Evaluate your business and make real change this year

We know that January is a time for making resolutions – and many of us make them. We say that 2014 is going to be a better year, and we vow to make changes. And then comes February and we find that we haven’t done much to promote change. Well, I’m happy to tell you that February is not too late to make effective changes in 2014.

My guest Cheryl Pliskin and I discussed how to evaluate your business to make effective change, for each aspect of your business – from clients and vendors, to systems, networking and marketing.

Q: What do you suggest that we start with in our assessment?

A: Be honest and take a hard look at what worked/didn’t work. What did you do – or didn’t do that contributed to its success of failure?

Q: Let’s start with Networking. How can we tell if it’s working?

A: Again, be honest. Before you say ‘I quit,’ ask yourself these questions: Were you an active participant within a group/organization that you joined, or did you write a check for the membership fee and that was all? Did you give referrals to others, meet with other members or join a committee? If you think you were an active member, then ask a few members or a staff member for that group for an honest assessment of your involvement and interactions. Maybe your approach needs some improvement. Take a look at the current status – anything pending? If so, maybe giving it one more year is a good idea.

Q: Let’s talk about marketing efforts. How can I evaluate and see what worked last year?

A: Go through each campaign and look for results. This is easier to do if you had installed tracking tools, so if you didn’t, this would be something to add for this year. Promo codes, coupons, analytics are all ways to measure your success. Decide how you will measure your success, whether it’s in dollars, number of leads gathered or promotional codes rendered. You might want to have a few.

Manage your expectations. One mailing of 300 pieces that was mailed out 1 time is not enough for you to say ‘this campaign was a failure.’ If something didn’t work out, tweak it and try it again.

Q: How should I evaluate my customers?

A: Take a look at last year’s results. Have some of them changed their buying behaviors, ordering less or not at all? Maybe they have found a new supplier to replace you. Reach out and find out what happened. If you can’t save that client, you can still learn from it.

Also take a look at clients that don’t spend enough, yet take up too much of your time. Is it time to let them go?

Make a list of what makes up a good client for your business. Then use that guideline and stick with it before accepting new accounts.

Q: How do you evaluate business practices?

A: Take a look at basic everyday practices – and how they are working for you, from answering the phone, to opening a new account, to rewarding clients who give your business referrals.

Q: How do we evaluate our vendors?

A: Just like with the clients, how are they serving your needs? Make a list of what you are looking for in a supplier, and use that as a checklist. You may find that it’s time to cut a few loose.

Source: Jest Notes & Baskets