4 Things Every Company Needs To Do

Even though the financial horizon looks warm and inviting as spring arrives, preparation and planning are a must for every organization. Following these essential steps should help jump-start your game plan.

Step One: Identify what works and what doesn’t.

Every good business plan should have a reflection process built into it. If yours does not, then sit down with your management team and have an honest discussion about what is working and isn’t.

There may have been good ideas that did not yield the profits you initially thought they would. Perhaps an initiative absorbed too many man-hours to warrant continuing. Conversely, you may identify areas of success with projects that practically ran themselves. Once you have identified what worked and what didn’t, it’s time to decide how to amplify the positive results and eliminate the negative results.

Your management team is key in this process as many times they have access to information and perspectives that are vital to the process. Make sure the entire team knows that this is a growth exercise and that there is no shame in this game. Schedule time to purge ideas that never worked or are no longer viable. It is also a time to reinforce the gold standards of your organization while identifying new areas for future growth.

Step Two: Identify your yearly dream team.

Once you know what works and what doesn’t the next step is to pinpoint who worked and who didn’t. Be careful with this step – it should be a positive one and team members must not feel threatened by it – otherwise it will not work. Communication is the key to insight and much of that will be needed to ascertain what teams are not working effectively and why. It may be personality issues or perhaps even a need for redirection in some areas of the organization. Whatever the case may be, decisions must be made now rather than later to avoid any unnecessary time or profits lost. 

Step Three: Allocation of resources.

Create a plan where resources are allocated appropriately. Make sure you are focusing on who and what matters. The leadership team, support personnel, clients and stockholders are the people that your organization depends upon for survival. The beginning of the year is a time to allocate resources and time to ensure continued satisfaction on all of their parts. This may mean announcing an incentive program for loyal customers or a bonus program for personnel. 

Step Four: Update your company website.

Many organizations make the mistake of not updating the company website periodically and this can cost them more than business. The truth is that an out-of-date website speaks volumes about a company to current and perspective clients alike. A company’s website is a window into their operation, so make sure yours is up-to-date and user friendly. Contact information should be easily accessible and your mission and vision should be prominently showcased.

Your organization should be an open book. Transparency builds trust and current and prospective clients alike demand access 24 hours a day. Today’s successful business does not close its doors at 5 p.m. anymore. Make sure you have links for every imaginable option in order to facilitate processes that will positively impact your business. If you are a wholesale organization, having inventory online ordering and fulfillment will make such processes take half the time. ?

To get the next four steps, please see SFBWmag.com.

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