Every year around this time, I reflect on the last twelve months to determine what worked and what didn’t.
This year is no different, but I’m also looking at it from new perspectives.
At a high level, I’m reflecting on things like:
- where most of my revenue came from
- where and how I spent money (and if it was spent wisely)
- which projects I enjoyed working on vs. ones I didn’t
- what my wins and lessons were for the year
- what kind of work gave me energy vs. depleted it
- what made me feel good vs. what made me feel bad
Ultimately, I’m looking for ways to make my business better.
So what does a “better business” look like?
For me, it looks like continuing to focus on higher-income activities, more leveraged products and services, more energy-producing work, and generally seeking to enjoy most of the work I choose to do.
If it were up to me, I would do mostly mentoring and teaching. And yet, those things are the least “profitable” to me right now.
But I also have to make sure I’m in a good financial position, which means analyzing the best business opportunities while balancing the more subjective targets.
My plan for the new year
My plan for the new year is to continue focusing on the few clients who bring in the most money (multi-location coworking spaces), give me the most energy (mentoring work), all while doing work that aligns with what I want for my future.
Each part is important, but the last part is probably the smartest area to focus on.
We get so caught up in the days, weeks, and months that we forget to look five to ten years down the line to make sure we’re aiming in the right direction.
I also want to spend more time tinkering. One of my early mentors was a big tinkerer and he still runs a highly profitable consulting business around his free time.
I’m a big believer that tinkering and learning is good for business—especially one dependent on your expertise.
Too many people neglect that part, I think. And that’s what makes this year’s takeaways a bit different than most.
So that’s my thought process. It’s a blend of rational and qualitative. Just like real life.
What’s your year in review looking like? Hit me up on Twitter.