Looking Back To Plan Ahead: Make 2003 Your Best Year Yet

By Rachna D. Jain



Now that the holidays season has passed, and you're moving back into a regular work routine, it's a useful time to take stock of last year's business model and plan and ascertain what, if any, changes are needed for this year.

As a small business owner, your main concerns are likely to center around three main areas: product/service quality, customer satisfaction and profits. These are wonderful starting points for the process of "looking back" to "plan ahead."

In the area of product service/quality, you might want to take a look at your current sales process, products and services. Do they continue to serve the needs of your clients/customers? If the answer to this question is more of an "I think so" than a resounding "Yes," it is time to reconnect with your best customers and make certain your products or services continue to be of high quality and high value. This can be accomplished most simply and cost-effectively by using a brief phone call or short e-mail survey. When looking at your products/services, you also want to factor in any additions or adjustments necessary to maintain high quality in the new year. Is new equipment needed? Does the environment need maintaining?

In the area of customer satisfaction, you may want to consider what kind of values or incentives you provide your customers. What do you do that brings a smile to your customer's face? A happy customer is, often, a lifetime customer, and a solid prospect for word-of-mouth marketing. If you want to improve this area, you might consider offering discount coupons for your products or service, or maybe sending birthday cards or having an open house. Any low cost, "high touch" option will work well here.

In the area of profits, a place to begin is by re-calculating expenses. Is there a way to lower the seemingly fixed expenses of your business? Can you save money on extras or renegotiate vendor contracts? Does raising your prices make sense? Where can you create some extra money for savings, expense cushion or a more developed marketing campaign? Also, were you satisfied with your profits last year? What would it take to increase them 10%? How about 20%?

As you work through these areas, it is important to note your ideas and thoughts-very often, you will find the seeds of important changes located in your answers to these questions. In the final step, take the information you've gathered from looking at last year, and combine it with your thoughts of how to improve these areas for the next year.

By looking back to plan ahead, you'll be most effective at keeping what works, and transforming what doesn't.



Dr. Rachna D. Jain is a small business expert and business coach. She can be reached at 410-772-3758 or visit www.Excelwith EaseCoaching.com.