081: Year-End Business Reflecting Framework

podcast Jan 04, 2021
 

This is something I like to do at the end of each year and reflect on what worked and didn’t work in my businesses. Ideally you should choose the right location for working on your business reflecting framework... 

Here are a few of the essential questions that I reflect upon.  

  • What’s there to celebrate? 
  • What didn’t work? 
  • What were the happiest times of the year? 
  • What opportunities did I pass up on? 
  • Developing and reflecting on Business Intuition 

  

Transcript 

Hey Japanpreneurs, Happy Holidays and getting ready for the new Year coming up. I wanted to do a little episode on reflecting on 2020 and share with you my year-end business reflecting framework.

Welcome to small business Japan where we talk about Japan entrepreneurship and starting and growing small businesses and side hustles. 

I'm your host. Josh Smith, Osaka University, pH D Graduate and Japanese restaurant and Craft Beer brewery owner. Each week I'll bring you interviews, conversations and tips to inspire and motivate you on your JapanPreneur journey. 

And this is sort of things I go over at the end of the year to help me evaluate pluses and minuses over the year. This has definitely been a unique one, a lot of uphill battle for a lot of people, but not everyone but. 

One way or another, this year has changed things for many people and their business strategies. We've had to diversify and think outside the box a little bit so. 

This is something I like to go through at the end of the year and reflect on what worked, what didn't. Ideally, you should do it in a place that interrupts your day-to-day routine and go to a joke on. Go to a hotel if you can. A cabin in the Woods. 

You want to put yourself in a new environment that allows yourself to see things from a different angle. Your regular filters that come up day-to-day. They keep you in a in a routine in a pattern, and what we're trying to do here is break that a little bit. 

To almost look at it from a different perspective. So ideally if you can do this in a fit different physical space, that's the first step for developing your year end reflection framework. So first what's there to celebrate. 

You have to start with the positives. First look at revenue and growth spots. What brought in money? What helped you sell? 

In the restaurants for us, what menu items did well? Q3 and four. I launched Lifestyle Japan Preneur course that's been doing well. I've been getting some good feedback on that and so I'm very pleased with that. So that's something that worked out well. The podcast is growing slowly but surely. 

We'll have some new sort of segments coming up in the new year. I also released a high flow lifestyle podcast and soon membership. Those are two big wins for me, but for that we start with the wins then of course. 

It's not all roses, so the next thing is then we have to look at what didn't work. So what didn't pan out? What did we lose money on? So this is a very tough year on, especially the hospitality industry an among many others. We took some hits. 

There were different Ups and Downs throughout the year dealing with all of the regulations coming from the state that were changing. We are on a color code system of you know what you know, 25% can open now it's 50%. Now it's back to take out only our brewery and restaurant. Downtown has been fully shut down now for awhile. When it's we've learned that when it's take out only. 

We don't have the infrastructure in the neighborhood to support take out only model, so we weren't even covering the. 

The base labor and fixed costs, so that's been closed until we're allowed to have some kind of dynein again, so that's one of the negatives. Again, totally unpredictable, but all the more reason to take into account the things that we can't predict, which means. 

We should diversify in as many ways as possible. I think an having an on line outlet now really seems like an essential part of every small business. And brick and mortar and you know entrepreneur in general should have some type of online outlet. I wanted to let you know that. 

As a listener to the small Business Japan Podcast, I have created a unique training course just for you. 

The lifestyle JapanPreneur course is all about designing your desired lifestyle 1st and then building your business around supporting that lifestyle for one reason or another. You have also come to find a connection to Japan and are open to learning about how certain Japanese, cultural, aesthetic and business concepts can benefit your life. 

In business, this is a new way of looking at how your lifestyle and business can intertwine. Whether you are looking to start your business or side hustle. 

Add an element of online to your brick-and-mortar shop or develop a new way of structuring your current business. I encourage you to check out the lifestyle JapanPreneur course over at the small Business Japan website because as a listener of the podcast, this course was designed specifically with you in mind. 

To guide you through the process of transforming your lifestyle and business, I'll see you on the inside. Oh, and one other thing I wanted to mention, if you're interested in or have thought about the course, I encourage you to go check it out now. The beta pricing is still available, but with the time and energy I've put into it and the value that it's bringing to people. 

The low introductory price will no longer be available in the future, so the third thing I think is too. 

Pinpoint four of the happiest times throughout the year, so this is a little bit more on the personal level, but this is like a monster Gratitude Journal and by highlighting when we're happiest we're training our brain to remember those times and search those things out in the future.  

I believe the statistic is we have 95% of the thoughts that go through our head are ones that we had previously the day before. We don't have a whole lot of new ideas. We don't have a lot of openness to awareness because we're carrying a lot of the thoughts that we already had. Within that, 80% of all of our thoughts are negative thoughts. It's ingrained in our biology that our brain picks up on the fight or flight mode and it's it's actually a defense mechanism to pick up the negative things because you know that was for survival instincts. Nowadays we don't need all of that. 

Necessarily, so we have to actively go out of our way to. 

Pinpoint the highlights. The Happy Times, the things that we're grateful for to ingrain in our own mind that these are the things we're searching for. These are the things that are important to us. We want to see these things in the future. We need to notice these things more because. 

I believe with Shawn Achor, Shawn Achor. 

Who wrote the happiness advantage? And it's, you know, rooted in positive psychology, but it's belief that happiness. 

Provides an brings results, not the other way around. Common thought is results bring happiness. You work hard. You grind hard now. 

They'll be a big payoff later then we can be happy. That's not what the science says. We need to be happy now and we increase our chances. We increase our potential for excellence in the future if we focus on our happiness now. So. 

That may be a little difficult this year, but it's still something that needs to be. 

Ingrained in us so focus on a master gratitude Journal there and at least pull out three or four main times of the year when you were happy. So next, what opportunities did you pass upon? So this isn't exactly regret, but where do you wish you had spent more time? 

Doing something. 

Which sort of rolls into the last one, which is business intuition. Our intuition can be developed if we reflect on it, go over what intuitive decisions you made that worked out for you. Similarly, what situations did you have a gut feeling about that? 

Just didn't pan out. Intuition is developed through our built up experiences in a particular area. Don't expect your intuition to carry over and be reliable in an area you aren't very familiar with, so going forward, I understand that you can trust your business intuition. 

But it's unreliable in a situation that you may have had a gut feeling about, but you didn't have all the data available or. 

You know you're  looking for a new project, or a new prospect in an area that you're quite unfamiliar with. Realistically, you're unqualified to rely on your intuition in those type of situations, so I'd like to take this take a step back for the year and. 

Evaluate those situations. Where was the intuition? Off where was it on? And look at the circumstances surrounding them. This will strengthen your business intuition going forward. 

OK, so these are. 

Just a few things that I like to review for the year and reflecting framework, and I hope you guys have a great new year and I hope you had a great holiday and we will be back in 2021 to kick the new year off. 

And thank you again for all your support this year and. 

Continued support in the future. I hope this episode motivates or inspires you on your JapanPreneur journey for show details and links, check out the website at smallbusinessjapan.com and send me any questions, feedback or potential guest ideas to [email protected] And don't forget to tell a friend. 

This is Josh Smith saying see you next episode. 

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