It may be hard to believe that 2013 is nearly half way through. As the mid-year mark approaches, it is important to do some spring cleaning and review the goals you outlined for your business at the beginning of the year. Maybe you’ve already reached some goals. Maybe others have changed. Below are ten tips for small businesses to consider when revisiting their 2013 goals.
1. Review and revise your business plans. As the year rolls on, you should take some time to evaluate which strategies worked well during 2012 and which didn’t, as well as remove or modify the latter from your business plans. When reworking your tactics, don’t focus solely on the state of your business, but rather consider the bigger picture and what’s to come. What is the current and projected state of the economy? Do you have any particular concerns about it? How will the economic environment affect the outcome of your planning?
2. Be prepared. Although the Sage Business Index Survey findings from September 2012 revealed that Canadian businesses were feeling positive about the domestic economy, recently reported news indicates an economic deceleration. Whether it is the economy or an industry trend, situations can shift quickly, so it’s imperative to always strive to be ready for both foreseeable and unforeseeable change. While preparing for the year that just began, read expert predictions for 2013 and include staying abreast of business and economic news and the creation of an emergency preparedness plan on your resolutions list. Only through adequate preparation can you react and adapt as efficiently as possible to the ever-changing economic environment.
3. Track spending and chart your budget. According to the recent Sage Small Business Financial Literacy survey findings, nearly one-fifth (17 per cent) of small businesses struggle to identify the costs that affects their business the most. In order to increase financial control and account for fluctuations in the economy in the new year (like the U.S. fiscal cliff, which can also potentially affect Canadian businesses), finding a way to track spending and charting a budget that works for you is an absolute must. Accounting software is your best ally for this task, since it speeds and simplifies the process greatly, but as long as this task is on your priority list, any tool you are comfortable with should do.
4. Organize your digital and physical workspace. Keep only the information and materials you absolutely need. It’s always a good idea to do maintenance and cleanup of on-site and cloud systems at year end. Purge old data and documents, and run diagnostics to ensure your systems are in working order. Also, call your solution provider if you any outstanding issues. Performing such tasks will increase your business’ efficiency significantly for the year. Additionally, a clean, top-performing work facility will help decrease the chances of setbacks and missing items, as well as provide a positive impression to transient customers. Clean thoroughly, organize and dispose of outdated and damaged products/items.
5. Perform computer and software upgrades After you have finalized all your transactions and processes, things will likely slow down for a few days. Use that time to perform needed computer and software upgrades. These activities can take a bit of time and you will be happy you took care of them once things ramp up again.
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