Is Your Business Ready for the New Year?

by Don Kyle

As 2013 approaches, have you set your goals and prepared your plan to meet them?  You should have done this already, but it’s not too late to start if you haven’t.

It’s quite common for business owners to not plan properly for the future as they are so busy running their businesses.  While this lack of preparation is understandable, it often can become a recipe for disaster.

So I thought I would offer several suggestions to help you through the process.

1. Take a look at your results for the current year and set overall goals for the coming year.  First, these should be defined in broad terms, such as total planned revenues and estimated expenses, desired net income, growth rate, etc.  The current state of your business and anticipated future economic conditions, competition, demand for your products/services, etc. should be considered as you set these goals.

2. These overall goals then should be broken down into monthly, weekly and daily budgets.  Be sure to account for seasonal fluctuations for your business.

3. Review what you have done in the past and are doing currently to promote your business.

4. Assess which growth strategies have worked well and those that haven’t worked as well.

5. Determine marketing tools and strategies that are available for your business and the expected costs and returns.  During this process, you should consult with peers, other business owners, and experts and select those that you believe can provide optimal results.  Do your research and select the best options available to fit your budget.

6. Prepare your marketing plan and budget.

7. Implement your plan, then monitor your results and make adjustments as necessary.  Don’t be too hasty to make changes though; give your plan a chance before making unwarranted changes.  Remember, most effective promotional strategies will take a little time before they generate results.

Good luck and may the new year be the best ever for you!

Please feel free to contact me if you have any questions about preparing your marketing plan for the new year.

Don Kyle is the CEO and Founder of Small Bizz MBA, a company which assists businesses with their marketing, branding and advertising needs.  (404) 580-6331, dkyle@smallbizzmba.com