New Year’s Resolutions for Smaller Businesses
Most leaders of smaller businesses or departments of larger businesses say to themselves at the beginning of each year that they are going to do a better job of
stepping back, evaluating their business, and planning. As we head into March, many have already fallen behind on their resolution as day-to-day business issues have monopolized their attention. However, it is not too late to perform this exercise. Ask yourself the following questions.
- Have you reviewed last year’s performance against budget or expectations?
- Revenue, Costs, and Profitability
- Do you have a budget for this year?
- Do you track your personal time?
- Your time is the most valuable asset you have.
- Are you spending time on areas that are not really driving your business?
- Do you have a strategic plan?
- Are day-to-day issues preventing you from taking the big steps you need to drive your business?
- Are you taking advantage of new technology?
- Carve out time to keep educated on relevant technologies.
- Do you have the people that you need?
- People are the biggest competitive advantage or disadvantage you have
- Are you settling for average?
- Do they have all the skill sets that you need?
- Are you in a good cash flow position?
- Are there investments that you should make?
Unfortunately, sometimes it is difficult to do an honest assessment of your business because built-in biases develop or because it is difficult to benchmark against other similar businesses. One solution is to hire an outside consultant to provide an independent assessment.
Opus consultants have the privilege of working with a variety of clients across industries on a diverse array of problems. Our team leverages multi-industry experience to provide honest and independent assessments, and customized business planning. For instance, one of our consultants has visited and assessed over 50 customer service departments in his career. Another has managed a $25M yacht charter company with multiples bases and offices throughout the world.
As we approach the Ides of March, it still isn’t too late to impact 2016 with better business practices. Let us know how we can help.