Part 1 Business Check up Time
I’ve decided to make this a two-part series. Why? Well I want you to come back to visit my blog to read the 2nd half of the series and seriously evaluate the questions below.
I really feel strong about re-evaluating your position–at least once a quarter in your business.
Some folks would say you need to do a business check once a year. I say that is too late. Once a quarter minimum! I don’t care if you are the ONLY one who works your business. You need to run the numbers, go over the costs, the inventory (if applicable), the strategies, etc. at least once a quarter. That is the only way to gauge the effectiveness of any campaign you are implementing.
Think about it; major corporations run quarterly statements right? Then you need to think like a major corporation.
Ask AND Answer:
1. How does this quarter compare to last quarter? How does this quarter compare to last years quarter at this time? What is going on with the economy that may affect my next quarter?
2. Do you have repeat business? Is your business seasonal? Does your business depend on someone else’s emergency? Like, pipes bursting in the winter, water damage from storms. Is your product a consumable? Is it losing its popularity? I could go on and on but i think you have the picture
3. Is your competition still in business? Are they trying innovative ways of advertising or marketing? Have you implemented new marketing?
4. Do you have loyal repeat customers? Do you give them reasons to come back again and again and again? If not, should you start?
5. Do you have a way to stay in touch with your customers? A newsletter? A mailing list
Be sure and come back for Part 2 of Business Checkup
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