Small businesses have a lot to worry about in 2013. With the economy struggling to get back up on its feet and hiring moving at a improved pace in so many sectors, it’s more important than ever to know where your business stands, what progress needs to be made, and where your business is actually exceeding expectations for the year – and what you can do to continue the trend.
Revisit Your 2013 Visit Plan
There are a few questions you need to ask as you review the business plan you’ve been following so far this year. Is it still relevant to your business? The needs of businesses change throughout the year. Sometimes, the challenges and goals of earlier this year must be adjusted to meet the demands of your existing workforce or, in some cases, to create a bigger challenge so your team remains motivated.
Additionally,CKG International believes you should assess the effectiveness of your sales team for meeting the goals you’ve established for the year. Specific questions need to be asked and answered regarding to job performance and sales for the first half of 2013. You also need to seriously consider if any adjustments need to be made in order to drive the sales force and what types of motivations are called for.
Evaluate Customer Engagement
How are your branding efforts going? Is your business reaching out to new markets and customers in the way you had hoped to in 2013? If not, what sort of changes can you make in order to not onlyattract new customers to your products, but to actively engage them so that they’ll tell others about the products you have to offer?
These are questions every business must answer if you want to stay competitive in 2013.
- Are your products meeting the needs of your customers?
- Are customers excited about the products you offer?
- Are they telling their friends on social media?
- Are they letting you know through sources like Pinterest, Facebook, Twitter, or your business blog?
Analyze Your Competition
Your competition is one of your biggest obstacles for 2013. It’s important to know what your competitors are doing and measure yourself against their successes and failures. Perhaps not as important as setting and achieving your own business goals for the year, but it is important to know what’s going on with your completion.
How is your competitor’s business doing? See it for yourself. Walk into their store or place of business and see what the crowds are like. Ask yourself these questions:
- Is business booming? Is it a bust?
- Are they moving products at a similar pace to your business?
- Do they have innovative new products on the shelves?
- What kind of Internet presence do your competitors have?
- How are they ranking in the search engines for vital keywords?
These little things matter a lot and can help you create a plan for the remainder of 2013 that is sure to place your business in a much better position.
Your 2013 mid-year business check should be focused on building up your business even more as the second half of the year approaches. Look for ways to solidify your market share and improve the financial outlook of your business and for your employees in the coming year and your business should do well into 2014. In addition, take a moment to review your business risks and corresponding business insurance coverage to ensure that you are adequately covered.