How to Build 2005 Business by Looking
At 2004 Business
By Tom Egelhoff
 2005:
Boom or Bust For Your Business
Two thousand four is history. If your fiscal year ends in
December then you probably already know if 2004 was a good or
bad year for your business. The question is what will happen
in 2005?
Look At
Your Favorite Sports Team
To be more successful this coming year why not take a page
out of your favorite sports teams evaluation process. Before
each game coaches and players review game films. They look at
their last game and films featuring the next opponent. In order
for this to work for your business you would look at what you
did last year versus your competitors and what you did successfully
against them and what you didn't.
You Need
Two Files
In many of my columns this year I have stressed that you start
two files. The first file is all of your competitor's ads, brochures
and flyers for each month of the year. If you had started this
last year you would know exactly what items your competitors
advertised last January. You could compare their ads to yours
and evaluate how good January was for your business. There is
no guarantee that your competitors will do the same thing this
January but most likely they will do something similar.
The second file is what I call a "swipe file." It's
a file of any advertising for any product that you like. Colors,
designs, typefaces, etc. It will help you in creating better
ads in the future. Look for words or phrases that can be adapted
to your business.
Don't Try
To Match Your Competitors
It isn't the idea that you match competitors dollar for dollar;
it's a matter of advertising smarter and more economically. If
your ads from last year worked and you had a successful month
why not run the same ones again. You are obviously reaching your
target market and the ads paid for themselves. There is certainly
nothing wrong with repeating something if it proved to be successful
in the past. If your ads were not successful then you need to
re-evaluate what happened.
Build On
Your Employees
The next area to tackle is your employees. They have just
gone through a very stressful time. They put up with longer hours,
hostile customers, problems, returns, complaints, etc plus finding
time for their own Christmas shopping. In order to get them off
to a positive start you should involve them in the planning process
for the first quarter goals. One of the best reasons to do this
is that problems are going to be fresh in their minds. If a procedure
or policy need to be changed or updated this is the best time
to do it. And by all means give everyone a personal thank you
for the hard work they did over the holiday season.
Don't Forget
Your Business Plan
Next, you need to review your business plan. That's the plan
you did way back when you got your loan to start your business
and haven't looked at since. Your business plan is a road map
to success. It should be reviewed yearly. Sit down with your
accountant and review your financials. Are your financial projections
from the past coming true or are you falling short of what you
projected. If you are doing well in your business then keep doing
what you're doing. If not, then where is the problem. Payroll?
Inventory? Expenses? Think of your business as a patient and
you are the doctor. If there were a sickness what would you prescribe
to make your business well?
How To
Raise Your Profits By 2%
The next area to look at is waste. This is one of the biggest
problems to most businesses. It eats away at profits little by
little. It is easier to raise profits 2% by cutting waste than
it is to increase sales. The easiest ways to cut waster is to
let your employees know how much it hurts the business. Open
your books to them. You don't have to show them everything but
make them aware of how much waste affects them. If you could
make the same profit yet pay your employees more would you do
it? Most owners say yes. If you can get them on board to be waste
conscious then you can do exactly that.
The Final
Word
Last but not least take a look at your business as a customer
might see it. Could it use a coat of paint, maybe new or cleaned
carpets? These are things that can often be bartered depending
on the type of business you have. Take a look at your competition.
How do they look compared to you?
The bottom line is you don't have to spend tons of money to
improve your business. Sometimes it's the simple things that
make all the difference. But you will never see those things
unless you look.
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This article may be reproduced for your non-profit
group or organization provided it is not altered in any way and
the following is attached:
©1998 - 2004 Eagle Marketing PO Box 271 Bozeman, MT
59771-0271
http://www.smalltownmarketing.com - (406) 585-0219 - Toll FREE
(888) 550-6100
email: tommail@smalltownmarketing.com
Based in Bozeman, MT, Tom Egelhoff is the author of How To Market, Advertise & Promote Your
Business Or Service In A Small Town, and The
Small Town Advertising Handbook: How To Say More And Spend Less.
He is also a seminar and workshop presenter
and trainer. He may be reached at 888-550-6100 or PO Box
271 Bozeman, MT 59771-0271
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