Updated: Jun 17
So, you have finally realized your dream and started your own business. Your first year goes well, and you actually exceed your expectations. You know, however, that to keep the business going strong, you'll need to spend a lot of non-revenue generating time promoting yourself
and your product(s) - something you do not yet have time to do.
The next year - without much marketing, your sales inch up a little bit from the previous year, your customer retention is high, your customers are happy with your work, but at year-end, you are looking at a lower profit than expected, a balance in your bank account that cannot get you through the next month, and no new clients. What to do?
Finding Your Efficiency
Plan... For better organization. Yes, you do need to keep all your business receipts. Yes, you do need to account for ALL your business expenses. Don't let those small expenses add up and eat into your profit. If you are keeping track of your financial info by hand, put together a filing system so that at year-end, you can present your Accountant with a well organized package.
Think about hiring an intern from a local college to come in periodically and help keep you organized. An intern's position is usually paid for by the school so it's a win-win for everyone. You have the help you need at a price you can afford, giving you the time to do what you do best - taking care of clients, generating new ones and building your business; your way.
Plan... To network. Develop a marketing plan to get your business noticed in the community. What organizations in your city can you get involved in? Remember, even if your products and customer service are top shelf, your company will not survive without a community presence and a continuing influx of new customers. Customer retention is key, but a steady flow of new customers is the icing on the cake.
Plan... To utilize a financial professional if there is money to do so. You needn't hire an employee for this position. There are many contractors out there who can provide you with the expertise you need on a budget you can afford.
CPN & Associates LLC is a Business Consulting Firm offering strategic business reviews, analytical financial reviews, operational management, and many other small business services.