients.
Learn more, earn more.
What courses and training did you register for this year? Have you completed them?
Use this quiet time to go back and finish off those courses and implement all the new things you’ve learned.
Decide what skills you would like to learn next year and begin looking for training programs and seminars.
Create your business schedule for next year.
Grab a big calendar, some highlighters, coloured pens and post-it notes. Now dive in and plan your year. Block off time and schedule all the things you need to do for your business. Here some prompts to help you get started:
- What days will you work with clients?
- What group programs or courses would you like to launch and when?
- What conferences or retreats would you like to attend?
- Schedule chunks of time to work on the steps that will lead to your big goals.
- What days will you take off each week?
- How much vacation would you like to take and when?
Put it all on the calendar and then stand back to get an overview.
Is there anything that needs to be shifted to make it more realistic? Make sure you have ample time to do the tasks that are needed to reach your goals.
Plan your client communication strategy for next year.
How often will you connect with your past clients? How would you like to communicate? Are you happy sending individual emails or do you want to add another format?
What format(s) will you use and how often will you communicate? Will you send a weekly email, a quarterly newsletter, podcast, video (Facebook Live, YouTube)?
It can be lonely working as an entrepreneur and the most successful coaches are well connected with peers and mentors.
Do you want to grow your community? Possibly you would like to get out of your office more and meet with people face to face. It might be time to check out local meetups or create your own.
Perhaps you’ve been wanting to join a mastermind or business support group? Now might be the time to take that step.
These are some of my favourite ideas and questions you can use to review this year and get ready to have an even better year next year.
To make this the most valuable, I recommend you set aside at least a 1-hour chunk of quiet uninterrupted time to work through your answers, review your year and set your new goals.
To help you get started, I’ve created a FREE printable business goals worksheet you can use to plan your upcoming year. Grab your copy >>>>>>> Here.