How carrying out a business review can help you have a profitable 2019
January is a good time to review your business and start planning for the year ahead. It’s an opportunity to take stock, make changes, enhance your offering and re-commit to your business strategy.
As your business matures, you will need to adjust many things to accommodate the way your company is operating. This could be employing more staff, improving your website or completely revitalising the whole structure of the business.
So what do you need to consider as part of your business review to have a profitable 2019?
Are you still passionate about your business?
If you don’t have a passion for your business and still feel motivated, then your commitment to the business may also have waned. Running a business can be challenging, and there will be times when you are not enjoying the process. However, take some time to evaluate your situation and be truthful with yourself. If your current organisation is not resonating with you anymore, have the courage to make a change. It might be as simple as re-branding, or you could take the decision to sell the company and find a new challenge.
How is it all going?
Review your KPI’s and get an overall picture of the current state of your company. Everything from profit and sales to customer feedback and employee satisfaction.
Where are the successes and what areas need tweaking or completely overhauling? Are you still aligned with the company’s strategy and goals or have those shifted as the business grew?
You may be surprised by what you discover. For example, perhaps one product sold more than any other and made up the majority of your profit. You may then want to consider whether you specialise in that one area and grow the company in a different direction.
Are partnerships and collaboration beneficial?
Take this opportunity to look at your partnerships and collaborations with other businesses and suppliers. Is the arrangement still meeting your requirements? Are the terms still acceptable or do you wish to renegotiate?
Consider whether the people and organisations you work closely with are happy also. If the agreement is no longer mutually beneficial, then you could run the risk of losing a key supplier.
Have regular reviews with key parts of your supply chain to ensure that everyone is on the same page and the collaboration still serves your business. If you have concerns discuss with the parties involved to re-evaluate and look for ways to make positive changes.
Did your branding and marketing efforts make an impact?
Analyse which campaigns were most successful and what activities did not work to ascertain where to concentrate your efforts going forward.
Did you have a clear marketing strategy last year? If not, consider this as a priority so that you can be structured and focused with your actions going forward.
Are you on the correct social media platforms for your customer to find you? Is one platform proving more successful than another?
Consider whether your brand is still aligned with your company vision now and for the future. Lastly, don’t forget that people do business with people. So whether you choose to network face to face, do Facebook live videos or a series of information videos on your website, remember to get your company out there. Network with your customers but also with other businesses. It will help you build trusted relationships and potentially increased sales.
How are your personal organisational skills?
Are you a pro at time management or do you feel like you’re chasing your own tail most of the time? Be honest about whether you are a naturally organised person or if you need help. Even the most organised of individuals can struggle with a busy company and the demands placed on them.
Look at how you can delegate and streamline your tasks each day. What are the priorities and what are just distractions from your main goals?
Most businesses start small and you, as the business owner, are involved in every task. However, as a company matures, this becomes unattainable. You may now have employees who could take some of the workload, or perhaps you need an app to manage your diary and projects better.
Set goals for the coming year
Once you have carried out your review, one of the best stages is to set goals for the coming year based on what you have learned.
Don’t forget to align your goals with your company strategy and create KPIs to monitor your progress.
How Life Centred Business Solutions can help
MRA are Life Centred Business Solutions Specialists. You, as the business owner, are at the heart of everything we do. We support you with annual reviews, creating strategies, setting goals and implementing complimentary strategic processes so you can continue to have a successful business.
MRA can provide objective guidance in all areas, including business taxation and finances. If you wish to make changes this year, we can assist with finding funding, restructuring your organisation or, if needed, selling the business and starting a new company.
We can help you blue sky new ideas and developments to discover whether they are financially viable and how best to incorporate them into an existing company in a financially efficient way. Contact us today for a no obligation chat with one of our specialists to see how we can help you move your business forward in 2019.
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MRA help individuals, businesses and families achieve the best quality of life they can with the resources they have. MRA specialise in corporate solutions, cash-flow analysis, taxation, debt management, savings and investments, lifestyle planning and much more.
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