6 Tips to Keep Your Business on Track
One of the best ways to help ensure the success of your business is to set specific goals, regularly checking in on your progress toward those goals and making necessary adjustments along the way. However, a common mistake many business owners make is waiting until year-end to assess their progress. By then, it may be difficult to course-correct any issues, which is why it’s important to conduct several planning check-ins throughout the year.
The following tips can help you assess your progress, identify areas for improvement and make any necessary adjustments to your business strategy before things get too far off track.
#1 – Check in on customer satisfaction.
Most business owners agree that a top indicator of a company’s success is its level of customer satisfaction. After all, without your customers, your business wouldn’t exist. Take some time at least twice a year (depending on the type of company) to check in with customers and gauge their level of satisfaction and loyalty.
Consider issuing an annual customer survey, perhaps offering an incentive to those who complete it. Also, be sure to continually monitor and respond to online customer reviews. Many issues can be de-escalated and quickly resolved with a thoughtful, professional response.
#2 – Evaluate progress toward your annual goals.
It can be easy to set lofty goals at the beginning of the year, but it’s more difficult to hold yourself accountable to those goals. Quarterly reviews can help you to honestly evaluate progress toward your annual goals while you still have time to make adjustments and refocus before the end of the year.
#3 – Check in on your taxes.
Are there any steps you can take now to minimize your end-of-year tax bill? Be sure to regularly check in with your tax advisor to review your tax planning strategies and make any necessary adjustments while you still have time.
#4 – Check in with your employees.
Your employees can provide valuable insight into the health of your business, so it’s important to check in with them regularly. Asking employees to provide feedback can also help them feel more engaged and appreciated, which fosters a culture of collaboration.
In addition to asking your employees for business feedback, check in with them to gauge their level of satisfaction with their jobs, their benefits and your company’s overall culture. Doing so gives you an opportunity to make adjustments to improve employee satisfaction and maintain a qualified workforce.
#5 – Reevaluate your marketing strategy.
Mid-year is a great time to check in on your marketing efforts and gauge the effectiveness of any ongoing campaigns. Consider analytics such as social media engagement, campaign performance data and paid ad effectiveness.
#6 – Check in on inventory.
Mid-year is also a great time to evaluate how your inventory is holding up to demand. Do you have any slow-moving products or items that are more popular than expected? Make adjustments based on your findings to keep up with your customers’ demand (or lack thereof).
Could you use some help checking in on your business? Creative Planning Business Services is here for you. We offer a wide range of business advisory services to help employers maximize efficiencies, remain on track toward their goals and excel for customers. To learn more, schedule a call with a member of our team.
