Checking in on your business throughout the year.
It's mid year and time to review your business. If you were prepared, you wrote budgets and goals to meet this year. If you weren't prepared, it's a great time to take a moment and look at where your business is and determine what you need to do to make/keep it successful.
Goals and Budgets
The first item to check is YOU! After spending time on making budgets and goals, it's time to see how you committed to them? Have your bookkeeper run Year-To-Date reports and see if you're making those budget goals. If not, regroup and adjust your daily business routines to head in the right direction.
At the same time check on those goals. I can only imagine what kind of marketing, organizational and personal goals you made. How are those going? Do they need adjusted? It's OK to work toward a goal and realize that you over or under planned. Don't give up on the goal, make changes and keep moving forward.
Next, check your marketing material and website. Is all the information still up to date? Did you adjust information with Summer changes? Many businesses have special promotions and shop times during the summer. Your website should keep the customers updated, wrong information is very frustrating and has the potential to lose customers.
Take a minute to see who owes you money. Many businesses find it hard to ask for the money that is owed to them. It's a business transaction not a personal favor, don't let it intimidate you. For those pay first businesses, check your profits and margins. Are they set right and competitive?
Compare what you spent last year-to-date to what you are already spending this year. How do they compare? Do they rise and fall with your sales? Check and see where you spent the most and if that amount looks valid.
Mid Year Inventory
It's everyone's favorite task! I know, that's not exactly right but it IS needed. Taking this time to make sure your inventory is correct should really be done monthly but at least twice a year. No one wants a big surprise at the end of year when you find out you were charged for items that never came. Also, keeping an eye on company theft is important. We don't want to believe it could happen but it does.
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