This weekend I was counting the number of days left before the new year. I started taking stock and thanking God for what I achieved in the year. I also had to honestly look at the REASONS I did not achieve certain income levels I wanted. Looking back, I know I could have performed better.
Most entrepreneurs are uneasy with drawing up a long term plan for their business, product or brand. They are simple tips which one can use even if the business is owned and run by one person. No matter the services or product you offer, you can have a working document for your business for the 12 months in 2013.
Tip # 1- Review your business against what you expected to achieve.
You can look at various objectives using your key business measures. For example in my network marketing business I use sales volumes, commissions, and the number of people I sponsored to start the business. If you provide Wedding cakes, you can look at sales volumes, revenue you made, and maybe number of weddings you provided the services for. You could also have a goal of expanding into corporate events with your product.
Tip # 2 – What are your business’s strengths, weaknesses, opportunities and threats?
On this one, honesty is important. Look at your business-maybe a Home based business for Wedding cakes for instant and ask yourself the above question.
Strengths are those things that are giving you an advantage over similar business or they are things you are very good at. For instance you could say as strength: You are the number 1 recognized cake decorator in your community/country all depending on your size.
Weaknesses pull you back, and normally never allow your competitors to find out your weakness. An example would be; Inadequate cake delivery vehicles and personnel. Meaning that, if you have 3 cake orders in one weekend, you may actually struggle to deliver to your clients on time.
Your opportunities are those factors in your community or environment that are so lucrative for your business. For instance, if they are many events requiring cakes throughout the year, besides weddings, that could be an opportunity.
Threats become forces in your community that work against you. You can’t even really control them, but you sure can manage them one way or another if you think outside the box. An example of a threat could be in your community there is a fully fledged bakery, with capacity to bake all sorts of goodies and wedding cakes, and is slowly taking up your potential customer base. You can’t ask them to close down or only do other cakes besides wedding cakes. You can only manage them and ensure that you stay in business.
So set aside time this week to do the above 2 tips before I give you the next 3. You can get your employees to participate, or your clients, or your family. I will show you how to easily organize your business’s strengths, weaknesses, opportunities and threats so that you draw up possible strategies for 2013.
Do not be discouraged in any way or by anyone. You will get to your first or second Million dollars if you work on it!