During the course of running a business, it is prudent to take time occasionally to refocus on why you started the business in the first place, consider original goals, realign with those goals, and possible set new ones. When and how often this should be done is different with every business and every small business owner, but the risk of getting caught up in the “business” and forgetting the original direction you were headed is real for all. If you feel you are off track and need to get back to the roots of your business, start with these steps.
Go Back to the Plan
When you obtained financing, if you are like the majority of new small business owners and had to do so, you almost certainly had to submit a written business plan. This would have included your business direction and future goals. Go back and read it. See how far you have come and where you have gotten off track.
Consider if you are meeting your goals, have already met your goals, or have neglected to even head toward them. Reading your plan will help you get back in touch with why you started the business in the first place. It will provide the perfect platform for reconnecting with your business and realigning to what you hope to accomplish long-term.
Evaluate Your Day-to-Day
Are you intentional, each day, in making progress toward meeting business goals? Are you simply doing what has to be done to get though the day without losing any more money than necessary? How you spend your business day and how you view the daily activities makes a huge difference in your business’s long term success. If you have a goal to meet a certain sales quota for the year, break that down into monthly and weekly goals. Do one thing each day that you can say is intentional to meeting those specific goals.
Take Stock of Your Finances
Where are you on your finances? Are you doing great? Is profit at or above what you wanted it to be at this point? Is it time to grow? Do you need to consider financing to get things back on their original path? Finances should be reviewed regularly. Whether you do it monthly, quarterly, or yearly will depending on your personal situation.
Set New Goals
Maybe your evaluation tells you that you need to take your company in a new direction. That is great, but be certain to set new goals. Make them realistic and measurable, and make a new plan for how to be intentional about meeting them. Before you finish, set a schedule on which to regularly re-evaluate, and stick to it. Should you take a look at things weekly, bi-weekly, monthly, quarterly, annually, or every 5 years? Consider what works best for you and know you can always change it if you need to.
Biz2Credit can help you if you see that financing is needed to help get you back on track with reaching your goals. Our network of lenders has financing tools for many types of business needs. Visit Biz2Credit.com today to get started.