BizLaunch: 10 Things You Need to do Every Year to Grow your Business
By Adam
October 23, 2012
Small Business & Entrepreneurship
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Growing a business is a lot of work. Many business owners spend so much time working in their business that they neglect working on their business. This is a big mistake, because in order to keep the business thriving well into the future you need to physically pull yourself out of the day-to-day activities and work on a strategic plan for growth. Do these 10 things to make sure your business grows every year
1. Set personal goals
If you don't know what your goals are, how will you know when you've achieved them? Whether you want to have more of a work/life balance or start working out, having a goal will help you get there.
2. Set business goals
Setting goals ensures that you spend time on tasks that are important but are not necessarily urgent. For example, if you want to open an office Miami one day, then how many sales do you need to make this year for that to happen?
3. Have employees set goals
Having your employees set goals is just as important as you setting company-wide goals. If you know what your employees want to do in their careers, you can you can help them get there.
4. Develop a weekly marketing plan
Your marketing plan doesn't have to be 100 pages, but it should include a few things you can do each week to get your business noticed. By planning your marketing strategy in advance you will be more organized throughout the year and you will ensure that you are doing some marketing for your business.
5. Monitor and set budgets for your expenses
Have your expenses increased this year? If you don't monitor them you won't know. Call your phone, internet and insurance providers to see if they can offer you a lower rate than what you're currently paying.
6. Update your business plan every 90 days
As you find new opportunities for growth, it's not uncommon for your business to change. By keeping your business plan up-to-date you can ensure you've thought things through and you will have all your ideas in one place. Banks also like updated business plans.
7. Know your breakeven and update it every 90 days
Knowing your breakeven is important, but if your breakeven is from a year ago, how do you know if that number is correct? With rising costs of inputs you need to know how much you need to sell to cover the cost of doing business.
8. Develop a sales plan and set sales targets
Strategically think about your selling strategy. Analyze what happens from start to finish and see if you can identify areas to improve. Sit down with your employees and develop a plan of attack, and don't forget to set targets for your employees to reach. This will keep them motivated.
9. Monitor your cash flow and update your cash flow forecast every 90 days
Knowing how the money is flowing into and out-of your business is very important. Record how long it takes customers to pay you, and how long it takes you to pay your vendors. Make sure they align, so you can keep your business running smoothly.
10. Never stop learning
The most important thing you can do to keep your business growing is to keep up-to-date on what's happening in your industry. Attend conferences, read books, and talk to other people to make sure that you are on-top-of the latest trends that could affect your business.
Brought to you by the small business experts at BizLaunch. BizLaunch creates webinars, seminars and other educational content to help business owners succeed. For more information please visit www.bizlaunch.com
1. Set personal goals
If you don't know what your goals are, how will you know when you've achieved them? Whether you want to have more of a work/life balance or start working out, having a goal will help you get there.
2. Set business goals
Setting goals ensures that you spend time on tasks that are important but are not necessarily urgent. For example, if you want to open an office Miami one day, then how many sales do you need to make this year for that to happen?
3. Have employees set goals
Having your employees set goals is just as important as you setting company-wide goals. If you know what your employees want to do in their careers, you can you can help them get there.
4. Develop a weekly marketing plan
Your marketing plan doesn't have to be 100 pages, but it should include a few things you can do each week to get your business noticed. By planning your marketing strategy in advance you will be more organized throughout the year and you will ensure that you are doing some marketing for your business.
5. Monitor and set budgets for your expenses
Have your expenses increased this year? If you don't monitor them you won't know. Call your phone, internet and insurance providers to see if they can offer you a lower rate than what you're currently paying.
6. Update your business plan every 90 days
As you find new opportunities for growth, it's not uncommon for your business to change. By keeping your business plan up-to-date you can ensure you've thought things through and you will have all your ideas in one place. Banks also like updated business plans.
7. Know your breakeven and update it every 90 days
Knowing your breakeven is important, but if your breakeven is from a year ago, how do you know if that number is correct? With rising costs of inputs you need to know how much you need to sell to cover the cost of doing business.
8. Develop a sales plan and set sales targets
Strategically think about your selling strategy. Analyze what happens from start to finish and see if you can identify areas to improve. Sit down with your employees and develop a plan of attack, and don't forget to set targets for your employees to reach. This will keep them motivated.
9. Monitor your cash flow and update your cash flow forecast every 90 days
Knowing how the money is flowing into and out-of your business is very important. Record how long it takes customers to pay you, and how long it takes you to pay your vendors. Make sure they align, so you can keep your business running smoothly.
10. Never stop learning
The most important thing you can do to keep your business growing is to keep up-to-date on what's happening in your industry. Attend conferences, read books, and talk to other people to make sure that you are on-top-of the latest trends that could affect your business.
Brought to you by the small business experts at BizLaunch. BizLaunch creates webinars, seminars and other educational content to help business owners succeed. For more information please visit www.bizlaunch.com