The weather has changed and we are nearing the halfway point in the year. Before the end of Q2 is a great time to update your business strategies!
Revisit Your Business Plan
By now you have already analyzed your prior results. Did you grow your list, sales or product offerings? Did you meet or exceed your expectations? What flopped?
You will have prepared a business plan for this year with general goals for the year and interim goals by month or quarter. Your plan will have included a calendared To-Do list of product or service launches at certain times throughout the year and cost projections of expenses for your business.
So many entrepreneurs admit to developing a beautiful and inspiring business plan for the year and then never looking at it again. But not you! Now is the time for a thorough review and revision session with your business plan for this year.
Compare expenses already paid to your projections. Are you up to date on your expenses tracking?
Double check your assumptions of cost for the year. After reviewing the expenses you have already paid this year, have you found expenditures that are costing more than you had originally planned? Are you aware of any price hikes coming up for postage, supplies or raw materials needed to make your products? Make the necessary revisions to your cost projections.
Review scheduled launch dates. Did you miss a planned launch that needs to be re-scheduled? Are there secondary launch or event dates to be moved because the starter launch was delayed?
Incorporate new events. Are there business or life events on the horizon that you were not aware of when you drafted your annual business plan? Business conferences, training seminars, new baby on the way? Be realistic about the amount of time these events will take for preparation and execution, and adjust your plan accordingly.
Look hard at planned launches that follow the new event. Do you need to scale back or postpone a product or service launch? Is it still doable if you arrange for additional resources? If you anticipate hiring a person or team to support your launch, whether a virtual assistant or a cleaning service, update your task schedule and budget to allow for finding, hiring and training your staff in advance of your key dates.
Bookkeeping
Even the most creative entrepreneur has to deal with the reality of business finances.
There are special rules and responsibilities that apply to Small Business Owners and Self-Employed entrepreneurs in the United States.
If you are not comfortable dealing with taxes and bookkeeping, hire someone. Keep in mind that this is the busiest part of tax season for accounting firms and tax professionals. If you plan to delegate your tax preparation to a pro, make the appointment now.
Heads up: If you are self-employed and required to pay estimated taxes, the payments are due quarterly! Be ready!
Carefully look over the documentation, receipts, invoices, etc., for all your income and expenses year to date. Make sure you have all the paperwork set aside you will need for tax purposes.
Business Strategies Include Action
The days are getting longer, the weather is warmer and this is a time of year when folks traditionally would fling open all the doors and windows and clean house from top to bottom.
Utilize that same energy to freshen and re-energize your business!
Start with actual cleaning. Clear off your desk. Sort through any papers and file or shred. Clean the surface of your work space and surrounding area. Do you have a dusty tangle of cords under your desk? Are there crumbs in your keyboard?
Clean the window in your office. If you don’t have a window, wipe off the light bulb in your desk lamp (when it is off and cooled) and dust the lampshade.
Set a timer for 15 minutes and speed clean your desk drawer. Toss out pens that skip and curled pads of note paper. Anything in your drawer that you have to push aside to get to regularly used items needs to go.
If your business involves creation of physical products, be sure to do the same with your materials inventory and production work space.
Accumulated dust and clutter sends a subliminal message of stagnation. A quickie clean of your work space is refreshing. Getting rid of excess or unhelpful items clears the space for positive energies to flow into your business!
Include Personal Care In Your Business Strategy
Entrepreneurs have a tendency to burn the candle at both ends. Burn, as in high level of burn-out. As a savvy business owner, you need to take care of your most valuable asset – you!
While you are in planning and revamping mode, schedule your maintenance appointments like annual physical, dental cleanings and eye exam.
Plan you work and work your plan, but plan to include adequate time for sleep, exercise and relaxation. It is your focus, drive and creativity that drive the success of your business. Keep your tools sharp!
Is this a crazy time of year for you and your business? How are you managing so far? Please share your comments below!