Wow, another year gone! You know what this means, don't you? New opportunities for business success in the New Year! But - What did you put off this last year that you really wanted to get accomplished? What changes did you not get around to making?
Start the New Year off right by taking care of a few important items that can make a difference in your business and have a positive impact on the bottom line. Start with the following suggestions and add your own.
1. PLANNING. Review your strategic plan (You do have one, don't you?). Are you on course to your objectives and goals? Update your plan as may be necessary and make any additions and/or deletions based on any changes in your desired goals. Remember the importance of planning - without a plan in place, effective decision making is difficult if not impossible.
2. CUSTOMERS. Make a point to contact all your existing customers - remember, they are most likely to purchase your product or service. Have a "preferred" sale, send them all an announcement of some kind, ask for suggestions. Make them feel how important they are to your business. Make personal individual contact with your larger customers.
3. TELEPHONE. Review your telephone charges. It may be possible to do a lot better. Shop around for your long distance and 800/888 service.
4. SUPPLIERS. Contact all your current suppliers and attempt to negotiate lower prices. Review your previous year's usage and consider a larger bulk buys in order to obtain additional discounts.
5. ACCOUNTS. Contact all overdue accounts. Offer to negotiate payment terms, if necessary. Decide if you want to continue to work with these customers.
6. EMPLOYEES. Do you have employees? If so, make a point to sit down with each of them and ask for suggestions that might improve your product or service. Ask if they need anything that might make them more efficient. Be sure to give feedback at a later date as to how you used any of these suggestions.
7. GUARANTEES. Review your product or service guarantee - it is as generous as it can be? Is a "life time" warranty in order? Exceptional warranties sell products!
8. TECHNOLOGY. Are you using technology to the fullest extent possible? Remember that technology is one of the great equalizers between small and large companies.
a. Should you have an Internet site?
b. Is your telephone system adequate? (Do you keep customers waiting?)
c. Would a fax-back system help get information into your customers hands at a lower cost to you?
d. Do you need a fax machine?
8. CUSTOMER SERVICE. Improve it this year! Review your customer service policies. Do you need additional telephone lines? Can you ship product faster? Provide better prices? Discounts? Personalized service? Should you be accepting credit cards? Would a toll-free number be useful?
9. MARKETING. Plan your year's marketing budget. Either define a budget amount or have it vary with total sales.
10. INSURANCE. Review your insurance program. Are you double insuring? Shop your policies for better prices. Are any changes required?
11. ORGANIZATION. Okay THIS is the year you are going to get organized. Do it - the time savings are amazing. If nothing else, get yourself a good personal information manager (PIM) and use it. I like ECCO.
Remember, the continued success of your business is dependent on many factors, some of which are not under your control. It is up to you to take advantage of those you can do something about.
The Small Business Startup Guide : Practical Advice on
Selecting, Starting, and Operating a Small Business
In the downsizing and
reengineering chaos that is
sweeping business and
government today, many
Americans who know little or
nothing about what is
required to start and operate
a small business are being
driven to do just that in order
to survive. The Small
Business Start-Up Guide by
Robert Sullivan (Information
International, Publisher) is
written for these future
business owners. Sullivan's
book, which draws from his
own personal successes and
failures at small business
start-ups on two continents,
makes it easy for the reader
to understand, appreciate,
and apply the important
lessons being presented.
Author of two small-business books, The Small Business Start-Up Guide and U.S.
Government - New Customer!, he has lectured frequently in a variety of forums, including
colleges, out-placement organizations, and SCORE. He appears on CNBC's "Minding Your
Business" as a small business expert.
Robert Sullivan
Helping small businesses be SUCCESSFUL!
Books, Seminars, Consulting, Publishing
Box 579, Great Falls, VA 22066
800-375-8439 Fax: 703-425-7394
email : bobs@isquare.com
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