The New Year gives you a chance to review your business goals. Did you put off items from last year that you wanted to accomplish but didn’t get to? Were there changes you meant to implement that didn’t get done? Now is the time to address the items you missed last year and to add new goals for the New Year.
Here are a few steps that you can take – invest a little time and possibly reap huge benefits to increase your bottom line.
Review your Business Plan. A solid business plan will help you make decisions throughout the year and help you achieve your goals. This is a great time to review how things worked out last year and how you can change your goals for the New Year.
Review your Marketing Budget. Make a plan and try to stick with it. If it needs to vary based on your sales, plan to review your budget quarterly.
Contact your Suppliers. Now is a good time to try to negotiate lower pricing. Your suppliers are probably reviewing their annual goals at this time too. Discuss last year’s orders to come up with a plan that’s agreeable to both of you.
Review your Insurance needs. Do you need to increase any of your insurance coverage? Has anything changed that may allow you to decrease your coverage? Are you sure you are getting the best pricing? Do you have several policies that can be bundled for greater discounts? Now may be a good time to get some quotes to make sure you are not overpaying.
The continued growth and success of your business rely on many factors – some are not under your control – but for those that are, take action and make the best business decisions you can for successful New Year in 2011.