Running a small business involves keeping track of a lot. With the 2022 year-end fast approaching, now is a good time for small business owners to review strategies and marketing campaigns, along with a review as to which products and services worked and didn’t work.
Taking the time to review your business results will help to ensure you are off and running in the New Year with a solid strategy based on prior performance. Here are three areas of your business to review to assess how your performance stacked up to your goals.
Goals Versus Results
Your business goals are important and drive the overall operations of your business. List your top 3-5 goals for the year along with your current progress towards those goals. If your company is not meeting those goals, identify one or more reasons for each goal as to why there is a gap. What adjustments can you make for the new year? How might you approach each goal differently?
Revenue
Is your business generating the income you had expected through your products or services? If not, first establish why you are not meeting the income you were expecting. Take a look at your pricing strategy. Is your product or service priced higher or lower than other similar products on the market? Are your products and services relevant, or do they need to be updated? Are you in the market you want to serve and attracting the right customers and clients? Once you identify the causes behind the gap, what can you do differently going forward?
Client Base
Your clients are important. They drive your revenue and quite frankly, without them, your business cannot survive. If your year-end review does not show an uptick in customers, study your client’s profiles and adjust your marketing strategies to cater to their needs. “Building a good customer experience does not happen by accident. It happens by design.” – Clare Muscutt.
A good marketing strategy will play a big role in filling the gaps exposed by your year-end review. If conducting a strategic annual review on your own seems like an overwhelming task, please feel free to email me. I would love to help.
Lastly, remember that solid reviews can help uncover shortcomings to help get you back on track and to ensure both the well-being and profitability of your company. It can also help create a more effective Marketing Strategy for 2023. In next month’s newsletter, look for our newest blog with the key elements to include when you are preparing and strategizing for your 2023 Marketing Plan.
About the author: Autumn Edmiston is the CEO and owner of the Edmiston Group. The Edmiston Group is a multifaceted Pittsburgh-based marketing consulting firm providing senior-level marketing management services to businesses and non-profit organizations on a short or long-term basis. Core areas of service are business development strategies, website creation and management, social media management, marketing, strategic planning, and public relations. The Edmiston Group has consistently delivered and implemented real-world, proven business marketing ideas and strategies for business.