As the end of the year winds down, now is the time for every business to assess their fiscal year. Managers should not only look at the numbers, but talk to associates and customers to determine if they reached the goals set for the year. Here are a few questions to ask as you review your business’ end of the year performance.
- Are Your Sales Increasing?
This is the main question that all managers should ask themselves every day, not just at the end of the year. Still it is important to compare year to year sales figures. A good examination of these figures will help you ascertain the overall performance of your company, and seasonal highs and lows. Managers must also look at profit, which is Revenue minus Costs. Has your profit increased? If profits are down, why? Did the costs for merchandise increase? Should you raise your prices? If costs have increased, then look at every cost center to find less expensive alternatives.
- What About the Competition?
Check out what the competition is doing right. If they are outperforming you in some area, see what products they are selling. What are customers saying about their products, customer service, and overall experiences on social media?
- Are You Listening to Your Feedback?
Always listen to your customers. Read your reviews, feedback, and ask customers questions about the company’s performance in person or via surveys at checkout. Can you improve on the quality of products? Are there products or services that can be added to enhance the customer experience?
- Is Your Customer Base Growing?
An assessment of marketing strategies and their effectiveness should be running at all times, especially at the end of the year. How many new customers did you receive? Did you lose any? Are there new ways to increase your customer base with special offers or a Mail Chimp email campaign?
No matter what industry your small business may be involved in, you should follow this check list to ensure its continued success. FAM provides ach business loans utilized by merchants to grow their business with marketing, product buying, and more. FAM has a proven track record for providing almost any business with an ach loan.