Podcast Summary: Grow Your Local Business

Episode: The Questions Every Business Owner Should Answer Before Next Year
Host: Leslie Presnall
Release Date: December 10, 2024

Introduction

In this pivotal episode of Grow Your Local Business, host Leslie Presnall delves into the essential reflections business owners must undertake before ushering in the new year. Aimed at fostering both strategic growth and the right mindset, Leslie emphasizes the necessity of evaluating the past year's achievements and setbacks to build a robust foundation for the future.

The Importance of Reflecting on the Past Year

Leslie opens by highlighting the value of extracting lessons from the current year to propel business growth into the next. She stresses that understanding what worked and what didn’t is crucial for replicating successes and avoiding previous mistakes.

“I don't want you to just move into the new year without first slowing down and thinking about everything that happened this year and how much growth happened this year.”
— Leslie Presnall [01:21]

Ownership of Wins

A significant portion of the discussion revolves around taking full ownership of business successes. Leslie advises against attributing wins to external factors like luck or referrals, advocating instead for recognizing the strategies and efforts that led to those achievements.

“You are not allowed to say things like, well, that client just came to me from nowhere... because these things... almost dismiss how we created that result.”
— Leslie Presnall [02:15]

By owning successes, business owners can better understand their effective strategies, enabling them to replicate and scale these successes in the future.

Dealing with Not Meeting Goals

Leslie addresses the common scenario where business owners fall short of their goals. She warns against the tendency to overlook the past year's challenges in favor of hoping for a better outcome next year without a concrete plan.

“If we're not taking the time to look back... we end up disconnecting our years... you stay very powerless in your business that way.”
— Leslie Presnall [06:45]

Drawing parallels with football players reviewing game tapes, she underscores the importance of analyzing failures to improve performance moving forward.

Reflection Questions for Business Owners

To guide listeners through effective reflection, Leslie poses a series of introspective questions designed to uncover critical insights about their business operations over the past year. She encourages listeners to journal their responses for deeper understanding.

Identifying Successes and Wins

Leslie emphasizes starting with positive reflections to counteract the brain's natural inclination towards negativity. She advises listing all significant and minor wins, such as growth in social media presence, client acquisitions, revenue milestones, and participation in local events.

“When you are having fun, there's less resistance, your energy is high and you just show up in a more compelling way.”
— Leslie Presnall [12:30]

Identifying Challenges and Obstacles

Following the celebration of successes, Leslie shifts focus to the challenges faced during the year. She encourages business owners to openly acknowledge areas that were difficult, whether it be technology hurdles, content creation struggles, or sales obstacles.

“These are the things that you want to solve for in 2025. These are the things that you want to figure out ways to make easier next year.”
— Leslie Presnall [17:10]

By identifying these obstacles, listeners can begin devising strategies to overcome them in the upcoming year.

Developing Necessary Skills for Next Year

Leslie then transitions to discussing the skills business owners need to develop to achieve their next year’s goals. She categorizes these skills into areas such as technology, marketing, leadership, time management, and mindset.

“The answer to these questions will start to uncover your path forward into next year. Your answers are actual action items that you will take next year to grow your business and to grow as a business owner.”
— Leslie Presnall [24:05]

Leslie advises creating a concrete plan to acquire these skills, whether through learning, hiring, or systematizing business processes.

Actionable Steps for Business Growth

Summarizing the reflection process, Leslie reiterates the importance of:

1. Listing Wins: To recognize and leverage successful strategies.
2. Acknowledging Challenges: To identify areas needing improvement.
3. Planning Skill Development: To equip oneself with the necessary tools for future growth.

These steps are designed to transform reflections into actionable plans that drive business success.

Conclusion

Leslie wraps up the episode by encouraging business owners to dedicate time to this reflective exercise. She underscores that understanding past performance is key to strategic planning and sustained growth.

“Give yourself time to really go through this exercise and really see what you can uncover.”
— Leslie Presnall [28:50]

Leslie also invites listeners to explore her LocalPreneur Academy program for further support in becoming the go-to local business in their industry.

Notable Quotes

• “You are not allowed to say things like, well, that client just came to me from nowhere... because these things... almost dismiss how we created that result.” — Leslie Presnall [02:15]

• “If we're not taking the time to look back... we end up disconnecting our years... you stay very powerless in your business that way.” — Leslie Presnall [06:45]

• “When you are having fun, there's less resistance, your energy is high and you just show up in a more compelling way.” — Leslie Presnall [12:30]

• “These are the things that you want to solve for in 2025. These are the things that you want to figure out ways to make easier next year.” — Leslie Presnall [17:10]

• “The answer to these questions will start to uncover your path forward into next year. Your answers are actual action items that you will take next year to grow your business and to grow as a business owner.” — Leslie Presnall [24:05]

• “Give yourself time to really go through this exercise and really see what you can uncover.” — Leslie Presnall [28:50]

Final Thoughts

This episode serves as a comprehensive guide for business owners to critically evaluate their past year's performance, celebrate their successes, confront their challenges, and strategically plan for the future. Leslie Presnall's actionable advice and reflective questions provide a clear roadmap for turning insights into tangible business growth.

For more insights and to become the local go-to in your industry, explore Leslie Presnall's LocalPreneur Academy.