2008 was like an accident that just could not be avoided, and now it's over ... so lets move on ... fast! Sitting still and wondering what happened will leave you in a sorry state.
Now -REALLY RIGHT NOW -if you havn't already started, is the time to move forward at a steady pace to a new day of prosperity for you and your company.
Here's a few tips to keep in mind for 2009.
Goals are nothing but a wish without a plan of action, so start by reviewing your strategic plan. Are you on course to your objectives and goals? Update your plan as may be necessary and make any additions and/or deletions based on any changes in your desired goals. Remember the importance of planning - without a plan in place, effective decision making is difficult if not impossible.
Make a point to contact all of your existing customers - just like we are with our newsletter. Do so and they are more likely to purchase your product or service. Have a "lets get the year going" agenda, send them all an announcement and ask for suggestions. Tell them how important they are to your business. Make personal individual contact with your larger customers.
Contact all of your raw goods suppliers and review all pricing. Review your previous year's usage and consider either a larger bulk buy or just in time ordering to obtain additional discounts.
Consider adding a second billing cycle each month in order to keep cash flowing at a better pace and catch a problem sooner.
Contact all overdue accounts, offer payments and concessions where needed.
Make a point to have your HR department sit down with each employee and ask for suggestions that might improve your product or service. Ask if they need anything that might make them more efficient. Be sure to give feedback at a later date as to how you used any of these suggestions.
Review your product or service guarantee - is it keeping up with the competition? Is it in touch with reality? Remember ... Exceptional warranties sell products!
Are you using technology to the fullest extent possible? Remember that technology is one of the great equalizers between small and large companies.
a. How up to date is your Internet site?
b. Is your telephone system adequate? (Do you keep customers waiting?)
c. Would a fax-back system help get information into your customers hands at a lower cost to you?
Improve it this year! Review your customer service policies. Do you need additional telephone lines? Can you ship product faster? Provide better prices? Discounts? Personalized service? Should you be accepting credit cards? Would a toll-free number be useful?
Is your staff properly trained?
Plan your year's marketing budget. Either define a budget amount or have it vary with total sales.
Stay on top of market shifts. Act quickly to correct problems.
Review your insurance program. Look for overlapping policies. Shop your policies as a matter of policy for competitive prices.
Stay organized yourself and demand that your staff do the same. Organize priorities daily and be honest with yourself about the number of tasks and the value of each. I would be happy to share my own method, just give me a call!
Remember, the continued success of your business is dependent on many factors, some of which are not under your control. It is up to you to take advantage of those you can do something about.
Please contact Michael F. Yates & Company Inc. for additional details. CONTACT MFYCO
