While entrepreneurs are passionate about their product or service, what often leads to their downfall is lack of business planning. Here are five key initiatives you can do now to build your successful business.
Create a Budget – The better you plan, the more you profit. Estimating the ratio of expenses to revenue is important because it helps to determine whether you have enough money to fund operations, expand business and generate income.
Define a Sales Goal – Set weekly and monthly targets for sales. Knowing your sales goal provides direction and motivation.
Plan your Marketing Strategy – How are you communicating with your current customers, as well as connecting with new ones? What is your marketing budget and what channels are you utilizing? How are you measuring the success of a campaign?
Build an Advisory Team – Routinely seek the advice of professionals, customers and employees to improve your business. This helps you stay connected while relying on experts who want to help you succeed.
Grow as an Entrepreneur – Analyze your business. Continue to study your industry. Network with other entrepreneurs.
The new year is a time to plan for your business in order to achieve success. When you make sound business decisions, based on strategy, you give your business a solid foundation to thrive and start the year right!
Annette Weeks is Director of the Center for Entrepreneurship in the Craig School of Business at Missouri Western State University.