It is absolutely wonderful to put 2020 behind us! What a sh!tty year! Now, 2021 here we come!
This next year will be awesome, but only if we make it that way. It won’t occur by happenstance or by magic. We must plan for it. So, as business owners, how do we plan for it, you might ask? In order to develop effective plans for a successful year we need to know our current state. In other words, we need to know how our business is performing now, in order to implement plans for improvement. And how do we do that? Again, I’m glad you asked!
To accurately assess the current performance of your business you need to look at each component. No matter the size of your business, each business has four primary components: finance and accounting, sales and marketing, people (even if you are a solo-preneur), and operations (e.g., systems and processing). You must review each component of your business to best assess how your business is performing.
Within each area there are key performance indicators that will help you determine the success of your business. For example, in finance and accounting, key performance indicators such as profit margin, cash balance, and working capital will help determine the financial performance of your business.
In the area of sales and marketing, look at customer retention, closing ratios, marketing and advertising spend per dollar of gross revenues. These measures will help you determine the success of your sales and marketing efforts.
There are also key performance indicators for the components of people and operations. Key performance indicators (“KPI’s”) make it easy for you, the business owner, to quickly assess business performance. The key is to review consistently throughout the 2021 and beyond.
Here is the good news. Understandable Solutions has developed an easy assessment that will provide you with the answers you seek regarding business performance, as well as understanding your business. The assessment is comprised of 31 questions and should take no more than 10 to 12 minutes to complete. The results will be provided to you within 48 hours. That’s right, 48 hours! And here’s the best part… it is free! How can you beat that?
The bottom line: for just ten minutes of your time, you will receive a report that shows you areas of your business that require more of your attention AND will help you develop plans for a successful 2021. The risk? I don’t know, I haven’t thought of any.
Here’s the link:
Best wishes for a prosperous 2021!!