We wanted to share an article that was recently written by Pamela Chatry (www.pamelachatry.com) for the January 21, 2014 edition of 'Business in Vancouver'.  It's a timely reminder for all business owners!

"Let me start out by saying that while the new year is a great time to evaluate our business, owners of successful companies have a handle on the best and weakest aspects of their business all year through.

However, we can still identify the three primary areas that require constant evaluation.  Be clear on what key financial performance indicators are important to your company growth and profitability.  Be sure and include employee performance and sales and marketing efforts. 

I also encourage setting up Employee Task Force meetings to assist in the effort, and find using five very important questions from the book, ‘Breaking the Rules’ by Siobhan Murphy helpful. 

In order, ask:  “What’s working?  Why? What’s the ideal? What’s not quite right yet? What resources do we need to make it right?  At what cost?”  Notice we begin with the positive, “What’s working and why?”  If we spend time assessing what we have done right, it gives us the chance to celebrate success, prevents us from attempting to fix what’s not broken, and provides us with viable business solutions.

When it comes to the financials of your business, you can’t have enough information!  By asking questions, you can create new budgets, closely examine revenue streams as well as identify important numbers for profitability.  Monitor your cost of goods, accounts payable and receivables, your marketing dollars and labour costs.

Be sure and ask if there are there ways you can save money, while improving on productivity.  Are there departments and/or people that are under-performing? In sales, do you know expectations for each employee efficiency and closing ratio?  

What worked really well in your marketing this past year?  What information do you need in order to make decisions on how to spend your marketing dollars this year?  How well do your know your customer, what is important to them, what needs do they have that you aren’t addressing?  Are there opportunities that you are missing?

The New Year is an excellent time to focus on our business fundamentals.  Now is not the time to go off  on fancy and cute, extra activities that get you off course.  Use this time to set your business roadmap, clearly identify activities that need to be taken, by whom, and hold all accountable for the year ahead."