For many startups and other small businesses, summer is Six-Month Evaluation Season. Which is something to look forward to, rather than fear, seeing as this assessment is designed to check on the health of your business.
So as we get ready for the remainder of the year, now is the time to locate that ugly virus that is making your business sick or to understand what is keeping it healthy. Here are some ideas to start your evaluation.
1. Meet your professionals. You certainly pay them enough, so invite them out for coffee or lunch. Who? Your professional legal advisors, tax attorneys, or anyone else you pay a fee to in order to keep your business afloat. You have built a working relationship with them—so ask about any special offerings, referrals, or discounts you could be entitled to. Talk about taking your business to the next level and how you want him or her to be involved long-term.
2. Contact suppliers and vendors. Give suppliers and vendors a call to see how they can help you and keep you as a client. Check out the competition. You’ve been a loyal customer for six months (or longer), so see if they are running any promotions you can benefit from.
3. Evaluate your employees. Creating and sustaining a business takes a village of hard-working citizens, but you want to make sure they are up to the task. So evaluate your staff. Sit down with each of them and discuss their roles and responsibilities. Are they effectively doing the job? What things can you do to help them improve? Do you need to reduce roles or hours? Do you need additional staff, or do you need to bring on temporary freelancers?
4. Ask for client feedback. Reach out to your current clients for feedback on how well you are delivering your services and products. Offer a promotional discount to customers and clients who provide their feedback. The best method to receive customer responses is often through a survey or by sending a direct personal email.
5. Check your business plan. Go find your business plan, the one you’ve probably only glanced at since your launch. See what you have accomplished, what has changed, and what needs to be updated. Do you still have the same target market you anticipated? And keep an eye on your overhead costs. Are they the same, more, or less than you thought? Now is the time to make adjustments.
6. Prepare for the holiday rush. Get ready for the busiest season for many companies: the holidays. Prepare yourself and your team for your company’s holiday rush. Begin putting together a sales plan, a promotional and marketing plan, and a list of what products and services you will offer. Are you bringing in new offerings? Make sure you have the products in stock and that you can handle the service delivery for orders. Brainstorm to see what cool and exciting things you can do to engage your audience and sell at the same time.
7. Engage socially. Get out there and listen to your target market. There is no better way to understand what customers want than by talking to them directly and listening to what they have to say. Social media is an awesome platform to engage directly with your consumer. Find out their problems and have the solution.
8. Consult a professional. Take your business to the doctor—better known as a business consultant. Never be afraid to have someone look over your shoulder for a moment to give you an outside opinion on how your business is progressing. A fresh pair of eyes can give you a critical review of your business operations. Find a business consultant who can arrange a one-day, or even shorter, evaluation of your business.
9. Get a facelift. Give your website and social media pages a facelift. New colors, bolder designs—whatever you feel you need to do to reinvent yourself and grow your brand visibility. If you don’t have a blog, get one now. Stop reading and go sign up! A blog is a great way to help with SEO optimization.
10. Set new goals. Begin setting up your next set of business goals. Educate yourself by taking a class that will help with your company’s growth. And get inspired by going to a networking event with other professionals in your field.
These ideas can help you refresh your business so you can have continued success. The quicker you discover problems and identify what is working and what is not, the sooner you can find to a solution.
Photo credit: Impact Hub