Hard to believe June is Arriving.
Summer Solstice will be here on Friday, June 20th at 2:43 p.m. EDT
Along with the seasonal change, we are heading towards the year-end and spend time calculating our Sales, Profits, and (maybe) Loss. Those operating with a business mindset, of course, are monitoring their progress weekly and monthly to avoid any unpleasant surprise at Year End.
But it is advantageous to do a major review in June for most entrepreneurs.
Some questions we usually ask and answers analyzed thoroughly:
- Is our advertising converting?
- Are sales on track?
- Are profits on track?
- How do we stand compared to our Industry?
- Progress on schedule, New products, etc.?
- Am I staying on focus?
Most small business entrepreneurs are used to “Flying by the Seat of their Pants” and we tend to leave the mundane alone. Checking the metrics involved in our business can help avoid disasters and energize growth. For instance our callers to the Monday Night Call-In Talk Show, You Can Build It, Your Business usually mention they SELDOM write things down, never finished their Written Marketing Plan, or record properly their deductible eligible expenses.
I have found a simple software (very affordable ) has helped me keep track of eligible expense with an approximate 15 minutes a week, and I have a neat Quarterly report available to determine if I owe the IRS for the Quarter. If you do not have a system in place I really recommend this Softer, even though the name says MLM Tax Planning it is written for all small and home-based business need. The author is a small business tax consultant.
This is a very boring subject for many, no excitement I am sure, but the average TAX saving for a well-documented Small Business entrepreneur is about $5,000-$7,000 per year. Not bad for a 15 hour a year investment of Keeping track
Another area missed by most is the tracking of Advertising results, Follow up and Follow Up, regardless of the method of securing the lead, they need to be sorted and followed with a well-designed Marketing strategy.
E-mail Marketing, coupled with Direct Mail, is still at the Top in our Briefcase of Business Tools. And the use of a quality Autoresponder, such as AWEBER, is worth every small penny spent. There is an art in developing a loyal base of customers and prospects with well-written Letters and Postcards. Contact me for more information.
So here we are at the 1/2 year mark.
Again are you on Track..?
Share your experiences in the comment section below.
The following video is what we have used for year-end,
but the system applies to mid-year review and recalculation