By Alvin E. Terry, MBA/Business Consultant
Dynamic Business Builders
I know that I am dating myself with my title heading. Growing up, I used to watch “Buffalo Bob Smith and Howdy Doody”, his trusted sidekick and marionette, talk about the topics and concerns of that day. For those youngsters who are reading this today, we are talking about the late 1950s and early 1960s. It may have been a variety of subjects, but the final message always ended with a positive message encouraging healthy mental development with being honest and positive in character.
Hello January! We are back with you once again, starting over and reflecting back over the occurrences and influences that have altered our business strategies and forever changed our lives.
It only seems appropriate that I once again touch on the bullet points that seem all too familiar to us all. This is small business which ultimately becomes big business if one can successfully navigate through the maze of:
- Establishing new 12 months projections
- Reviewing last year’s accomplishments and net revenue
- Severing past relationships that were not productive to your bottom line
- Comparing year end actuals vs. projections
- Arranging, compiling, and collecting receipts for your CPA
- Reviewing Contractual Agreements
- Reviewing Banking Relationships, Investor Relationships, Equity Partner Relationships, Joint Venture Agreements
- Past due accounts
- Marketing Plans
- Advertising Plans
- Image Branding
- IT adjustments
- Social Media overhauls
- Gearing up or gearing down
- Embracing new prospects
- Eliminating all activities that have proven to be non-productive
- Reevaluating your current customer base
The list can go on depending upon your profession, your business model, your craft, your hobbies that have not become a business as of yet, your perceptions, and the realities that are associated with those perceptions.
Stepping back and looking at the Economy over the last twelve months, we should be able to ascertain how it has affected our business’ performance. Most of us will have to go back to our drawing boards, review our individual business plans, and revise those plans based on the economic indicators of our local and global economies. Remember, most of the businesses in the World Economy are competing for the same dollars.
If your business has not carved out that “special niche” which includes adding value above and beyond your competitors for the consumer, you are only operating in an average environment. Growth will never be realized to the level of your expectations or to your bottom line.
Being in business as a “Small Business” can be very challenging. We should not be hoping and wishing that this idea just might work. By all means, compile your team of supportive professionals that can and will be professional, supportive, and possess the skills and capabilities to help you achieve your vision and your mission statement.
There is a wealth of knowledge and resources with the writers in Small Business Today Magazine. Please reach out to those individuals for assistance, because they write from the sincerity of their hearts. I have read their articles and I know that they are willing and able to help the Small Business Entrepreneurs wherever they are.
Once again, it has been a pleasure to write to you. Have a great New Year beginning.
Alvin E. Terry, MBA/Business Consultant for Dynamic Business Builders can be contacted by email at [email protected] or by cell 713-392-9107.
