Can you believe that half the year is almost over? Now would be a good time for business owners to review their business plans to make sure they’re on track to meet their goals for the year.
Here are some areas to look at:
- Sales – Haven’t met your sales targets for the first six months of the year? Think about what you may be doing wrong. Ask your sales team to take a sales training class to learn new techniques and approaches.
- Work force – Retaining quality employees is key to your company’s success so make sure they are rewarded and satisfied with their work. Employees are more likely to stay when a company offers good working conditions with meaningful job duties, health insurance and retirement plans.
- Customers – Are you effectively communicating with customers? Stay in touch with customers via e-mail and blogs to keep them apprised of business activities. This doesn’t take a lot of time but goes a long way in keeping you ‘top of mind’ with customers.
- Expenses – Look at your expenses for the year – are you higher than you should be? Review unnecessary expenses and make cuts that make the most financial sense.
- Taxes – Make sure you’re not underpaying or overpaying taxes by checking to see that the estimated tax payments you’ve made so far are in line with your net revenues. Also, keeping good records of your business expenses now will save time later.
- Networking – This is key to generating business leads. Attend SCMSDC’s Supplier of the Year awards luncheon on July 25 and meet key corporate representatives, who are eager to work with minority business enterprises (MBEs). Also, be sure to check out Connections for additional events and networking opportunities.
- Meeting with advisors – If you have a business advisor or board of directors, now would be a good time to review your business plan with them and ask for their advice and suggestions to increase sales.
By conducting a midyear review, business owners can increase their chances of ending the year strong.