We have spoken about this already so you know the drill. New Year = New Resolutions. January represents a fresh start and a clean slate. You probably made these 3 resolutions (or similar) for yourself for 2017:
- Lose Weight/Get Healthy
- Get Organized
- Spend Less/Save More
Did you know that those same resolutions will work for your business too?
Dead weight in your business can be just as unhealthy as excess weight for your body. Losing weight in business may include everything from the tangible such as reducing excess inventory or purging outdated and non-functioning equipment to the intangible such as streamlining procedures and simply taking weight of your shoulders by improving delegation and communication efforts.
Getting organized in business often means creating or updating your business plan. Your business plan is a road-map for your business’ success, indicating what tasks need to be completed (and when) in order to achieve the goals you’ve established for yourself. If you’ve already got a business plan, the new year is the ideal time to review it. Reflect on what you’ve already accomplished, and the goals you have yet to take on.
Spend Less/Save More = Manage Cash Flow
You have to spend money to make money, but unfortunately, it does not usually go out at the same interval or frequency with which it comes in. Preparing a cash flow projection can help you to avoid cash shortfalls in 2017. By identifying exactly how much is going out and when, you will gain added control over the money that is coming in and what your business’ actual financial situation is. Once the projection is completed, look for areas where expenses can be reduced and revenues can be increased.
Whether you are someone who makes (or breaks) New Year’s resolutions focusing on just 3 things and following the steps above might just help ensure success. Declaring resolutions encourages you to develop strong plans for the coming year, keep you focused on what is important, and improve your bottom line.
It’s a New Year! If your resolution is to increase business, we can help. Contact us today to find out how.