by Alyice
Edrich
http://alyiceedrich.net
©
2008
Whether you are working on ways to deal with the economic
recession, just starting your business, or looking for ways to increase your business,
it may be time to work that business plan!
If you've written
a business plan only to set it aside never to be looked at again, it may be time
to revise your business plan, revise your business goals, and check out your past
performance. I know, can you say, "YUCK!"
The
idea of writing out business plans, let alone revising them, is enough to send
anyone into cardiac arrest, but it doesn't have to be that bad. Depending on the
type of business you run, you may not need a full fledge business plan, but more
of an outlined goal sheet broken down into bite-size, or more digestible, goals.
The
idea is to determine how you did last year in terms of profit and loss, business
growth, and accomplishing the goals outlined in your business plan.
If
you surpassed your target, you did a great job! It's time to write a new plan,
with new goals and a higher profit margin.
If you barely
broke even, you did a good job, but there are areas you will need to improve on.
Take the time to evaluate your business and see where your strengths and weaknesses
are and determine how you can turn your weaknesses into strengths.
If
you lost money, you did a poor job of running your business. You need to take
a hard look at how you ran your business in the past year. Did you run it more
as a hobby or did you put forth a good effort? What areas did you struggle the
most in? How can you improve those areas? Is there a product or service that just
didn't perform as you planned? It may be time to dump that product or service
and find a better one. Did you do a sufficient amount of outside advertising in
both print and online venues?
The important thing to remember
when going over last year's business records, business plans, and goals sheets
is that while your business is a vital part of your life, it should never take
over your life to the point that you miss out on important opportunities to enjoy
time with your family and/or circle of friends. Learn to balance both business
and personal goals.
Take the time to make sure that your
business goals are structured around the goals you set for your family and you'll
find it much easier to reach those business goals!
