Spring is almost officially here.
That means it’s a great opportunity to review all aspects of your business.
If you’re a banker, now is a good time to follow up with potential clients that were waiting until all of their year-end numbers were finalized.
If you’re a small business owner in California, don’t forget that quarterly taxes are due.
But you know what spring really is?
It’s a time of new growth, new beginnings, and creating a fresh start.
It’s time to take a look at your business and see what you can organize, clean up and start reviewing how you’re stacking up to your Q1 goals.
Let’s look at that in more detail. If you’re a business owner, now is a great time to clean up and review key areas of your business! Here are five things you can do to make sure you have everything in place for a successful rest of the year!
1.Clean up your cash flow
It’s critical to know where your money is coming – and going. Review your business cash flow regularly. Pay special attention to your expenses. Are there services you’re paying for that you don’t need? Use this time to take an inventory of subscriptions and services. Eliminate any you aren’t using. Then schedule regular reviews of your cash flow throughout the year.
2. Know important dates
In California, there are different tax schedules depending on the type of business you have set up. Here is a link to the latest deadlines for your business taxes.
3. Know where are you spending your time
It seems like a simple question, but if you look deeper, the question is actually around your priorities. Are you spending all of your time “in your business”, or “on your business”? As business owners, it is easy to spend our time in our business, and leave the time we need to spend growing our business for later.
Review your time and your workflow processes. Are there opportunities for automation? Are there opportunities for outsourcing? Are you spending your time as wisely as you could be for the success of your business?
You will want to find the balance that works for your business – preferably one that allows for growth while delivering the best quality results for your clients/customers.
4. Review your goals
In January we posted about the importance of creating SMART goals for your business. What are your business goals for 2018? Do they align with your business plan? How are you doing towards your goals? Are you close to reaching your Q1 goals?
You’re measuring them and keeping an eye on your KPIs, aren’t you? Knowing what levers you can adjust enables you to make the necessary changes throughout the year. Then you can identify if there activities you can do in the last part of the month to ensure your business continues to move in the right direction towards your goals?
5. Refresh your sales and marketing
It’s time to review your sales and marketing! Are there changes to your sales and marketing you can make for it to be more effective?
Use the time to review your marketing and sales funnels and your ideal customers. Are you targeting the right people? In the right way? Are your customers going through the sales process, or are they dropping off at certain points? How is your website? Does it still support your business and your brand?
Don’t hesitate to review all aspects of your business that might help increase your lead flow. Use the change in seasons to infuse your sales and marketing with new life and get your audience excited about the warmer weather, longer daylight hours, and your services/products.
While “spring cleaning” isn’t always exciting, knowing the ins and outs of your business is. So is the confidence that comes with knowing that everything is in order. That way, when you’re ready to grow and find yourself looking for investors, financing, or even preparing to sell your business, you know where you stand. And that knowledge can be priceless.