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No matter when your business year starts and businesses do vary from using the new year as a start to starting their fiscal years in July or October, you do need to plan and schedule a quarterly review for your business. Every three months, take the time to sit down with pen in hand and review the following:
- Business Plan and Goals. All businesses need a business plan even if it is just a single sheet of paper with your business outline and a handful of goals. How can you measure any success if you don’t keep track of what you are trying to accomplish? Success is made up of many parts of which your profit is just one part. Creative people are always too hard on themselves and their businesses. If you met three of your five goals, you are succeeding! Few are overnight successes, most of us work many years and build our businesses slowly. Keeping track of quarterly goals accomplished helps build confidence and stability! If a goal is met, might be time to add a new goal! For more on business plans see below!
- Money Matters. Review the books. Note expenses. Did your inventory meet your needs? Did you overstock a raw supply or finished product? Review income. Did it meet your expectations? Do you have ideas to increase income? Are there markets you should be investigating? Have you made a profit in the past three months? You need to know your money! Any outstanding debt? Any collections need to be made? Keep the list and start checking it off.
- Are you happy? Even the biggest corporations can’t run if employees start to get unhappy. One is concentrating on the problems and that leaves little time for real work. You should stop every quarter and ask yourself this simple question, “Are you happy?” The real key to this step is to be honest in your answer. If unhappy, list the reasons for your displeasure. If happy, list out what is bringing you joy. It’s not a perfect world. Every day will not be without its downer moments. We do face negativity from within and from the outside world. But enjoying and being happy is part of success in business and in your personal life. No lectures here, just keep in mind that you can change any situation for the better. This is a topic I’ll go more in-depth with in the future because I do consider it very important.
More Information:
- Business Plans are discussed in this Ask Maria post on FaveCraftsBlog.com
- Buying Supplies is an important part of your business
- Getting supplies the most cost effective way
- 5 Ways to Save Money on Craft Supplies
- FaveCrafts shares reader tips on saving money on craft supplies
- New Year, new plan for your business
By: Maria Nerius, FaveCrafts.com Resident Craft Expert
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