Year Ends – What Do We Do Now?

Disclaimer: Please note that I am not an expert in owning a Business. This series is meant to solely provide information to the reader.

Business Series: Business Plan or Road Map
Ok, so now that you’ve paid your annual (or quartely depending on how you pay) Sales Tax, Business Tax, Use Tax, and any other ‘Tax” that Uncle Sam can come up with. What to do next with your business? There’s the budgets, strategies, new booth look or displays, website updates or what about more marketing? All these questions and not many answers. It’s this first part of the year where we all breath a little ‘sigh’ of relief and just ‘vacation’ until it’s too late. It’s all enough to make one’s head spin and decide to quit while you’re ahead.

The first question I’d ask, is when was the last time you looked at your business plan? (Right about now, you’re scratching your head and thinking ‘what business plan??’) Since the day you opened your doors (or internet site), you should have had some ‘plan’ to determine where you’re going, how you’re going to get there and what are your goals? Without some type of a ‘map or plan’ to get the answers, one’s business probably will grow at a much slower pace than anticiapted.

A really good business plan allows you to look at all of the big issues facing your business in a balanced analytical way. A good business plan helps you take full advantage of your strengths and helps you to discover your weaknesses. A good business plan (whatever type you choose) directs all your business activities in a solid cohesive direction.

Here’s a list of a few basic things to include in any business plan or roadmap:

*Vision/Mission Statement: List why you started your business and what your business means.
*Market Analysis: Look at your competitors; Brick & Morter, Internet, and Catalog (direct mail). Research their weaknesses and strengths so you know how your business stacks up against them.
*Financial Analysis: Startup money needed, budget for Marketing, Profit, Vendors, Materials, and Equpiment. Look at what type of profit and pricing structure you want to have in your business. List your finanical goals for the next year and then build on them year after year.
*Business Goals & Milestones: What are your business goals? What do you want to accomplish in the first few years? Where do you expect to be with your business in five years? Then set milestones to accomplish these goals; even if they are marketing goals, product goals, or even goals you have set for yourself. Small goals help us to achieve the larger goals that look to big to ever accomplish.

Whatever you do, put some things down in writing and then dig them out from time to time to review. Change as your business changes and you will see your successes and challenges much clearer. Don’t short-circuit your success by cheating yourself out of the roadmap to get there!

Disclaimer: Please note that I am not an expert in owning a Business. This series is meant to solely provide information to the reader.