GET OUT OF THE GATES FAST!

There is nothing better than starting the new year with quick success.

What do you need to do this month to make sure that you get out of the gates fast (and keep those New Year’s resolutions alive)?

Here are a few items to consider:

• Reach out to current “A” grade clients—nothing is more profitable than existing clients that you love to work with and who love to work with you.  What kind of offer can you make them this month to get them (and their friends) coming to your business?
• Supplier Negotiations—now is a great time to work with your suppliers to extend your payment terms and help shrink your cash gap.  You may have to order differently, but if you do, it will create a win win situation for you and help your cash flow.
• Team Performance—now is also a great time to implement your new team performance criteria and the key performance indicators that you will be watching.  This will help your team clearly understand expectations while allowing you to improve performance where it is needed.  By adding these metrics and procedures, you will also get some of your time back as the owner.
• Revisit your financial goals—review your budgeting from last year to ensure that you have put in enough salary for yourself.  Too many business owners take what is left—this year, take out what it would cost to replace you plus the profits at the end.

Getting out of the gates quickly will help you set your sails for the most successful year to date.  It is a lot easier to keep momentum going than to start it from a dead stop.  Make 2021 great!

 
#ActionTip of the Month—Know the Numbers   
 
To make good decisions, you have to have good information.  Are you getting the right information weekly from your business?

• Lead generation—how many new people come to your business?
• Conversion rate—how many of them actually become customers?
• Break-even—how many sales do you need each day or week?
• Profitability—how much is your bank account increasing each week?
• Hours worked—how much time are you spending in your business and is it in the right areas?

You have to know where you are before you can improve it.  Know your numbers in 2021!
 

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