Getting Business Smart in 2007
Getting Business Smart in 2007
Jumping into a new year without strategically assessing your 2006 results is deadly to your business. Why? Because you will repeat the same strategic mistakes, mimic the same performance and see limited gain for all your hard efforts.
I know, reviewing your prior year’s results is not as sexy as formulating new grandiose visions and goals for 2007. However, the benefits - such as, clearer direction, higher performance gains, and a stronger competitive edge - far outweigh the small investment of time and brain power.
Let’s look at the top 3 key strategic parameters you will want to address:
1. FINANCIAL RESULTS.
** What were your revenues, expenses and profit - overall and by each product or service?
** What % of your revenues/profits were generated by each?
** What were your strongest revenue months, what were your weakest months and why?
** What were your largest expenses and how did they add to your bottom line (quantify if possible)?
** What is your current debt and what % of expenses is being funded by debt?
2. CUSTOMER (CLIENT) RESULTS.
** What was the net increase in your customer base for the entire year? average monthly increase?
** What was your attrition rate?
** How does your customer base break down demographically: by age, gender, industry, income level, geography?
** What was your average revenue (or sale size) per customer?
** How does your customer base break down by frequency of purchase?
3. MARKETING RESULTS.
** Name all the marketing methods which you utilized in 2006.
** What % of your revenues and customer base came from each method?
** What % of your customers came through referrals?
** What % of your overall marketing costs were driven by each method?
There are many more parameters - such as human resources, operations, current and new product/service development, industry trends and opportunities - that can and should be addressed in your annual review.
When I start with a new client, they fill out my exclusive 7 page Smart Build Business Assessment. It gives a comprehensive snap shot of their current business performance -- financials ... product/service strategies, expenses and outcomes ... pricing strategies and philosophy ... and 20-30 other critical performance parameters -- as well as details about their future goals and direction. With such detailed information, I can see patterns in results, performance drains, missed revenue opportunities, under-leveraged strengths, and much more.
Answering even these few basic questions for yourself will jumpstart your ability to make smarter strategic business decisions in 2007. It's the first step to achieving exponential gains in your bottom line.
COACH'S RECOMMENDED ACTION STEP
Once you have answered the above questions, now do a qualitative assessment of your 2006 business performance. Ask yourself such questions as:
** What were your most profitable products/services and how can you expand, enhance or leverage them in 2007?
** Which should you let go of?
** What are your best markets and how can you penetrate those markets further?
** What can you do to increase your customers’ purchasing rate?
** What can you do to minimize your marketing time and costs?
If you are tired of slow growth, marginal results or meager performance, don't let your business history repeat itself. Get strategically smart in tne new year. May you experience unstoppable business success in 2007!
Getting Business Smart in 2007 - To learn more about this author, visit Denise Corcoran's Website.
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“History does repeat itself” ... even in your business UNLESS you consciously break the pattern. The single most important strategic step to take to prevent repeating your business history in 2007 can be summarized in two words: Strategic Review .
Jumping into a new year without strategically assessing your 2006 results is deadly to your business. Why? Because you will repeat the same strategic mistakes, mimic the same performance and see limited gain for all your hard efforts.
I know, reviewing your prior year’s results is not as sexy as formulating new grandiose visions and goals for 2007. However, the benefits - such as, clearer direction, higher performance gains, and a stronger competitive edge - far outweigh the small investment of time and brain power.
Let’s look at the top 3 key strategic parameters you will want to address:
1. FINANCIAL RESULTS.
** What were your revenues, expenses and profit - overall and by each product or service?
** What % of your revenues/profits were generated by each?
** What were your strongest revenue months, what were your weakest months and why?
** What were your largest expenses and how did they add to your bottom line (quantify if possible)?
** What is your current debt and what % of expenses is being funded by debt?
2. CUSTOMER (CLIENT) RESULTS.
** What was the net increase in your customer base for the entire year? average monthly increase?
** What was your attrition rate?
** How does your customer base break down demographically: by age, gender, industry, income level, geography?
** What was your average revenue (or sale size) per customer?
** How does your customer base break down by frequency of purchase?
3. MARKETING RESULTS.
** Name all the marketing methods which you utilized in 2006.
** What % of your revenues and customer base came from each method?
** What % of your customers came through referrals?
** What % of your overall marketing costs were driven by each method?
There are many more parameters - such as human resources, operations, current and new product/service development, industry trends and opportunities - that can and should be addressed in your annual review.
