Spring is here...and like every
spring we have moved our clocks up one hour, filed our personal tax returns,
put away the snow blower and begun cleaning up around the house. Springtime is also a good time to tidy
up your business: sweeping out the old and getting on track and focused for the
year. This spring, 2010, it is
even more important to mentally focus and position your business to take full
advantage of an improving economy.
Here are 7 "chores" to get your business freshened up and ready as
summer approaches:
1. Start by doing a quick
office cleaning. It's time to clean out your desk drawers and wipe the
dust off your bookcases and filing cabinets. Replace anything that is
broken and organize your office supplies. Clean up your storage areas and remove accumulated clutter. Tidying up your work environment will help with productivity.
2. Review your filing
systems. Archive outdated files or throw out the ones that are no longer
useful and/or exceed regulatory storage requirements. Prioritize files
that need immediate attention and/or will be the focus of account management,
business development or expense reduction goals in the immediate future.
3. Next, perform the same
clean up of your computer files and make sure your client database is
current. Archive any old files onto an external drive or online file
storage service. This will ensure that you will always have a copy
without taking up storage space on your computer. It is also important to
check and update your client database to make sure you have current email
addresses, mailing addresses, phone numbers, and other vital client
information.
4. Get your financial house
in order by reviewing your balance sheet, P&L, cash flow statement and
company books. Consolidating your liabilities, rebalancing your investments,
reviewing accounts receivable and payable and cutting expenses are helpful ways
to get your company on track and possibly put some extra money back to the
bottom line.
5. Review and update your business plan
and goals for the year. Business
plans should set a clear direction, milestones and vision for the future. Business plans are not static documents. Rather, they are dynamic documents
that should be reviewed and updated periodically. Keeping your business plan
up-to-date can be critical to staying on track, raising capital and in exit
planning.
6. Audit your traditional marketing, website, search engine
optimization, social media and CRM marketing strategies. Each marketing tactic should be
evaluated as to how they are contributing to the bottom line of the business, whether marketing outcomes (contacts, leads, sales) are being achieved, what do
customers think about your tactics and how have they affected their loyalty,
and what is the cost/benefit of each tactic.
7. Lastly, Sit down with
your employees and review your business plan, short-term goals, policies,
practices, and procedures. Determine if your practices are really
working, and make certain everyone understands what is expected of them as a
team member. Now is a good time to simplify tasks, realign assignments
and put the focus on achieving company goals. Owners, management,
employees, advisors and spouses all need to know what the business' future
plans are. They need to see where they fit in, how they can help, and how to
share suggestions based on their expertise that will help the business succeed.
2010 will be a recovery year. Is
your business in order and ready to take full advantage? Whether you need
help with a recovery plan, an exit plan, or are looking to buy or sell a
business, contact our office today at 303-278-7501 to schedule a meeting or
visit
www.touchstonebiz.com for more
information on Touchstone's services.
Niche Manufacturer Construction Company