When closing out the first half of this business year there is much to consider. Hopefully you are closing out your first half of this year in a favorable manner this week. I know, it’s hard to believe it’s time. I can barely believe this business year’s mid-point is this week!
If you have been so busy enjoying serving your customers or are cooking up something new, I invite you to come up for a breather. I’ll wait for you to notice that it’s glorious summertime and time to look at your books. Are you ready now?
Remember all those plans you created to have an awesome year? Yes, now is the time of the year when you should reflect upon what your plan was at the beginning of the year. Remember your plan for a profitable and successful business year? Good! Reviewing YOUR Business’s Performance numbers is an important task for all Business Owners. Favorable or not, you may find yourself wanting to make adjustments for the balance of this year.
If you created a plan and had a favorable outcome, you’d probably want to pursue that particular success even further. What could you do to scale this success? How could you improve upon it? If improved, could you increase your price and profit? Or maybe you’d like to have this success of yours become a magnet to your other services. If so, you might want to keep the price right where it is.
Don’t fret! The good news is you are going to take a deeper look into what has and hasn’t been happening. Actually no different than what Business Owners who have had favorable first half of the year are doing. They will be making changes just like you will be. Take a look and see if your stuck to your plan or if you deviated? Was your initial plan favorable and you abandoned it since January? If so, why?
What if you delivered your plan, but it didn’t deliver for you? This is a great indicator your plan is missing something important. It could be the offering itself or how you are marketing it to attract customers. The first two are the most common mistakes which cause businesses to falter. The third is inaccurate pricing and/or not understanding the value of your offering. Dig a little deeper to find out what is impeding upon your success now.
Carve time out on your calendar right now to do this. Yes, closing out your first two quarters and learning what is really happening is that important to YOUR Profitability Awareness!
Regardless of whether your numbers prove favorable or not, you are improving YOUR Business Success. How? By learning the reality of the past 6 months business performance. Congratulations to you!
What clues did you notice while closing out the first half of this year? Share your answer in the comment section and I’ll reply.
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p.s. Don’t get sloppy – closing out the first half of YOUR Business year reveals great clues!
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