EDITORIAL: Getting on the Top of Your Game for 2018
This is the perfect timing for reflection on your business performance and for the end of the year evaluation. We want to help you focus on what every smarter business owner is doing right now: Getting on the top of their game for 2018
Evaluate Lessons Learned
Definitely, 2017 was a hard year for many of us with the impact Hurricane Harvey and the continued situation in the Oil and Gas industry. There were many things we learn as #Texanspreneurs. Our state is still performing as one of the best states for entrepreneurship according to the Kauffman Foundation.
What to keep In Mind
Texas is one of the most resourceful states nationwide, so take advantage!
We have many FREE resources, like the Bexar County Business Conference, targeting Small, Minority, Women, Veteran Business Owners (SMWVBO). There will be Billions of Dollars in contract opportunities, and this is the biggest event of his kind in Texas. They are celebrating their 17th year. The event will be on December 6th, at the Freeman Expo Hall in San Antonio.
Many innovative forums are held each year, like South by Southwest (SXSW) which gives us an inside-out look at our innovation and competitiveness.
The Future is Now
A review of your Business Plan is extremely important every year to determinate that your company, product, and services are still relevant and valuable to your customers.
Consider doing a SWOT Analysis to get a clear vision of the potential in the ever-changing landscape. Invite your whole team, and get feedback from your customers too.
The Action Plan
Organize all your logistics, including your employees’ evaluations, (Read Trisha Barita article about Employee Performance Reviews, Click Here) and make a financial forecast.
Dissect your Business Plan with a FRESH look. Get outside input from a mentor, a coach, or other entrepreneurs. Be part of co-working space where you can share your concerns, and learn from others experiences.
Financial Planning & Forecast
- Analyze your revenue model and explore new possibilities. Determine if your “bread & butter” is where you think it is.
- Access to Capital Ready. Not only be Ready. Be Prepared. Get your company numbers ready for Credit, Funding or even Sale. It is better to be ready now than need to get ready under uncertain circumstances. The time to develop the relationship is when you don’t need it.
- Project your Cash Flow and be prepare for the worse. Have the savings for an emergency. Having a good plan imply that you can keep in operation at least 6 months in case anything happens.
- Evaluate your insurance policy and the coverage you have. Do you have a continuity plan? Do that cover owner absence? (Read Jhonte Archer article about Insurance Check List here)
- Make sure the company identity and the brand are still in aliment with values, culture, and goals.
- Is your company communicating the right message to your customers and potential customer?
- What channels are you using?
- Are you using the right channels?
- Are you talking about your target market or are you still talking to the market you had 5 years ago?
- Is your message relevant?
- What are the Marketing Trends that will affect your industry?
- What percentage of your budget is invested in marketing?
- Are you using any scorecard to measure your achievements?
- Do you have a defined strategy?
- Do you have a family member doing the “social media thing”?
- Is your “Elevator Pitch” up to date and congruent with the market?
- How are your marketing materials?
- Do they need a facelift?
- When was the last time you check your website, business cards, and capabilities statement?
- Does your website have a sale funnel or is just a showcase?
- How do you plan to grow this year?
- How many new members of your team?
- How many new contractors?
- What about the training and continuing education will your team be taking to keep updated?
- Are you moving? Investing in a new locations/space?
- How are your licenses, taxes, certifications?
- How do you oversee the work-flow process of your operation?
- Do you have an Operations Manual in place?
- Do you have Process & Procedures in place?
- How do you document process?
- How are decisions made when you are not available?
- What type of leadership do you have in your day-to-day operation?
- What is your vision and strategy for your employees, partners, investors and/or customers?
- What are your plans for becoming a leaner operation?
- Advancing in the XXI Century implies automation.
- Competitiveness relies on workflow and remote access 24/7.
- What is your budget for Technology?
- Do you have a Disaster Preparedness Plan?
- Have you tested it in the last year?
- What about Business Continuity?
- Is your Business in the Cloud?
- Do you have a cybersecurity plan?
If you will like to keep the conversation going join us for a Twitter Chat on November 26th from 12 pm to 1 pm (CTS) by using the hashtag #Texanspreneurs2018. Please follow us @TexasOnTheGo