When’s the last time you took inventory of your business?
Every individual needs a thorough checkup each year. We visit the doctor’s office and after some tests are performed, we know whether we are fit and healthy or not. During this procedure, people usually think about the things that they did in the past year and how did they affect their condition. Once the results come, people focus on the things they need to do in order to improve their condition. This sounds very useful and logical, right?
Well, the fact is that business owners should do checkups like this too. Business checkups are one of the most important elements of a successful venture. So, grab your pen (or keyboard) and run down the checklist.
1. To start with, you need to check your sales. Compare the sales in the last few years. If there is no growth, there is no room to be satisfied. The inflation that constantly grows means that may be actually losing profit.
2. Another thing that you should check is the number of repeat customers. It is much harder to get new customers and most successful businesses rely on repeat customers. So, focus on “creating” loyal customers.
3. Check whether you have offered a new service or product or not. Even if you have an army of loyal customers, they will surely be happier if you promote something new every once in a while. These customers can also help you in situations when you simply can’t come up with an idea.
4. Many business owners look at marketing as an unnecessary waste of money, but that’s not right. Take a closer look at your marketing expenses and see if there is room to increase these expenses. Of course, before you start your marketing or ad campaign make sure you have a solid plan.
5. In the recent period the importance of PR (Public Relations) is much higher than it was ever before. Even small businesses should take care of PR. Your position in the media is especially important in the information age where information is shared with lightning speed.
6. Being listed in the yellow pages or other online based directories, like HelpGrowCT.com, is another thing that you should take into consideration. Even if it costs you some money, this is always a good idea because it eventually pays off.
7. As previously mentioned, you should pay special attention the regular customers. For example, you can send special invitations or promotions for regular customers. You can also offer some discounts too. In this way even your prospective customers will become more interested in your offer.
8. Finally, don’t forget your employees. If they are not happy, your company will have hard time achieving good results. Of course, you should not ask them directly whether they are satisfied or not because you will probably get answers that are not completely honest. Observe them and make a thorough analysis.