Archive for December, 2009

I Resolve to…

Thursday, December 24th, 2009

The New Year provides a clean slate to take stock of the past year and lay plans for the coming 12 months. Here are seven tips to get you started!

Run a Financial Check-up Business Plan

Are you where you had hoped to be financially for the year? Check your profit and loss, income, and expense reports. Review your sales reports to determine the more profitable areas of business and areas where sales were sub par. Create a plan for increasing business in more profitable areas during the coming year. Either prepare to eliminate less profitable ventures, channels, or market segments, or create plans to increase their profitability.

Prepare a Budget

Examine your projected budget and actual expenses for the year. Prepare a budget for the New Year, and resolve to stick to it. Factor in expenses for computer and software updates and new equipment purchases. Be sure to allow for changes in your marketing strategy for the upcoming year. Prepare a list of areas to cut if profits or cash flow start running below expectations and a list of contingent opportunities to add or increase if cash flow runs higher.

planning street signs

Businesses that fail to plan, plan to fail. Create that fresh business plan you’ve been thinking about. Or, if your financial check-up shows variances, fine-tune your existing business plan for the coming year. Set aside some quality time in January to lay the groundwork for future sales.

Create a Marketing Plan

Evaluate your marketing mix for the past year and make changes for the better for the coming year. Freshen up your marketing message and strategy. Are you consistently getting the right message out to the public, or do you find your strategy and materials are sending out mixed messages?

Update the Database

Review your database, updating information as needed. Renew contact with lapsed customers and touch base with your existing customers. Ask for more referrals from some of your best customers; connecting their associates’ business with yours is a win-win situation. It is a quick and inexpensive way to increase business.

Review Staff

Identify staff behaviors and accomplishments that should be acknowledged or even rewarded. Also, identify those whose behaviors or work needs to be addressed and improved. Everyone wants feedback on how they are doing. If you have difficulty remembering pertinent examples, schedule a few minutes each day or week to update notes (both positive and negative) for performance reviews for each of your direct reports.

Learn Something New

Resolve to update or improve your professional skills. Take a class or plan to read a book or two in an area in which you feel you could use more training.

Developing New Habits (aka: Don’t Overdo It!)

Tuesday, December 22nd, 2009

Habit forming.  We all know that phrase.  But, did you know that for adults to acquire a new habit, it has to be a conscious activity for 21 days?  Then, on the 22nd day, it becomes habit.  If you are like me, I go through my day doing so many things unconsciously; I have to consciously check that I got them done.  With all of these unconscious activities, there is little room for new ones.  That’s why the gazillion New Year’s resolutions that we plan on doing often fall by the wayside within a month.

Planning Tools

Try this: Try one new habit at a time.  If you take the 52 weeks in a year and divide by 3 weeks (21 day period) you find that you can develop 17 new habits each year.  Think about it – that’s a LOT.

My first resolution is to get my emails under control.  I have started to schedule when I check my email inbox – 4 times a day.  Wouldn’t life be grand with email under control?  It’s vital to communications, but it can be a big time-drain.  So, it’s my top SMART business priority.

Steering A New Course

Friday, December 18th, 2009

If you are trying to steer a new course, be sure your seasoned veterans and new recruits are on board!

compass

It Takes Many Hands to Move a Ship

Maybe you have heard from, or commiserated with, other owners and managers who have been trying to “turn the ship” and feel that it is a solitary endeavor. Steering a new course is always challenging, but if you agree with the premise that it is easier to steer a ship when all hands set the rigging toward your intended heading, then it makes sense to bring your “crew” up to speed with your plans and not to consider them as adversaries. If you see yourself as solely responsible for bringing about change, your employees will probably wonder where, if at all, they fit into your plans. When they know “something”—but not “what”—is going on, they may fear that any action might hinder rather than assist your change, or they may take incorrect action. This can take the “wind out of their sails” and cause them to step back and avoid any actions that you may potentially welcome.

Keep an Open Mind

If you are coming into a new situation, keep an open mind about an individual employee’s performance. Most people perform differently under various circumstances. Evaluate any information given to you by previous management in light of your own observations. Communicate and interact with employees to learn more about their strengths and weaknesses and how they interact and work with others. You may be able to inspire a disgruntled or underutilized employee to step up and meet new challenges. Going into a new endeavor with a “clean house” approach usually becomes a self-fulfilling prophecy and can cripple your business, leaving it short on valuable experience. Better to go with a “clean slate” approach.

Happy Team

Address Employee Fears

Employee resistance to change is largely based on fear of change. If your employees appear to be resisting change, ask questions to find out why. They may fear that the company will not survive a change or that they will lose their job. Change may bring specific challenges to them that they feel ill-equipped to meet. Communicate your reasons for bringing change to the company and the negative consequences of not taking action. Listen to and acknowledge your employees’ thoughts. Try to minimize the hardships of change for employees. If job responsibilities are changed, offer an opportunity for training. If an employee wants to take this opportunity to try something different, see if this can fit with, or even facilitate, your plans. If you need to cut staff in some areas, retained staff will judge how you handle it. You might shuffle staff in different groups; give ample notice; or provide outplacement assistance, severance, or re-training.