April Showers Bring May Flowers
We all know that one! The grass is growing, the trees are budding, the flowers are poking up from the ground. April sets up nature’s success for the rest of the year.
We can take advantage of that in our businesses as well because April planning brings business success!
We start the year with New Year’s resolutions; big plans personally and professionally. And then the gray gloom of the rest of January and February hits and before we know it, we’re well into March. What the heck happened to Q1? Oh shoot, am I going to finish this year where I thought I would when I hit the ground running after the holidays? Did I have goals??
Here’s the beauty of it though - we still have 75% of the year left to make changes and move the needle so just because you may have started off without a plan, or drifted away from your plan, there still is a lot of time left in the game to change the score.
Let’s look at some incentivizing statistics just for a second.
You may have heard me mention that, according to US Bank, 82% of small businesses fail due to cash flow problems. That comes from not planning, from spending everything that comes in the door (especially when revenue is good and we’re feeling high on the hog) and not being prepared for change, good & bad. But here are some more statistics:
27% of businesses aren’t able to receive the funding they need (NSBA)
23% of small businesses fail because they don’t have the right team running the business (Business Insider)
19% of small businesses fail because of their competition (CBInsights)
17% of small businesses fail because they lack a business model (CBInsights)
What can alleviate these issues? Planning! Planning doesn’t mean just putting financial goals in a spreadsheet once a year and hoping that you reach them. Planning includes non-financial goals and planning is ongoing.
Got Tools
Like any chef or creative will tell you, having the right tools makes all the difference. Do you have what you need to get the job done effectively, efficiently and professionally? This includes software, outside resources, subscriptions, or even outside contractors that bring their skills to your project. Good tools will minimize the time you spend reinventing the wheel and will allow your talents to shine.
Who’s on the bus?
Do you have the right people in the right seats on the bus? Are your team members really in the roles that they are most suited for? Are they able to utilize their talents most effectively and are they happiest doing what they are doing? Are you developing your team so they grow and stay with you? Ask yourself and your employees - is this the highest and best use of your skills and experience? Employees who feel valued and are doing what they really love will always be your best asset. Put together a plan of what you need, then look at who you have. Someone amazing could be on your team but just in the wrong role, or someone might really be better suited for another company.
That Special Something
Do you really understand what your special sauce is that differentiates your company from others? Have you exploited that and maximized it in every way possible? Finding the niche that sets you and your company apart will allow you to not only be a resource for your customers and clients, but frankly will allow you to be at a premium. Keep that focus in mind as you plan so that you are constantly aiming to showcase what makes your company uniquely wonderful.
Money, money, money
Get funding options in place before you need it in the form of lines of credit or credit cards. The easiest time to get those are when you don’t need them. When your company is thriving, banks will be far more likely to see you as a good credit risk and will approve your application. Not only that, cash will be available when you need it rather than spending precious time applying for and hoping to get approved when the clock is ticking.
Ahhh, now I feel better
Too many of us work too hard IN our business and not enough time ON it - present company included! Actually scheduling time on your calendar to plan your week, your month, your year will reduce stress, give you clarity and give you control over your future.
Schedule out time to plan different aspects at different times - start with financial goal setting & sales so you know what you’re aiming for
Tackle marketing in another session, staffing or HR strategy in another, etc.
Revisit, revisit, revisit. If anyone could accurately plan and forecast for every possibility, they would be in Vegas.
Most importantly, involve your trusted advisors and coaches along the way. They can help you step back and really look at your goals and how you are going to achieve them. Professional athletes, performers, etc all have coaches to help them perform at their best. We need to do that too.
