On Point

issue: 2008 - 02

....recession....election....housing market....fuel prices...

We are constantly being bombarded by news which seldom shows a bright spot. If the only thing we had to look forward to was this news, we would all be in bad shape. However, the good news for business owners is that this is a great opportunity to dust off your business plan, review the basics of your business and build for tomorrow's growth.

This sounds nice.what does it mean?

Business Plan - these plans are meant to be reviewed and updated periodically. If you have a plan, when was the last time you looked at it, let alone updated it? Have you kept to your initial intent? If not, why.and document it. Based on your initial plan and what you know now after being in business, where should your business be headed?
Document it! If you don't have a plan, how about building it now?

Financials - do you really keep current on understanding your numbers? If not, now's a good time to start. If you still use your checkbook as your "budget", it is time to get to the next level and make a budget. What is your receivable turn.i.e. how extended are your with your customers? Now is the time to review your policies and develop the procedures that will keep you on top of your receivables.

Employees - involve them! Whether it is giving them updates on how the company is performing , where the challenges lie in this environment, what your concerns are.get their feedback, ideas, solutions and buy- in to being a part of the success and future. You may be surprised at how resourceful your employees can be when asked.

Customers - when is the last time you contacted them when there was not a sale involved? Begin to schedule regular contact efforts.remind them that you are around and interested in assisting them.

Competition - what are they doing? Analyze ads, listen to what others are saying...where can you differentiate yourself and improve your position?

Marketing - evaluate what you have been doing and spending. How effective has it been for image, obtaining new customers, touching former customers. The internet world of social networking is changing the marketing landscape..even if your target market is other than youth. How should you be adjusting your approach?

The POINT: By looking at this unusual time as an opportunity to evaluate where you've been and "sharpen your tools", your business will be in the best possible position to move forward and succeed.

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