New Year’s Bizolution

It is that time again! It is so easy to get caught up in the joyous side of the holidays. However, for us business owners, amongst the celebration, is succession planning for next year. My, how time truly flies….
Hard to believe that it is time to look at your business strategy and, if necessary, chart a new course for your company.

Whether you have launched a new company or have an existing one, consider your annual check-up. Once you see what is working and what needs fixing, you can correct the course as needed, set new objectives and take better control of your business future.

Planning for your business is a dynamic process. Cash flow, service and product lines, changing industry specifics and human capital are just a few of the areas on which to reflect. Your business plan should constantly evolve to accommodate these changes.

As you begin down the road of 2008 planning, consider the following areas:

Your vision. Is it still relevant? Can it take you into the future? If not, you may need to rethink your mission, and consider why and how you will meet your goals.

Your employees. Do you have the right employees? Are they willing, capable and able to meet your goals? Do you need more of them?

Client Fees and Product Costs. Have you reviewed your costs associated with your services, products and related overhead? Are you making money?

Employee compensation. With today’s fast growing industries and shortage of quality, dedicated employees, have you taken the time to investigate whether or not you are competitive and taking the appropriate measures to ensure employee retention?

Policies and Procedures. Are yours up-to-date? Chances are you have introduced informal guidelines during the year that have become de facto policies. Now is the time to review and formalize those policies, adding them to your employee handbook and internal policy and procedure manual.

Outsourcing. Is your current staff capable of handling all areas needed to manage and grow your business? Could you benefit from using professionals outside your company?

Marketing. Do you have a website? A blog? Are you using Search Engine Optimization? Do your materials reflect your culture and where you want to go? Are you getting a return on your marketing investment? Year-end is a great time to consider networking or advertising campaigns and other strategies for garnering more market share or possibly entering into new markets.

Opportunities. Are you overlooking opportunities in which to grow? Don’t let your business model lock you into one model, or keep you from recognizing new areas in which to grow.

Resources. Do you have the resources to manage growth? Staff and cash flow need to be considered. If your business catapults, can you manage the increase in business and support the additional rising costs?

Accounts Receivable. Cash flow is crucial to the overall business. If your receivables are not timely, you may run into cash flow issues. We recommend that all of our clients prepare an annual cash flow budget that estimates a year’s worth of cash outflows and inflows. This will also help you to project for an increase in marketing, people and possibly launch a new product or service line.

Are you having fun? If you do not enjoy going to work everyday, then it is very likely that your employees do not either. Passion for your work and leading by example are critical to your overall success.

Make your New Year’s Bizolution a great one! Invest the time into planning for your new year and allocating the appropriate budget to your continued growth and success!