Brower: It’s not too late to make business resolutions
January 9, 2019
Business operators and aspiring entrepreneurs in Grand County can still make resolutions for 2019 that will go a long way toward helping grow an idea or business.
Resolution Number One: I will make sure that the product of my venture is the very best it can be. This may seem self-evident, but if my business's product is sub-par or flawed in little ways, the chances of success diminish greatly in this competitive world.
Resolution Number Two: The service offered by my business must be impeccable. If the product is the best in the world but the service that goes along with it stinks, customers will surely be lacking. (Think of the best steak in the world served late and grumpily by a foul-mouthed and foul-smelling server who simply doesn't care. If that server worked in my restaurant, then my restaurant will have problems.)
Resolution Number Three: My business's marketing will be broad-based, well-strategized and it will have a professional, direct appearance. Remember, marketing can be word-of-mouth, a good sign, a clever Facebook post or even a full-page ad in a newspaper. But it must be thought-out ahead of time to conform to a meaningful marketing plan that simply and directly sums up the business's brand and mission.
Resolution Number Four: Sales is a crucial part of my business and I will incorporate the idea of sales into every aspect of my business life. Sales can simply be answering the phone cordially and with an open attitude, or it can be knowing exactly what to say in a friendly way with a sales lead. And good sales must be well-woven into the fabric of a good marketing plan. My sales approach doesn't have to be aggressive nor deceptive. Usually, it's just being open-minded and friendly.
Resolution Number Five: The bookkeeping on my business will allow me to have an accurate profit and loss statement in my hands within 10 days after the end of each month so that I can know my gross sales, expenses and net profit. Included with that will be a balance sheet that will allow me to assess the value of my business, the percentage of return on my receivables and the "big picture" for my venture.
Resolution Number Six: Right along with my profit and loss statement I will have a budget projection (or cash flow projection) that will allow me to gauge the future progress of my venture and measure reality against my forecasts. I know that this will allow me to plan for most any seasonal change or hiccup in the forward motion of my business.
Resolution Number Seven: I will know the impact of taxes on my business and I will pay them fairly and within the parameters of state and federal tax law.
I know, all that seems a little bit daunting, to which I will add the most important resolution of all. Let resolution number eight take on the greatest importance in this new-year resolution game.
Resolution Number Eight: I will resolve to understand that no single person can possibly undertake to fulfill well all seven resolutions posted above without the help of others. I therefore resolve to engage the help of product and service experts, marketing and sales professionals and financial management pros where needed so that I can have a team in place to help my business or coming entrepreneurial endeavor move forward with the greatest chances of success.
Follow these resolutions and it truly will be a happy and successful new year.
Patrick Brower is the Enterprise Facilitator for the Grand Enterprise Initiative. He provides free and confidential business management coaching for anyone who wants to start or expand a business in Grand County. He can be reached at 970-531-0632 or at email@example.com.