Is your business going to plan?

The start of a new year is a fabulous time to review your business and ask yourself “are things going to plan?”

Ask yourself the following questions:

How many clients have we ‘lost’ in the last twelve months? ‘Are they salvageable - if so, what action can I take now!’ I they are not salvageable, what lessons did we learn?
Review your specific client targets. Am I any closer, if not, why not? What can I do to make contact with one of those clients today?
How is the balance in my life? Am I more balanced/less balanced than I was six months ago?
Are we giving our clients an opportunity to give us positive and negative feedback? How can we keep improving if we don’t ask for feedback?
How do this years figures to date compare with last years? Are there any drastic movements (high or low) and what is the reason for that?
Are you giving your staff opportunities and encouraging them to suggest improvements to your business?
Do you have to review your staffing levels - is it false economy overworking staff, rather than increasing staff numbers?
How well do you communicate with your staff about the business results? Do they contribute to those results and also to future improved results?
If you were to take six months off (through choice) would your business survive without you? If this thought seems an impossibility, take time to read ‘The E Myth’ by Michael Gerber.
How long since you reviewed your staff wages? Again with improved communication you may find they are keener to receive improved benefits rather than increased income.
How are you giving your clients recognition? Eighty percent of the population do not get recognition on the job. In business today, the ‘best product/service provider’ is not necessarily no.1 in their field. The service providers who maintain their market share are those who give regular recognition to their clients and always act in a professional manner.
Have you ever listed the weakest points in your business? Once identified what can you do today to add strength to these areas?
Who are your main competitors - how well do you know their products and what can you learn from your competition?
How are you acknowledging your business wins and successes? No matter how small the win, you need to have systems in place to record those wins.
Are you charging enough for your product or service? Have your overheads increased? Would increasing your fee by 5 - 10 percent enable you to add more value to your current client base?
Could you prepare your clients now for a fee increase from January1, next year?
Do you need to reduce/increase your product range? Are supplying one item only to a client in small regular amounts? Is it viable to offer a one-off discounted item price to clear your entire stock?
Is your cash flow tied up in slow stock? Can you ‘job lot’ this stock again at a one-off price? Can you donate it to charity and negotiate a possible tax deduction?
Finally, is it time to review why you are in business? Is this business what you really want to be doing for the next five or 15 years? If not, is it worth calling in a business broker to discuss your options?
If your business is your passion, do you think you have reached your full potential?
As an employee, do you believe in the company you work for and the product/service you provide? If the answer is no, start looking for another job today. Value the experience you have gained from working there and set a new date when you plan to be in a new job.
How many hours per week am I spending on delegated chores? Is it viable to employ/contract someone to do the washing, ironing, cleaning, lawn mowing? Is it false economy to do these things myself and end up with no time for me?
List one thing in your life you would love to happen before you die? What are you prepared to do or do without to make it happen? What action can you take today?
Is it possible to combine your interests with your networking? One very successful real estate agent generates the bulk of his listings and buyers from the two gyms he attends.
Has networking in the last six months brought you any closer to your goals? What may have seemed important six months ago may now be obsolete.
Have you found time to become involved in community work this year? Has this work given you a far greater sense of fulfillment than your normal day job?
Do you need to take a full day off work and devote it to planning for the next six months?