It’s always a good time to take inventory on things, but during the summer, this is a great opportunity for small businesses or freelancers to take a look at their operations and goals for the year and reassess. Here are three steps to make that less overwhelming, along with all the right questions to ask while you walk through your audit.
Audit Your 2022 Goals
- If you haven’t set business goals for 2022 yet, now’s a good time to start! If you made some New Year’s resolutions for your business, it’s time to revisit them and see how you’re progressing.
- “By conducting a mid-year checkup, you’ll be able to reevaluate the products and services that could add value to your current customers while attracting new ones. When you’re thinking about going after new opportunities, ask yourself a few key questions. What are my key strengths, and how can I leverage them to grow revenues? What weaknesses can I shore up? Are there product or service lines I’m just not good at that I should eliminate to focus on others?”
Review Your Numbers
It’s not just about the data, this is also a way to ensure you don’t get burnt out, especially if you establish new goals for the year.
- Accounting: This isn’t just about your bottom line or profit. This is also about the exchange of energy. Are there services or products that aren’t a good return on investment because of the work that’s required?
- Marketing: Where are you spending the most time/effort? What campaigns were successful?
- Human Resources: Do you need a vacation? Can you hire a contractor for support, if you’re burnt out on your goals this year?
Refresh Your Strategy
- What resources will you need to achieve your new goals for the year?
- Is the right tech in place to support you?
- Will you need a backup plan or additional team members?
Benefits of a Summer Review
“If you want to make changes, such as ordering new inventory, hiring and training a new employee, or launching a marketing campaign, it will take time to get those things rolling. So it’s better to start now rather than wait until fall.”
At Alkaloid, you’ll benefit from being around other small businesses and entrepreneurs who are motivated to grow (just like you). Learn even more about running a small business, along with tips on technology and other resources, by clicking here: Small Business Success