2014 has been a good year for many companies.  Profits are increasing across most industries and sizes of businesses.  Employers are hiring new employees at a consistent pace month in and month out.  Given this picture, many companies (business owners) are a little relieved - having survived the most significant business downturn since the Great Depression.  Recognize that success by rewarding those who have contributed to your success.

The New Year is just around the corner.  Take stock of where you are right now.  Not the P&L and Balance Sheet, but your organization as an operating unit.  Did you accomplish the goals you established at the beginning of the year?  Again, not just financial, but strategic and operational goals which prepare your company for the coming years.  Once you have completed reviewing your 2014 performance to date, you can start looking forward.

For 2015, what are the key objectives for you company?  Surely you want to grow, but how and by how much?  How do your customers perceive your products and services?  How do your employees like working for your company, especially your key employees?  These are some of the questions you should be asking as you begin planning for 2015.

Let's look at each element of business and ask some of the key questions which should be answered as you are developing your plan:

SALES:    How much do you want to grow year over year?  Moderate growth, in the 5% range may require only moderate increases in your sales and marketing performance, and may not require any significant investment in additional staff.  Higher growth, in the 10-20% range will likely require additional resources - perhaps more salespeople, more marketing, and possibly an extension of your product lines and services.  If you want to grow even more, you should consider an acquisition strategy, in addition to some of the other investments mentioned.

OPERATIONS:  How did your production team do this year?  Did your R&D team deliver on its commitments during 2014?  What are the key needs of your prospects and customers, and are you products and services fulfilling those needs?  If not, what can you do to meet those needs?  Major improvements will require investments in facilities, people and equipment.  Minor improvements will require lesser investments.  Also, are your customers satisfied with your services?  What can you do to increase their satisfaction levels?

PEOPLE:  You should also consider your team.  In most companies, people are the key to success.  In your company, who are those people who helped you turn the corner?  Do you pay market-based compensation that allows you to retain top talent?  Who are the members of your R&D or service team who ensure your customers are satisfied with your company?  Is their compensation competitive in the marketplace?  You must also look at those who are not performing to determine if additional training will be beneficial or if another role would be a better alternative.

There are many ways to prepare for the next business year.  Reviewing your past performance can provide you with ideas on your successes of this year.  Now you need to look forward.  As an owner or CEO, it is your responsibility to set the overall growth goals and objectives for the coming year.  As you work with your team to develop your plans, make sure you address your organization's Sales, Operations and People.  By aligning your strategic goals and objectives with the tactical operations plans and programs, your company can enter the New Year with a path to lead you to success.