January is a good time for a business review. The new year bring about a fresh start and a good time for business owners to look at what has worked in 2013 as well as things that could be improved. By taking the time to review the year end profit and loss, look at various business lines and sales processes, it gives a business owner a good snapshot of a year in review.
Perhaps your business has grown over the course of the past year and you were too busy building the business to really take a look at the numbers.
Making sound business decisions is dependent on good information. What resolutions are you setting for yourself to stay abreast of the day to day business activity, inventory, reconciling credit card and bank statements?
As you lay out your marketing plan for 2014, are you considering new service offerings or packaging services? If so, understanding your competition is a key element to setting your prices. But you also must know what your hard costs are to adequately account for the rising costs of such things as employee health care, increased fuel costs and rent or taxes.
For consultants, quarterly reviews of a profit and loss statement will allow for adjustments in tax estimates as the year progresses instead of waiting for surprises at tax time.
Restaurants owners, are you properly managing inventory or is food going bad because you overbought? Knowing your numbers and consumer history will help you better plan. As seasons and holidays come around, looking at the prior year’s history will help to anticipate buying patterns. When food vendors come into the restaurant with specials, you’ll be able to project upcoming trends and save by ordering ahead.
Set your business goals, identify those services that can be outsourced and start 2014 off with a solid road map to success. If you’re unsure of your numbers or need some help looking at trends, give us a call.