Taking Stock and Shaping Up For 2019

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Taking Stock and Shaping Up For 2019
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One of the most popular New Years resolutions is
to get fit. We say your business should be as
buff as your body and making it happen will be
a lot easier on the muscles! Here are 4 areas of
your business that should get a fresh look every
year, along with tips on how to get them into
their best shape ever.
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Vision Strategy
When you originally launched your business, you
had a vision of what you wanted it to be one day.
How does that vision relate to your current
reality is it your future, present or past?
Your answer will guide your strategy for the year
ahead.
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Your future Youre still on track towards your
goal, youre still satisfied that its the right
goal for you, and you believe it is achievable in
current conditions. If this is your situation,
your main concern is to keep an eye on your
market, including new competitors, emerging
trends and the economic situation.
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Your present Youve reached your goal and your
business is now everything you envisioned back on
day one. Congratulations! However, you now face
the risk of becoming stagnant and falling behind
instead of continuing to grow. It might be time
for a revised goal, and an updated strategy for
how to attain it.
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Your past For one reason or another, your
original vision no longer applies so well to your
business. Your industry, your customers or your
own interests may have taken you in a different
direction, maybe without much preparation. Wait
no longer to do your groundwork, with a
completely new vision statement and business
strategy.
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If youre not sure which of these categories is
or should be yours, its time for an outside
view. Ask your best customers, expert consultants
or industry colleagues. Research industry trends
and insights. This fresh, objective perspective
can open your eyes to unrecognized opportunities
for success.
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Marketing Sales
Once youve nailed down your vision and strategy,
use them to create your brand identity. The more
unique, accurate and specific your brand and
selling points are, the more effective your
marketing efforts will be at acquiring new
customers and retaining (or upselling) current
ones.
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For example, any fitness studio can say they help
people get fit but only you can say youre the
towns best authority on HIIT workouts.
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Next, analyze how well your marketing channels
are driving sales. If a channel (such as direct
mail) is performing poorly, figure out why. Is it
the wrong channel for reaching your prospects
(who are looking online, not reading snail mail)?
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Is it the wrong channel for your message (such as
a postcard crammed with too many words and
images)? Fix or eliminate the losers and put your
marketing budget into the winners.
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Operations
Your business and your industry have evolved
since you first opened your doors. Have your
workflow processes, equipment and employees
evolved along with you? Or are they now
struggling to meet demands they werent designed
for?
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This is the biggest opportunity for significantly
improving efficiency and performance and your
bottom line. It also quite often requires an
initial investment, whether in new tools, new
software, new hires or additional staff training.
A bit of cost-benefit analysis should show you
whether it will be a smart move in the long run.
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Finance
We know, its not your favorite thing to think or
talk about. But it really is essential for
business owners to know the state of their
financial health, so they can make the right
decisions at the right time. Questions to ask
yourself include
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• How often do I receive financial reports, and how
  current are they?
• How long does it take my accountant to respond to
  my call?
• Does my accountant provide me with insights for
  planning and growth?

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• Does my accountant spot ways that my business
  could run more cost-effectively?
• How much of a hassle is it for me to do payroll
  and file taxes?

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At Xendoo, we understand small business and the
need for lightning-fast responses to
ever-changing environments. Your dedicated team
of accounting experts can help get your business
into shape for the new year and keep it that
way, day after day.