With another holiday season behind us, most of us are now focused on the New Year with high expectations and new commitments for success. And in many cases that means New Year’s resolutions that probably include losing a few pounds or maybe just striving to get in shape. The same process should apply to your business. As you gather information for tax purposes, the New Year is a great time to stop and evaluate your business activity…to get your business in shape. Take the time to actually work on your business, not just in it. Have you prepared a budget for 2017 that includes sales and profit targets? Everyone says “I need more customers”, so what is your plan to achieve that? Don’t stop with new customers. Take some time to review your banking relationships, your key vendors, and even your process for ordering office supplies. How much are you paying for rent, for internet access, for bank charges and even overnight deliveries? Take some time to review your overall business procedures and processes, pick two or three challenges to really focus on, and then take action!
This is where the process generally breaks down for most businesses. They get so caught up in the day-to-day activity that setting goals, assigning accountability and a timeline to them, then actually doing something gets pushed aside! As the saying goes, the worst thing you can do is nothing, so do something! There are numerous resources on-line and even one-on-one assistance from your local Small Business Development Center Network advisor to help you build a process to get your business on the track to success.
Do you have a preferred method to accomplish this? We’d love to hear about it!
Bruce Morse is the Wyoming SBDC Network Regional Director servicing the Big Horn Basin. He specializes in financial analysis, business planning, and loan application review. Bruce also facilitates the Profit Mastery program that teaches business owners and managers how to utilize their financial information more effectively. In his spare time, he enjoys an occasional round of golf.