June being mid-year is considered the ideal time for a business assessment but it is also a busy time. Somehow we are not quite ready to evaluate what we are still in the middle of working on. However, there is August when the pace of life and business seems to naturally slow down; providing the perfect opportunity to with morning coffee in hand carve out a few undistracted hours in which to review your business.
Every business owner no matter their company’s size needs to regroup, take stock, and reassess their goals so things are in place for September. Here is an outline to get you started:
First, take stock of everything you have accomplished since January. Big or small, hit or miss every step made a difference and should be acknowledged.
Study the numbers – how income was made and spent
- Is there is an area where you need to cut expenses?
- Check the annual and monthly fees you are paying out. Are you still using the service and getting value?
- Do you need to look at a new revenue stream?
Next, move onto a client audit for service-based business or if you are selling product(s)an analysis of your customer’s experience.
Is your company running smoothly?
- Evaluating staff away from the office allows for greater objectivity.
- Look at your support team – IT, legal and financial. Are they meeting your needs? Have they grown with the business? and most importantly Do they have an eye to your future growth?
Finally, some small but important items you might forget about include; security measures such as changing passwords and unsubscribe from emails and newsletters that are going unread.
Your marketing, branding and business plans are big assessments. Unless the above reviews reveal a serious problem I recommend to clients these three are best worked on in January. Each of those plans should be designed and written in such a way that allows for you as the business owner to re-evaluate and alter course quickly and efficiently as your year progresses.
August is also a good time to examine your daily routine; to see if personal habits are sabotaging your business efforts. Today’s successful entrepreneurs are embracing a healthy lifestyle, getting up early and scheduling the time to stay up-to-date within their industry through reading and research.
Once all that is done you can enjoy the rest of your summer secure in the knowledge your business is ready for September.
Jill Crossland is a business and marketing consultant who can take your business and social media to the next level.