Between completing projects and preparing for the holidays, the last couple of months of the year tend to be busy ones for interior designers. All the more reason to block out some time now, before the holiday madness truly kicks in, to review the past year and plan for the year to come. And make sure to include time to celebrate all the good work you and your team have done. End the year strong!
Assess where you ended up
Presumably, you started the year with a business plan. Now that the year has come to a close, how well did you execute that plan? Did you have to modify the plan partway through the year? If so, why? Did you get the result you were expecting? What were your biggest accomplishments? What were your biggest challenges or failures? In hindsight, what would have done differently knowing what you know now?
Pay particular attention to key elements such as revenues, profit and cash flow. Evaluate how well your marketing plan performed. From where and from whom did most of your new business come? What types of projects were the most profitable? Do you need to adjust your fees or mark-up? How might you be able to increase the number of billable hours in the coming year?
Allocate some quiet time to yourself to review and reflect. Then set up time with your team to get their thoughts and suggestions. If you outsource some parts of your operations, you’ll want to consult with those folks, too.
Set a course for where you want to go
Evaluating your previous plans in this way will help you to make better plans for the upcoming year, as you’ll know what is realistic and what may be a challenge. Based on your review of the year that’s just finished, how do you need to modify your business and marketing plans for the year ahead to achieve your goals for the new year? Revisit your vision for the firm, both short-term and long-term. Have they changed, or should they change?
You want to start the year with a clear sense of direction and achievable goals. Be sure your plans include not just what goals you want to accomplish (e.g., more revenue, higher profits, better clients, better projects), but also how you will accomplish them. Set up milestones to check your progress and keep you on track.
As you do your planning, keep in mind the broader business context. Are there changes happening or forecast in the local, regional or national economy that could affect your clients or your business? Are there developments in the interior design industry you need to adjust for in order to remain competitive? Are there new technologies or services you could take advantage of to operate your firm more efficiently and profitably?
Reaffirm relationships
The holidays are an ideal time to let your clients, past clients, vendors and suppliers, professional partners, and business associates know how much you appreciate them. Thank-you notes, holiday greetings, small gifts, or even a special holiday edition of your newsletter can serve a dual purpose of expressing your sentiments for the season and reminding recipients that you will be there to serve them in the coming year.
Clean house
Some cultures have a New Year’s tradition in which houses are emptied and cleaned from top to bottom. They are then completely restocked to start off the new year with a clean slate. You needn’t go to such extremes, but there’s a lot to be said for putting your business in order before work begins anew. Think of it as a spa day for your business.
Usually there is a lull right after the holidays while people transition from holiday mode and back to business. Use that time to declutter your studio and put everything back in its place. This is also a great time to get organized for the year ahead. Update any policies and procedures. Set up a calendar, reminders and work file folders (digital or hard copy) so you can later focus on the task at hand, not on keeping track of documents and due dates.
If all this sounds like a lot of extra work at an already busy time, it doesn’t have to be. You can space it out over several weeks, blocking out a chunk of time here and there. The advantage it will allow you to operate more efficiently and effectively in the months ahead will be well worth the time invested.