By Megan McRainey
IT'S THAT TIME OF YEAR AGAIN, AND you’re probably making resolutions to lose weight , get more exercise or break a bad habit. But let’s face it, you’re probably not going to stick to any of them -- so why not create some realistic goals to help your business start the year off on the right foot instead?
January is a good time for small and medium businesses to take a look at how their company did last year and where they’d like it to head this year. And with the economy improving, many businesses may need to switch gears and refocus their yearly goals to take full advantage.
Here’s a list of several beginning-of-the-year goals that can steer your business in the right direction:
•Revise your business plan: Updating your business plan should be a regular process, but if your business hasn’t revisited its plan since last year, the beginning of the year is a good time to start, said Jaunta Rudison, owner of business consulting firm Rudison’s Enterprises Inc. in Buford.
The marketing and financial portions of the plan are the most important and need to be followed, she said.
•Set a budget -- and follow it: Included in the business plan, the budget is a key tool in a smoothly run and profitable business, Rudison said.
But the budget is not something to be created only to ignore it later in the year.
“If they are not following their budget or haven’t followed it the prior year, businesses will probably have a lot of problems with their accounting and profit and loss,” Rudison said.
Each time your business spends money that was not planned for in the budget, those funds will come out of profits or income, she said
•Keep in touch: If your business deals with vendors, the beginning of the year is an excellent time to revisit your vendor list, said Jerry Hardiman, president of Archway Solutions Inc., a business consulting firm in Tucker.
“Obviously, if there are vendors that you only hear from in a personal way once a year when you get a Christmas card, you may want to think about that.” Hardiman said.
And just as vendor connections can dry up, customer relationships can also wilt if they are not tended to regularly.
Don’t wait until a problem arises to call a client, Hardiman said. Good customer service depends on keeping in touch with customers throughout the year.
Update your technology:
A smoothly running business needs up-to-date equipment, hardware and software to run efficiently.
Be sure to replace or upgrade equipment that may be holding your business back, Rudison said. The time lost to a slow printer may be costing your business more than a new printer would have.
•Tune up your sales force: January is a good time for businesses with a sales force to review last year’s sales figures, Rudison said.
Reviewing sales figures can reveal many things about how sales are going, from how an individual salesperson is performing to what products or services may need to be phased out due to poor sales, she said.
•Look for way to grow: If your business is humming along, it can be easy to get into a rut.
But as you plan for the year, be sure to take a long, hard look at customers your business could be serving or products and services that your business could offer to increase sales, Rudison said.
Technologies and industries can turn on a dime, and your business’s core focus could be thrown off target.
•Get your taxes in order: While most businesses should have finished up their tax planning for the new year by January, it’s never too early to plan for the next year, Hardiman said. But if you still haven’t drawn up a tax plan for 2004, get to it, he added.
•Upgrade your Web site: As a business shifts its focus, marketing or product and service offerings, the Web site should reflect any changes the business is making during the new year.
“There’s nothing worse than a Web site that’s out of date. If it’s not up to date, you’re better off not having one,” Hardiman said.
•Take stock of your staff: While many businesses have cut back workers or held staff sizes steady, some businesses may be ready to beef up their staff this year, Hardiman said. Assess how much you expect your business to grow or improve this year, and then find temporary or permanent staff to handle the growth, he said.
•Get involved in your community: Many business owners belong to business and trade organizations and networking groups, but many overlook the value of business-free community activities, Rudison said.
Join the board of a non-profit organization or get involved in charity and civic organizations, she said. In addition to doing some good in your neighborhood, you can also develop enriching personal relationships with other people in your community that can become the strongest kind of business lead.