I love this time of year. Long days, vacations, warm weather, graduations, weddings… And as a small business owner, it’s also an excellent time to reflect on where you currently are with the goals you’ve set for your business this year. The summer is a great mid-point to do some strategic planning for your business as we toward move into the second half of the year. Here are some things to consider:
1. Business Development
Are you on track with your projections for the year? How many bids and proposals have you responded to thus far? Did you sign on any new clients? What is your win/loss ratio? Are you on track with your marketing? What’s working and what’s not?
2. Deep Dive Into your Numbers
I recommend scheduling an appointment with your accountant to review your company’s financial situation. Areas of focus might include:
a. What is your profit & loss ratio, through to June 30th?
b. How do your expenses compare to the same period last year?
c. What is your current cash flow?
d. What are your estimated taxes payment and projected liabilities?
3. Opportunities for Growth
Where can you improve? What needs to happen over the next six months for you to reach your goals? What needs to change? Where can you add resources to help you meet those goals?
4. Professional Development
As the leader of your organization, it’s important that you are supported and have access to the information and resources that will help to take you to the next level. Where are you spending your time? Who is supporting you? You always need to be growing and learning. Consider brushing up your skills – get outside of your industry. Look for conferences, trade shows, and other events that can help you level up your thinking. Learn from other successful business owners through books, podcasts, speaking events, and networking.
5. Update your Plan
Statistics show that when you write things down, you are more likely to accomplish your goals. It’s even more important to share those goals with your team and the people who support you and hold you accountable.
There is one other thing that you can do in the summertime to set your small business up for success in the second half of the year: Sign up for SMWBE workshops! I hope many free workshops for minority and women entrepreneurs throughout the year, both at Jean Kristensen Associates, LLC and at the NYC Department of Small Business Services. If any of them catch your eye, I highly recommend you register ASAP. These free workshops fill up fast!
Can’t wait to see you there!