First, think about where you want to be in the next year or two; set your goals or objectives. Are you striving to get to breakeven, grow at a 3 percent rate, etc.?
Second, lay out the actions needed to accomplish that. How many new clients do you need at what average sale? What needs to be done to stop client defections? What do you need to do to get them to visit or call your business? What activities are time wasters? This process helps identify those factors that are critical to get right to ensure success.
Third, assign responsibility and a timeline for each activity. Look at what things you need to continue to do, what things you need to start doing, and what things you need to stop doing. The secret here is to work on only those things that are critical to your business’ success.
Fourth, set up an ongoing reporting procedure to ensure the plan’s execution and to hold those responsible accountable. Tracking leading activity indicators will tell you in advance what your results are going to be and what adjustments need to be made. If you are on your own, report to your CPA, attorney or other business advisor.
- Art of Transition
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