Yearly Business Review For Home Based Business, Part 1

Your profits can grow year on year

Seeing how your profits have grown

To ensure your business maintains and improves its position in the market place, it needs to undergo a business review each year. This will ensure that your business, however large or small, reacts to the ever-changing market and customer changes and learns / improves from mistakes.

 

 

 

In this two part series, we look at 10 items that should be reviewed during each business review, as a minimum. Part one looks at the first five items and Part two concludes with the last five items.

 

  • Have your year-end sales improved from the last couple of years results?  You should always be looking at increasing your growth as nothing stays still, especially inflation, etc. If your sales this year are the same as last year, this could be a sign of stagnation and more trouble down the road.

 

 

  • Are you keeping your existing customers satisfied?  It is more cost effective (by as much as 5 to 1) to retain existing customers, who are satisfied with your products and services, than getting new customers.

 

 

  • Is your product still relevant to your market?  Loyal customers need to see your business and products changing with the times, so they can think they are up-to-date.  If you are unsure of what product to market next – ask your customers what they need to stay in front of your competitors.

 

 

  • Do you consider marketing a necessary expense or an investment?  Your perception of the amount of money spent in these areas demonstrates how seriously you take your business. Marketing is an opportunity to show people your business in its best light, although it needs to be spent wisely. Advertisement routes which do not bring in sufficient leads, need to be looked at on a continuous basis, to ensure you are getting value for money and reliable business growth.

 

 

  • Does PR work effectively for your business?  PR is a very important tool to get your company and product noticed, and it must be maintained at all times, as a bad piece of PR can undo years of excellent PR in an instant! Nearly every mention of a company or business in the media is a direct result of a publicity effort. Being quoted or featured in an article within a magazine, gives the impression that the magazine is endorsing your product ,which can provide that comfort factor to your potential customers.

 

The remaining five items are covered in “Yearly Business Review, Part 2”.

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