Written by Karleen Andrews, Western Region Microenterprise Specialist
Does your business feel like it is just coming out of hibernation? Over the winter, perhaps you had your collar turned up against the extremes of high operating expenses and lower revenues. Now, you are hungry for sales, and you may turn in any direction to find them. This is a great time to evaluate the business, develop a plan and take important action steps.
Here are some suggestions:
1. Dust off the business plan.
Great business plans work for the owner by helping to identify and then implement strategic goals. Has the business changed significantly since the plan was developed? Is it going in a positive and profitable direction? Has it evolved and is the original business plan still relevant? Is it time to develop a new plan that will be a strong guide for the business?
2. Rejuvenate the marketing plan by following these steps:
- Dream and brainstorm marketing ideas
- Prioritize by considering both the potential impacts and budget goals
- Develop plans to implement tools and activities
- Implement marketing activities
- Evaluate
- Repeat…
3. Examine cash flow projections and other financial statements.
Your business tax filing is complete. This creates an opportunity to evaluate and reflect on business financial statements. How did the cash flow projection from last year match up to actual sales and expenses? Which months were weak? What steps can be taken to improve cash flow in the current year?
4. Use that feather duster and broom, literally.
Take time to clean and declutter your desk, production spaces, and computer files. Committing a few hours to sort and toss will improve your personal attitude, and reduce distractions in the weeks ahead.