This is a powerful process and one that is not done nearly enough. Really take a look at last year, know your story. What did you do that worked and can be seen in the financial reports. What did you do that did not work and change it. What did you spend money on that you see now was not well thought out or did not yield results. It is such an easy thing to do. Just look and then make changes.
Busy is good. Most small business owners would rather things were too hectic than too slow. As the year winds down, though, let your staff handle the busy-ness while you look at the business — where you are, what you’ve accomplished in the past year and where you’re headed in the new year and beyond.
Your Bottom Line
The quickest way to figure out where you are is to check your bottom line. Are you making money? Are profits better or worse than they were last year at this time? Are you meeting your expectations? If not, why not?
Your Business Plan
Change is inevitable. And businesses have a way of outgrowing their business plans. But if you don’t have a current plan, you don’t have a way of measuring your progress. So if you’ve been “off road” without a plan for a while, it’s time to formalize a plan that reflects past growth and sets new goals for the next several years.
The more you know about your competition, the better. Who are they? How are they different? How are they the same? Where do you overlap each other? Understanding their business model will help you prepare strategically for possible changes in the marketplace.
Your Secret Weapon
Your workforce is your secret weapon, especially if you’re in a competitive market. Dedicated, well-trained employees providing top-notch customer service can help put you out front of even the largest competitor. A rich, competitive benefits package will help you attract — and retain — a high-caliber workforce. Health insurance and retirement plans are highly valued benefits. You can offer a variety of other benefits to suit your employees’ needs and your budget. Ask your financial professional for information.
Do you have a formal succession plan? Are you grooming someone to take over? A well-trained successor could help in the successful — and profitable — transfer of your business. And you can use life insurance to prefund all or part of the sale.
Don’t get left behind. Contact us today to discover how we can help you keep your business on the right track. We transform businesses. First with strong recurring accounting services and then with inspired, creative business coaching and consultation. You will wonder why you did not realize that a CPA like me can do so much more than get your bookkeeping current and your tax returns completed. We are the whole package. Let us help you transform how you think about your business. Don’t wait, give us a call today.