When I start with a new client, they fill out my exclusive 7 page Smart Build Business Assessment. It gives a comprehensive snap shot of their current business performance -- financials ... product/service strategies, expenses and outcomes ... pricing strategies and philosophy ... and 20-30 other critical performance parameters -- as well as details about their future goals and direction. With such detailed information, I can see patterns in results, performance drains, missed revenue opportunities, under-leveraged strengths, and much more.
Answering even these few basic questions for yourself will jumpstart your ability to make smarter strategic business decisions in 2007. It's the first step to achieving exponential gains in your bottom line.
COACH'S RECOMMENDED ACTION STEP
Once you have answered the above questions, now do a qualitative assessment of your 2006 business performance. Ask yourself such questions as:
** What were your most profitable products/services and how can you expand, enhance or leverage them in 2007?
** Which should you let go of?
** What are your best markets and how can you penetrate those markets further?
** What can you do to increase your customers’ purchasing rate?
** What can you do to minimize your marketing time and costs?
If you are tired of slow growth, marginal results or meager performance, don't let your business history repeat itself. Get strategically smart in tne new year. May you experience unstoppable business success in 2007!
Getting Business Smart in 2007 - To learn more about this author, visit Denise Corcoran's Website.
Like this article? Share it with your friends
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David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website |
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Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
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Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website |
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Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. We specialize in internet consulting & internet marketing. - Visit Jeff Foster's Website |
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David AchesonDavid Acheson is the founder of DCJA Consultancy. DCJA Consultancy is a management consultancy business specialising in B2B sales consultancy. They offer bespoke and packaged sales consultancy including Sales Optimisation Review, Interim Sales Management, Sales & Marketing Review, 1:1 Sales & Management Staff Analysis, Management Training, Solution Sales Training, Creation of New Pay Plan, KPI's, run Customer Feedback Campaigns, assist with Recruitment, Coaching, Appraisals and set up Strategic Marketing Campaigns. David spent his early career in accountancy and then moved into sales in 1982, working in Office Equipment, IT, Advertising, Training, Outsourcing and Consultancy. He has held many Senior Positions in SMBs and Global Organisations including Head of Sales Operations & Head of Business Development. His knowledge, skills and great experience of the Sales Industry has led to David making keynote speeches and running educational sessions to key businesses through organisations including The Chamber of Commerce and Business Link. - Visit David Acheson's Website |
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Leanne Hoagland-SmithAre your sales where you want them to be? Will you be one of the few who achieves sales or business success or one of the many who have failed to change? Are you tired of being told you are like everyone else? Then you may find my first book on sales of interest. Be the Red Jacket in the Sea of Gray Suits, The Keys to Unlocking Sales available at Amazon or at http://www.processspecialist.com/red-jacket.htm. This book is a reflection of my no-nonsense approach to improving sales to overall business results. If you are truly committed to making sustainable changes, then I can help you secure a positive return on your investment because I focus on executable solutions not telling you the problems you already know you have. From training to corporate (group) coaching to executive one on one coaching, my approach is to assess, create awareness, build a goal driven action plan and then execute. The bottom line question is "Not do you or your employees know it, but do you or they want to do it?" Please call for a free strategy session at 219.759.5601. - Visit Leanne Hoagland-Smith's Website |
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Cheryl MatthynssensCheryl is a life skills coach, licensed Chemical Dependency Counselor and a 20 year entrepreneur. Cheryl's dedication to achieving a life of balance led to her expanding her teaching from the simple managing of life's daily challenges to adding financial well being as well. A direct marketer with DrinkACT, she is gaining ground in the online community with her concepts of making sure business owners, entreprenuers and employees have well rounded life styles. She opened up a small affiliate site - The Balance Guide- to help others find resources for mental and emotional well being. Visit Cheryl's blog to see more of the diversity beyond business she has began offering online at www.thebalanceguide.blogspot.com - Visit Cheryl Matthynssens's Website |
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