A quick year-end checkup for your business

Do you want 2012 to be a better year for your small business than 2011?  No matter how profitable you were this year, there’s always room for improvement. Here’s how to get your business off to a good start in the new year.

Spend a few minutes taking my year-end checkup:

Strategy: Think about what you want to change about your business going forward. Do you have ideas for expanding your products or services, entering new markets or launching strategic partnerships? Think big – create a list of ideas and then pick one, two or, at most, three that can have the biggest impact on your business.

Money: Will you need financing or extra cash to achieve those big goals? Start planning now how to get it. If you aren’t sitting on extra cash, you’ll need to find debt or equity financing or squeeze more profits out of your business to fund your plans. Put your financial house in order and, if you’re not already doing so, regularly review your cash flow, balance sheet and income statement. Review everything with your accountant and discuss the best ways to finance growth.

Management: Will you need to hire anyone in 2012? I don’t blame you if you’re leery of taking on full-time employees. Before making that commitment, consider whether your existing staff can take on more duties or whether you can train your team in new skills. Try to promote from within to fill the positions you need. You’ll benefit by rewarding loyalty and promoting someone who’s already familiar with your business. Can part-time workers, temporary workers or outsourcing fill your needs? These can all be great ways to staff up or down as needed, keeping your budget on track.

Technology: Is your staff wasting time due to outdated software or sluggish computers? Have your IT person conduct a “tech tune-up” and make some recommendations. Typically tech investments pay for themselves quickly, so bite the bullet and shell out the cash you need to get up to speed. (Most everything you buy for your business is tax deductible, so go shopping before Dec. 31.) Take a look at your company’s website and consider having a mobile version made. Smartphones and tablets are the hottest holiday gifts, so make sure your website is optimized for mobile use or customers and prospects may pass you by.

Marketing: Now more than ever, you need to be firing on all cylinders to compete. Review your marketing strategy and measure what’s working and what isn’t. Focus your 2012 efforts on the areas that give you the best bang for your buck. If you’re not already involved in social media, I urge you to experiment with it. Whether it’s LinkedIn, Twitter or Facebook, find a social network that raises your business profile to attract customers. Don’t forget tried-and-true marketing methods like email and direct mail. Your mission is to figure out what delivers the most positive results for your company.

You: Take some time to think about yourself. As business owners we often put ourselves last and our businesses first. Is your day-to-day life the way you want it? What do you dream of changing? How could you do so? Take steps – small ones – to make changes and eventually, you’ll see big results.