YES! Absolutely you should. If you want to continue to grow as a business, then it is pivotal to take a look at what is going well and what is not going well. This is also a great time to take another hard look at your business plan. For those of you that are in the Tutorpreneur Program, we go in great depth on how to create a business plan that works for you. It is not a stagnant document that you create once and then ignore. So what kinds of things should we evaluate at the end of the year?
Evaluate your own performance
Here are some questions to take a look at.
1. How did you communicate with your clients?
2. What kind of growth did your students have?
3. Which student made the least amount of growth? What could you have done differently.
4. Did anyone give you raving reviews?
5. How many new clients came to you based on referrals?
6. How much time did you spend reaching your goals on your business plan?
7. How effective were your marketing efforts?
Measure your results
1. How much money did you make?
2. What was the most effective marketing strategy? How do you know?
3. What time of year did you have the most amount of new students?
4. How many students did you work with over the year? Did this increase from the previous year?
Compare accomplishments to goals
Take out your business plan and take a look at the goals that you set for yourself.
1. Which goals did you achieve?
2. Which goals are still a work in progress?
3. Which goals did you not achieve and why?
It is ok to not reach all of your goals. If you achieve them all, then perhaps you are setting your goals to low. However, you should be reaching most of your goals, otherwise there may be some things that are sidetracking you that you need to take a look at.
Get input from others
Sometimes we can be too harsh or too lenient on ourselves. It is important to get feedback from others. Here is a list of people that you can ask about your goals.
2. Parents of your students
4. Business coach
Set a plan for the coming year
Now it is time to take all of this information and revise your business plan for the coming year. The most beneficial part of taking this inventory is that it can guide you to look deeper at what has really been effective and what hasn't been effective.
Do you care about your results that you get as an online tutoring business? Then this is a step that cannot be skipped. Take a good look at what is going well, what is not going well, and what could be going better if you applied more effort. Then make a plan as to how to achieve that over the next year.