Midyear Business Review

Amazingly, we are mid-way through 2016. Now, it’s time to assess and evaluate how you can accomplish your business’s remaining 2016 goals.

  1. Sales
    Have you hit your midyear sales targets? How do you compare to last year’s results for the same period? If you haven’t met your goals, you should consider a sales training course for you and your team to work through issues and keep you updated on any new sales techniques.  
  2. What is your competition doing?
    During your midyear review, take some time to research your competition and any new products or services they have launched. Will your competition’s new products and services hurt your business or your credibility in the market? How will you compete? Do your employees understand how to convey and sell your company’s value to your existing and new customers?
  3. Are you more at risk now than at the beginning of the year?
    Has the business grown and matured? Have you added a new location, new employees, or new equipment? Consider an update to your insurance policies if you haven’t reviewed them with your agent over the last year. 
    Have you updated your emergency preparedness plan? Emergency plans often go unchecked and are not updated for years.  Now is a good time to update them to ensure the safety of you and your employees.
  4. Your Customers
    Did you plan to do more marketing to your current customers? If you didn’t meet your goal, you should execute a plan as soon as possible. Making customers aware of your offerings will increase retention and repeat business. Consider using technology to help increase engagement. You can send email blasts to your existing customer list by utilizing low-cost email services like Constant Contact or Mail Chimp. Consider creating a blog on your website and using social media is another tactic to communicate with your customers. These media channels allow you to provide your customers and potential customers with information about your company, your products and your services. Your company will also be able to interact and receive much needed feedback from your customers.
  5. Taxes
    At the beginning of the year, we discussed getting organized and keeping better records of expenses.  If it still hasn’t happened, it’s not too late. Use a business credit card to help you keep your business and personal expenses separated. Your recordkeeping in QuickBooks will be easier and your CPA will be happier. 
    Take some time to look at your estimated tax payments this year. Do they make sense in relation to the amount of revenue you have collected? If you are not setting aside enough, make adjustments now so you are not penalized at the end of the year. If you are over-paying, you are missing out on interest you could be accruing in your savings account.

Many of our members have come to rely on our Business Services department not only as a resource for their banking, but also as trusted advisors. Our experience working with all types and sizes of businesses allows us to discuss our members’ companies with them strategically and offer advice to help them make sound financial decisions. Contact our Business Services department today.

by: Steven Mertz - First Commonwealth's Vice President Business Services