As a small business owner, it’s easy to get caught up in the day-to-day hustle and lose sight of the bigger picture. So it’s important to take time to look inward, especially as the end of the year approaches.
This type of reflection ensures that your business is working for you, helping you build the life you envision, rather than consuming your time and energy and making you feel burned out and exhausted.
A well-executed review allows you to assess what’s working, what’s not, and what adjustments need to be made to ensure that your business is aligned with your goals and dreams.
Here are 15 questions to ask yourself in Q3, helping you wrap up the year with clarity and purpose and making sure you’re starting off the new year with perspective.
1. Am I happy with my work-life balance?
Running a business can easily blur the lines between work and personal life. Take a moment to ask yourself if you’re maintaining a healthy balance between your business commitments and personal life. This is, of course, easier said than done. But if you’re feeling overwhelmed, consider setting some firmer boundaries around your working hours and delegating tasks to free up more personal time.
2. Is my business aligned with my personal goals?
Your business should support the life you want to live, not detract from it. Evaluate whether your business is helping you achieve personal goals such as spending more time with family, traveling, or pursuing hobbies.
Tip: If your business feels misaligned, consider taking a closer look at your mission and goals to ensure they reflect your personal goals.
3. Am I attracting the right clients?
The clients you work with should align with your vision, values, and expertise. Are you attracting clients who appreciate your work and pay what you’re worth? If you’re struggling to attract the right clients, it might be time to revisit your marketing strategy. It’s also a good idea to review your branding and messaging to ensure it speaks directly to your ideal client.
4. Do I have a clear plan for growth?
Growth can mean different things—expanding your client base, increasing revenue, or scaling your offerings. Do you have a clear, actionable plan for growth in the coming year?
Tip: If you’re unsure of how to grow, start by setting specific, measurable goals and then break them down into smaller action steps.
5. Have I devoted adequate time to personal/business development?
Keeping up with industry changes is key to staying relevant and competitive. Are you regularly updating your skills and knowledge in your field? If you’re feeling as though you’ve neglected this area for too long, now is a great time to sign up for webinars, courses, or subscribe to industry newsletters to stay informed. Many courses or memberships also have Black Friday deals, so keep an eye out!
6. Is my pricing reflective of the value I provide?
It’s easy to undervalue your services as a small business owner. Are your current prices reflective of the value and expertise you bring to the table? If you’re not sure, consider reaching out to a peer or mentor in your industry. Raising your prices is always justified if you’ve gained new skills or leveled up the quality of your work in the past year.
7. Am I managing time effectively?
Time management is crucial for any business owner. Are you spending your time on tasks that move the needle, or are you getting bogged down in busywork? This is especially hard for many people, so if you’re struggling with time management, you’re not alone. Try using a time-tracking tool to see where your hours are going, and then reprioritize your tasks.
8. Do I have a strong support system?
Running a business can be isolating at times. Do you have a support system of mentors, peers, or a team you can rely on for guidance and collaboration? For digital entrepreneurs especially, it’s all too easy to fall into the trap of hiding behind our computer screens. Joining a community of some sort could be very helpful to reduce feelings of impostor syndrome and also for benchmarking yourself.
Tip: If you’re feeling isolated, consider joining a business networking group or hiring a coach to help guide you through challenges.
9. Am I taking care of myself?
Your health and well-being are as important as your business. Are you prioritizing self-care, exercise, and mental health as part of your routine? If self-care has taken a backseat, schedule non-negotiable personal time into your calendar, just like you would a client meeting.
10. Have I achieved the goals I set at the beginning of the year?
Most people set New Year’s resolutions and forget about them by the end of January. Take a look back at the goals you set at the start of the year. Have you achieved them, or are you falling short? If you haven’t hit your goals, don’t feel discouraged. What gets measured gets done, so break them down into smaller, more manageable tasks to finish strong in the final quarter.
11. Is my financial health where it should be?
Financial stability is the backbone of your business. Are you tracking revenue, expenses, and profitability effectively? Do you feel confident in your financial situation, or are you wondering where all your revenue is going? Hiring an accountant or using financial software to help you get a clearer picture of your finances.
Tip: If you’re unsure about your financials, now is the best time to shop around for a good accountant. If you wait until January, you’ll be rushing to find someone before taxes are due and you’ll have a harder time finding someone you really trust.
12. Are my services or products profitable enough?
It’s important to regularly assess whether your offerings are as profitable as they should be. Are your services or products bringing in enough revenue to sustain and grow your business? If your profit margins are low, now is a great time to review your pricing, cut unnecessary costs, or develop higher-margin products or services so they are ready to launch for the new year.
13. Have I held space for creative and strategic thinking?
It’s easy to get caught in the day-to-day operations, but creative and strategic thinking are key to driving your business forward. Have you set aside time to look at the business from a higher level, and brainstorm new ideas or strategies? If creativity has taken a back seat, block out time each week this quarter for brainstorming, planning, or creative activities that inspire you.
14. Am I staying organized with systems and processes?
Systems and processes can streamline your business and make it more efficient. Are you staying organized with tools, workflows, and processes that save you time and reduce stress? Or do you begin each day with a plan of action but get sidetracked, eventually feeling like you worked all day but didn’t accomplish anything?
Tip: If things feel disorganized, consider implementing tools like project management software or automating repetitive tasks to simplify your operations.
15. Do I feel fulfilled by my business?
At the end of the day, your business should bring you a sense of fulfillment. Are you still passionate about what you do? Does your work make you feel excited and motivated? If your passion has dwindled, it might be time to refocus on what drew you to this business in the first place. Sometimes identifying the problem areas and tackling them head-on can change your whole outlook as a business owner. If or consider pivoting to something that reignites your excitement.
Take some time to reflect on your year so far
Conducting a Q3 review is a powerful way to check in with yourself and your business, ensuring that you’re on track to meet both your personal and professional goals. By asking these 15 questions, you can reflect on what’s working, identify areas for improvement, and make informed decisions that align your business with the life you want to create.
This review process is your opportunity to ensure that your business continues to serve you, not the other way around. Here’s to wrapping up the year with clarity, intention, and excitement for what’s ahead!
