As you launch a new business year, it’s a great time to lay the groundwork for success! Below are some steps to create a successful year:
Conduct a Financial Check-Up
- Check your Profit and Loss, Income and Expense reports.
- Review your sales reports to identify profitable and sub-par performance areas.
- Analyze sub-par areas and decide whether to eliminate or strengthen them.
Review Your Business Plan and Overall Strategy
- Set aside time in January to plan.
- Review your organization capabilities and your staff expertise.
- Identify new products and services you want to add.
- Revise or create a plan for increasing business in your areas of strength.
- Set achievable stretch sales targets for the year.
Prepare a Budget
- Compare last year’s projected budget against actual expenses.
- Prepare a new budget and conduct regular budget reviews.
- Be sure to factor in upcoming expenses and allow for changes in marketing strategies.
- List areas to cut if profits or cash flow run below expectations.
- List contingent opportunities to add if cash flow runs higher.
Create a Marketing Plan
- Evaluate last year’s marketing mix and the performance of your marketing channels.
- Review and freshen up your marketing message.
- Create a marketing plan that will support objectives for the upcoming year.
- Plan your marketing activities to support your sales efforts.
Reach Out to Customers
- Review and update your customer contact information.
- Renew contact with lapsed customers, and touch base with your existing customers.
- Let your customers know about the changes you have made to your business
- Ask for referrals from some of your best customers.
There are only so many hours in a day. Need help accomplishing these tasks? Let’s talk