Four 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 doesn’t, then sit down with your management team and have an honest discussion about 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 pin point 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 com-pany 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 cli-ents alike demand access 24 hours a day. Today’s successful business does not close its doors at 5:00 pm 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, have inventory online ordering and fulfillment will take half the time!

Stay tuned to the SFBW website for the next 4 tips!

You May Also Like

Pride Week Festival Begins With Tribute to Pulse Nightclub Survivor

Miami Beach Pride’s week-long festivities will commence with a special tribute to the LGBTQ+ community honoring the victims of the tragic shooting at Pulse Nightclub in Orlando. A ceremonial “flip the switch” lighting event will illuminate the iconic 1111 Lincoln Road parking garage in pride colors as a sign of solidarity. It is the second

Surfside luxury condo sees notable sales

Arte at Surfside is making waves. There’s, of course, the news that Ivanka Trump and Jared Kushner are renting at the 16-resident luxury condominium. And there’s the December penthouse sale for $33 million. But other sales are heating up the oceanfront property at 8955 Collins Ave. developed by Alex Sapir and Giovanni Fasciano (both pictured

Up in the Air: A Discussion

In a dynamic region where residents are typically on the move, everyone is wondering about the health of the airline industry and the safety of airports and airplanes. Everyone is eagerly looking for signs about when air travel will begin to normalize. Against this backdrop of COVID-19, South Florida Business & Wealth organized a virtual

South Florida Yachting Legend Passes

Robert “Bob” Roscioli, an icon in the South Florida marine industry, has passed away. Many recognize the name Roscioli from the widely-successful and world-renowned Roscioli Yachting Center, a full service shipyard catering to South Florida’s marine industry. Bob built this business as a passion project, and because of his attention to detail and unique skill,

Other Posts

Four key steps

[vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column width=”2/3″][vc_column_text] What a crazy time we are all experiencing. Right now, getting back to basics is most important. It is not and will not be business as usual right away. As leaders, you need to do the right thing to create an atmosphere of support with processes.

Pandemic adds to worries about hurricane season

An above-normal 2020 Atlantic hurricane season is expected, according to forecasters with NOAA’s Climate Prediction Center, a division of the National Weather Service. The outlook predicts a 60% chance of an above-normal season, a 30% chance of a near-normal season and only a 10% chance of a below-normal season. The Atlantic hurricane season runs from

The difference between leading and managing

[vc_row css_animation=”” row_type=”row” use_row_as_full_screen_section=”no” type=”full_width” angled_section=”no” text_align=”left” background_image_as_pattern=”without_pattern”][vc_column width=”2/3″][vc_column_text] Leadership and management are often misunderstood as one in the same. They are not. Certainly, a good leader should be able to manage and vice versa. But, it is important to understand the difference. Both are important to the success of an organization. The key difference

Flattening the housing curve in a pandemic

By Josh Migdal In the classic film Groundhog Day (and yes, it is a classic), Bill Murray’s character wakes up over and over again in Punxsutawney, Pennsylvania, reliving the same day for (presumably) eternity. Every morning, the alarm goes off at 6 a.m. playing I Got You Babe, assuring both the protagonist and the viewer