Reviewing Your Voice Over Business and Planning for the Year Ahead
Another year has come and gone… how was your 2017?
Did you achieve your career goals?
Did you reach your financial target?
When your voice over business is established and running well, you may tend to just let things continue as they are however, the more established you are, the more it becomes crucial for you to review the progress of your business.
Whether you have had a record breaking year, or career or financial goals weren’t achieve, you would need to create a long-term strategic plan in order to continue your success or correct the issues you’ve had the previous year.
To assess your business and create a better business plan you may use SWOT analysis tool and financial analysis.
SWOT Analysis
SWOT Analysis is a structured planning tool that helps you evaluate your business. It stands for:
- Strengths
- Weaknesses
- Opportunities
- Threats
Once you have determined these four elements you would then need to:
- Build on your strengths
- Minimise or eliminate your weaknesses
- Seize more opportunities
- Counteract threats
Financial Analysis
To conduct a financial analysis of your business, you need to analyse your current financial statements, including profit and loss, and cash flow.
Key factors to understand are:
- Gross profit
- Net profit
- Revenue and expenses
- Your current pricing
You would also need to understand trends in your financial performance – compare your performance during different periods, quarters or seasons and find out what drives a positive or negative trend.
You would also need to research how the rest of the industry is performing for benchmarking. You can use this information to see how your performance is measuring up with your competitor and the industry.
You may use this guide as you review your voice over business and plan for a better year:
