Can you believe that we are almost in May? One-third of 2016 has flown by and now is a great time to assess your business and where you are in relationship to your goals for 2016. Key areas you need to review include revenues, expenses, marketing and advertising budget, ROI in marketing and advertising, client make up, lead generation and conversion. Some small business owners are so busy working in their business that working on the big picture of their business comes second. As a small business owner, I totally understand and always encourage people to at least take the time with your business partners to review the following OR bring in an outside consultant to help you assess and improve.
- Revenues: At this point, you should know the money you have brought in so far for the year. If you have various services, know exactly what services are generating what revenues. This helps determine where you need to focus your marketing and advertising dollars. Sometimes your revenue distribution may surprise you.
- Expenses: Always make sure your expenses are in line with your revenues. This goes without saying but know exactly what your expenses are and whether you might be able to either decrease your expenses or do you have excess revenue that will allow you to increase your marketing and advertising budget.
- Marketing and Advertising Budget: For 2016, what has been your marketing and advertising budget to this date? What are you hoping to gain by spending this money? The correct answer should be more detailed than simply, “An increase in business.” How did you come up with the marketing and advertising mix that you have?
- ROI in Marketing and Advertising: Of the dollars spent, what was your return on your investment in marketing and advertising? Need to know some simple ways to determine ROI, click here.
- Clients: Who are your clients? Has there been any shift in your client make up? For example, if you are a store owner and your typical clientele has been women, age 40 and over, but suddenly you are starting to see a lot more men coming into your store and purchasing items. Are they your typical clienteles’ husbands or boyfriends? Are they new clientele who want to impress their girlfriends or spouse? Know who is coming into your store and what prompted them to come. This goes for retail and service-oriented businesses.
- Lead Generation and Conversion: This goes hand in hand with your clientele. Any of us who own a business are always generating new leads and closing new clients. Know exactly how many leads are being generated and what percentage of those leads is getting converted. Are they coming through your website? Are they being referred to you? Or are they coming through your marketing and advertising mix?
The above list is just a few of the items you need to assess on a regular basis. Many who own their own business are always after that next lead so knowing what works and what doesn’t is essential. What can assist you even more is having a person outside of your company help you make this review. At Business Consultants of South Florida, we have a 99-question Business Analysis where we confidentially review the inner workings of your business. We then sit down and go over our findings and recommendations with you in a one to two hour meeting either in person or by phone. To find out if this is right for you, please email me at Allison@bcosf.com or invest in your company today and receive the Business Analysis complete with the one to two hour review for the low cost of $250. With this, analysis, you will receive a written assessment that includes 5-10 items you can implement immediately to improve your business.