Can you believe it’s been six months since we welcomed 2020?? For most of us, those 181 days might have been spent in our homes due to Coronavirus. Many businesses were hit by the sudden downturn of the economy but I can’t help but feel that July can be a fresh beginning.
Whether you want to restart your business or you’re powering through, make sure to still find the time to do a mid-year business review. Here are three things that will help prepare you in your entrepreneurial journey before 2020 ends.
Do a Business Audit
Take this time to look through your processes, income streams, expenses, and your business plan. Since this can be a long process, we’ll divide it into two quick questions that can span most sectors of your business:
“Am I targeting the right client base?”
This boils down to your message. Are your mission, vision and values aligned with the kind of clients you’d like to attract? Are your visuals consistent? If not, it’s time to reflect more on how you brand your business.
“If I compare the number of discovery calls/customer outreach/online engagement with the number of deals I was able to close, did the latter make up for the time I spent on the former?”
In other words, did the revenue and number of clients you’ve had in the past six months make up for the hours you’ve spent on client acquisition? If you dedicated more hours into pitching and offering freebies but didn’t convert much, it might be time to look at your:
- Processes (Are you making it easy for clients to say yes or to click “Buy Now”?)
- Pricing (From the client’s perspective, is the value of what you’re selling justifies the price? Are you overpricing or underpricing?)
Take a Second Look at Your Profit Plan
Like your business audit, you should also take a deeper look into your revenueThis can give you insight on which of your actions are bringing in cash flow and where you are leaving money on the table.
Ask yourself: Are my current offerings serving me? Or are they withering away on my website? Did my actions in the last six months contribute to my financial goal? Or were they more expenses than income? Are my prices too high or too low? Is that figure contributing to my profit plan or should I increase/decrease?
If you don’t have a profit plan, now is the best time to create one! (I have a detailed walkthrough of this in my Build a Brand course *wink wink*)
The gist of this is for you to determine your ideal rates by working backward. You think of how much you’d like to earn in a year, divide it by 12 months and you have your monthly ideal profit. This is the most basic calculation to just get you started. You’ll be basing your prices and the number of deals you need to close based on this figure.
Now, ask yourself: Do you feel as if you’re hitting that figure?
Upskill and Dedicate Hours to Learning
Last thing for you to reflect on is this: have I learned something new recently?
As an entrepreneur, you’re a lifelong learner. The more you dedicate time to study and learn new things, the more you’re boosting your skillset further. (And this can even lead to an upgrade of your offers = increased prices!)
Since it’s summer and you’re more or less still stuck at home, take this time to explore Skillshare or even just Youtube. I personally think it’s refreshing whenever I get to learn something new. I’m currently learning more about finances, money mindset and Human Design.
All these may seem like a lot to handle but trust me. Six months from now and your business will thank you. Grab yourself a cup of tea and go through all these questions (I also created a graphic below with all these) and tell me how it goes by dropping a comment!