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Shop Owners need a plan for success


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By now you have a pretty good idea how 2016 will end up. Are you going to achieve your business goals? Your personal Goals? That’s not to say you can make up ground or work hard to do even better. But, as we close the third quarter for 2016, it’s time to review the year, revisit your goals and start planning for 2017.

 

It all starts with reviewing your financial situation. Set up a meeting with your accountant. Discuss your 2016 projected sales and profits. Don’t wait until 2017 to do this. There are many tax implications that need to be addressed before the end of the year. In addition, you need to review all your expenses and payroll in order to reestablish your breakeven sales number; and to also create your 2017 budget.

 

This is also the time to review your marketing plan and budget for 2017. Lastly, you need to perform an audit of your facility. Inspect your facility and equipment. Is it time to upgrade equipment? Are there any building or facilities repairs needed? Needed training?

 

Planning for the future is planning for success. And while there is no “perfect” plan, not planning is a path to eventual failure.

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