It’s time for a hard look at your sales, expenses and net profits from 2009. With the new year here, really think about what this year could bring.
Okay, everyone has had enough of the general gloom and doom in the news. If you’ve tuned it out, then tune in to some of your own research. Is your industry growing or shrinking? What does that mean to your sales projects.
1. Call SCORE to find an office near you for a Small Business Check-up. Schedule a personal mentoring session. Get a free and confidential review of your business in 2009. Call 1-800/634-0245 or Find SCORE Online.
2. Do Some Research. Use Google search to find out general industry trends. If you’re in retail, how much is retail down right now? What sectors are doing better or worse. This is the news you need–specific to your industry with an impact on your business. If you see an industry holding steady, growing or contracting, your plans for 2010 should take that into account.
3. Tune up your business plan. Really take a hard look at sales projections and expenses. You can break the plan into quarters, this way you may plan revenue and expense based on slower sales earlier in the year and a pick-up in volume a little later in the year. It’s too late after the fact. Now, you have the chance to set budgets based on expectations–and that is the management tool that helps you in 2010.