You may feel like you’re constantly thinking about it, but how much time do you actually spend thinking clearly about where you’ve been and where you’re going?

The savviest entrepreneurs I know are constantly reviewing and analyzing their operations; then nimbly adjusting their strategies. Why? Because operating in a vacuum is the quickest way to go out of business.

Before the holiday celebrations consume you, take some time to complete this easy, year-end review. All you need is a quiet place, a pen and a few sheets of blank paper. Or you can use your computer, but try to get out of your office and away from the phones for at least 90 minutes.

There are no right or wrong answers. Your honest responses are meant to help you sort through the best and worst of 1998 and inspire some changes in 1999.

Part one: personal and management issues

Whether you have one employee or 100, people depend on your vision and leadership for their economic well being. It’s up to you to be the best manager possible, while serving as a role model for everyone who looks up to you.

Ask yourself:

1) Did I meet most of the personal goals I set for 1998?

2) Did I keep the promises I made in my business and personal life?

3) Were my 1998 goals realistic?

4) What goals or aspirations should I carry over into 1999?

5) What can I do to be a better manager next year?

6) Am I dealing with “toxic” people who drain my energy?

7) If I had a magic wand to make toxic people disappear, whom would I use it on?

8) How can I boost employee productivity and morale?

9) How can I reward people when I can’t afford to pay them more?

10) Before the new year arrives, who deserves an apology, an explanation or a raise?

11) Who can I ask for help with my problems? Whose advice do I trust?

12) What is my primary goal for 1999?

13) How can I make more time for myself?

Part two: financial goals

Although the stock market was volatile, many small and medium-sized businesses posted record profits in 1998. Even if 1998 was profitable for your business, uncertainties loom in 1999. No matter how well things are going, you can always make your money work harder and tighten up financial controls.

1) Without peeking, how much money is in my business checking account today?

2) How much money have I set aside for a rainy day?

3) How much money do customers or clients owe us right now?

4) What are we doing to collect these receivables? Calling? Writing? Using a collection agency?

5) Would charging deposits help boost our cash flow?

6) Do I feel good about the person managing my money, both personal and for the business? Should I consider finding someone new?

7) Is my working capital deposited in a sweep account so it earns money while I sleep? Where exactly are my savings invested?

8) Is the same person handling incoming and outgoing funds at my office? (This can be disastrous and leaves you vulnerable to embezzlement).

9) When was the last time I discussed our tax strategy with my accountant?

10) Is my personal pension plan in order? Am I putting away the most I can each year? Do I need to offer pension benefits to my employees?

11) How much money can I save in 1999?

12) How much money can I invest in my business? What kinds of equipment would boost productivity?

13) Do I have adequate life, disability, key-person and business interruption insurance?

14) Who would manage my company if I were injured or disabled?

Part three: marketing goals

You can have the best product or service in the world, but if no one knows about it, you’re sunk. Review 1998’s marketing efforts with a critical eye. Marketing and advertising are expensive, so you don’t want to waste money on the wrong strategy.

1) What was our most successful marketing strategy in 1998?

2) Did it more than pay for itself in increased sales?

3) What was our worst marketing blunder?

4) How much did we spend on marketing and advertising compared with last year?

5) How did we track the results of our marketing efforts?

6) What should we do differently in 1999?

7) Have we targeted new groups of customers or clients?

8) Have we contacted customers we haven’t heard from in a while?

9) Have we created any new marketing alliances?

10) If not, what compatible companies can we partner with in ’99?

11) Is our catalog, logo and printed material up to date and attractive?

12) Do we need to invest in a new image?

13) Are we doing business online? Do we have an attractive Web site?

14) If we have a site, which sites can we link to in order to boost traffic?

15) When was the last time we asked our best customers for honest feedback?

(Resolve to have breakfast with at least one customer a week in early 1999.)

Jane Applegate is a syndicated columnist and author of “201 Great Ideas for Your Small Business.” For more resources, visit [email protected].