It's 2020...Is Your Business Aligned for Success???
January 3, 2020
As we embark on the new year, two popular sayings come to mind: "Hindsight is 20/20" (or rather 2020 in this case...smile) and "You cannot do things the same way and expect different results". Both of these sayings are true...so very true.
If you want to align your business for growth and success in this new year (& beyond), you have to apply both of these principles. The first...use what you know now, all that you learned in 2020 to correct, grow and improve. If you knew then, what you know now...what would you have done differently? It is NEVER too late! The latter...in order to do better in 2020 than you did in 2020 and years past, you have to do things differently. We all know doing the sames things and expecting a different results is, well, insanity. And although all entrepreneurs and small business owners have to be just a tad "insane" to do what they do (smile), we want you to protect the brain cells you have left!
We offer the following checklist of 7 things you must do to ensure your business is properly aligned for success in 2020:
Thoroughly review and analyze your business results from last year. You cannot know where you're going...without knowing where you've been! Review sales, profit, marketing results, etc. How do these results compare against our Business Plan...and do you have a Business Plan.
Create a Sales & Profit Plan. Set 2020 goals & ensure you have a systematic way to track your results].
Build a Marketing Strategy. Did the marketing vehicles utilized in 2020 succeed in reaching your target audience? Do you need to explore new methods of reaching your customer? Were your promotions successful? Which bear repeating and which need to be replaced with new ones? How was your spend...did you spend what you planned to spend? Was your marketing and advertising budget sufficient to achieve your goals?
Review your current inventory and pricing structure. Do you have the "right' product at the "right" price?
Look at your overall image and brand identity. Did you make a clear and cohesive statement? Are you positioned in your customers' minds the way you want to be? Does your logo, colors, slogan or tagline, website and overall internet presence properly reflect your company's image? And do you have all of those things?
If you have a physical location(s), is anything in need of a refresh? Is everything inline with your overall brand and messaging? Remember, first impressions are lasting ones!
Review your finances. Do you have the dollars needed to execute your plans? If not, now is the time to secure investors, loans, donors, grants, etc. to meet your needs.
Although this isn't a complete list of everything you need to do for your business, it is certainly a great starting point. At the end of the day...it's all about planning. If you want to succeed you MUST plan to succeed. Always remember...failing to plan is planning to fail!