I know many of you are still worried about 2010, but this year is essentially over, and you should have already started your 2012 planning.
Before you jump into 2012, you need to look back at this year and take inventory. If you’re a retailer, ask yourself:
· What products sold well?
· What was left on the shelves?
· Did merchandise move well when priced at certain price points?
· How much did you spend on marketing compared to how much you budgeted?
· Did you start using social media this year? What were the results?
If you’re a service provider, look to see where your revenues came from. Did you bring in new clients? Get more business from your established customers? You also should look at your marketing budget and expenditures.
Both retailers and service business owners need to assess current staff levels. Is your current staff providing adequate coverage? Are little (or big) things slipping through the cracks? When’s the last time your employees got a raise? Did you stop matching their 401k contributions or cut health (or other) benefits? Can you afford to add that back next year?
What can you learn from this? Do you need to increase your marketing? Maybe you need to re-allocate your marketing budget. If you haven’t explored using social media, it’s time to do so now. Don’t overlook online ratings and review sites. More and more customers are checking out what people are saying about you on the Web before they even consider doing business with you.
Now, look ahead. What do you think 2012 is going to look like? Project your revenues. Estimate expenses. If you think business is going to pick up appreciably, how will you handle the new business? Will you need to hire? Will you need full-time or part-time employees? Many surveys have shown that once the job market recovers, many workers will be out looking for greener pastures. The cost of replacing those employees, both to find new staff and to retrain them, can be substantial. So think about what you can do to retain the staff you have, or budget for new workers.
Do a technology checkup as well. Slow machines or outdated software programs can slow your efficiency and productivity. If that’s your situation, take advantage of the current low prices for new technology.
Planning helps you prepare for the future. Start planning now to ensure a better 2012.
JWB Interest, LLC 2012 All Rights Reserved
