By Jay Thompson
As we approach the end of 2015
Business Bitz
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As we approach the end of 2015, our team at the CSU Bakersfield Small Business Development Center is working on our business plan, and we hope you are as well. When you have a moment, take some time to think about your business. When you do, it would be helpful to go over and consider the following:
• Your current accounts or clients
• Your sales numbers for 2015
• Your goals for 2016 and the solutions the SBDC can provide to help you reach them
Business in premise is very simple, you find a dramatic need then fill that need, and you will be successful. It is that simple, but it isn’t that easy. If you are in business, you know what it is like, the day-to-day struggles of dealing with customers, employees, vendors, etc.. Your business plan will help keep you on track and will guide you on what, where and when to do whatever in your business.
One of the most important parts of your business plan is your goals and objectives. If you do this right, it will help you achieve more than you thought possible. How are you doing this year? Are you finishing the year strong? Are you meeting your goals? Did you set goals for the year? If you don’t have any goals for your business, this must be fixed right away.This is a must for survival and important if you are to achieve your full potential.
Many people go about their day-to-day activities reacting to things that happened to them instead of planning how their day is going to be. Often the only difference between the successful business owner and the one that is struggling and just barely getting by is the successful business owner has a plan. He or she has set goals and then has gone out to achieve them. It is not a perfect science, but when you have a goal you can make adjustments along the way to help keep you on track.
Start with the end in mind then reverse engineer your goal to achieve it. Let’s say you have a monetary goal to net $120,000 next year by December 31st. On the surface it might look like a lot of money, you might think it is an impossible goal to achieve but let’s break it down. $120,000 per year is $10,000 per month. $10,000 per month is $2,500 per week. $2,500 per week is $500 per day. Now, what do you need to do to make $500 profit per day? Is it realistic to achieve this $500 daily goal? If yes, then go forward. If no, then reassess your goal. Keep it simple then monitor and measure your results.
Here are some tips to help you with your goals. We like to say, “Make sure your goals are SMART.”
S Specific to what you want to achieve.
M Measurable to keep you on track.
A Attainable so that you may achieve it.
R Relevant to what you want to achieve.
T Time-bound so you don’t procrastinate.
Since it is the end of the year and the New Year is right around the corner, this is a perfect time to start thinking about this. Next time we meet we will get a little deeper into this topic and our goal is for next year to be your best year ever!
Jay Thompson is a Business Consultant with the CSU Bakersfield Small Business Development Center. The CSUB SBDC provides premium, one on one, no cost consulting to small business owners in Kern, Inyo and Mono Counties. For more information visit their website at http://www.csub.edu/sbdc.
