With the end of summer closing in and fall just around the corner, now is a perfect time to pause for a moment and assess what’s working and what isn’t for your business. Although most of the year is behind you, you still have time to make adjustments that could save costs, drive more revenue, and improve profitability for 2016.
Time for a Small Business Checkup
By performing this end-of-summer checkup, you’ll assess where you might have fallen behind, so you can take action and get your business back on track this fall and winter.
- Evaluate your sales efforts. If you’re behind on revenue, it might be because you aren’t reaching out to as many prospects as you need to, or you might not fully understand the needs of your potential customers. No one ever said selling is easy. It’s hard work and it demands a willingness to recognize, accept, and fix weaknesses in the sales process.
- Review marketing tactics and initiatives. Look carefully at the collateral you’re presenting to customers, the marketing channels you’re using, and the brand message you’re communicating. Is your brand image consistent across all fronts? Are you seeing results in the way of brand awareness and revenue generation from your tactics and strategies? Review and assess how your website, social media, and print marketing materials are performing, so you can identify where you need to make changes.
- Improve customer relationship nurturing. Customers who feel they’re appreciated and wanted will always be more likely to stay for the long term. By making customers understand that they truly matter, you increase loyalty and satisfaction. A stellar customer experience drives existing clients to buy more—and it prompts them to happily refer others to your business. If you haven’t been making an effort to nurture your customer relationships through post-order phone calls or emails, periodic check-ins to ensure they’re happy with your services, updates about what’s new and exciting, and other efforts—it’s time to start.
- Find ways to streamline operational and administrative processes. Wasted time prevents businesses from growing to their potential. When excessive paperwork, duplicated work, and inefficient systems slow processes down rather than improve productivity, you need to find a better way. Carefully look at the various systems and processes (such as accounting software, project management apps, customer data management, lead generation, etc.) you use in your business and look for ways to streamline activities and save time.
- Evaluate expense habits. Your business’s spending habits directly affect your bottom line. While it’s important to stay on top of your expenses year-round, it’s especially critical as the year is winding down. If your profit and loss statement doesn’t look as favorable as you had hoped it would by now, dig into what you’re spending money on and identify what you might cut back on.
With the kids back to school and summer vacations now just memories, now is the time to get back to business and back on track to reaching your goals. By doing an end-of-summer checkup, you’ll have a head start in finishing strong when the year is at its end.
If you need guidance to help you keep your business on the path to success, contact SCORE about our free mentoring. Our mentors have knowledge of every aspect involved in starting and running a small business.