Identifying Your Company’s Strengths and Weaknesses

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Man-641691_1920One of the keys to improving your business is to honestly evaluate your company’s strengths and weaknesses.  Once you eliminate your weaknesses and enhance your strengths, your sales and profits will soar.

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Here are some statements you should be able to make every year.

I.  Sales and marketing

  1. I have a written marketing plan.
  2. I have monthly meetings to implement the marketing plan.
  3. I have an active email marketing list.
  4. Social media is an essential part of my marketing plan.
  5. I have a strong Unique Selling Proposition.
  6. I only work with customers who fit into my business model.
  7. I feel comfortable closing sales with the majority of the prospects I meet.
  8. I stay in constant contact with my current customers.
  9. I have a customer retention plan.
  10. I know the lifetime value of a customer.
  11. I have a plan to increase sales to current customers via upselling and cross-selling.
  12. I have systems to guarantee that my customers have a great experience with my business every time.
  13. I have a plan for increasing sales 25-50 percent per year.
  14. I have a plan for bringing in more referrals.
  15. I blog and create other content that educates prospects and customers in a way that shows my expertise.
  16. I reward my best customers.

II.  Managing your business

  1. I have written goals and know what I need to do in the next year, 3 months, and 30 days to reach them.
  2. I have an annual profit plan.
  3. I prepare an annual SWOT analysis.
  4. I enhance my entrepreneurial skills every month by reading books, blogs, magazines, attending seminars, etc.
  5. I spend 80 percent of my time delivering a great customer experience.
  6. I manage my time effectively to get all of my work done.
  7. I have a plan for hiring superstars.
  8. I perform an annual staffing review.
  9. I am good at managing my employees.
  10. I am never so busy running my business that I don't have time to work on improving my business.
  11. I have systems in place to help me manage the core of my business.
  12. I use the 80/20 rule.
  13. I have weekly delegation meetings with my employees.
  14. I know my true product costs.
  15. I have a system for reducing errors and customer returns.
  16. I have an employee training program.

III. Managing your money

  1. I have a good working arrangement with my local business banker.
  2. I have a cash reserve equal to at least one or two months of operating expenses.
  3. I use a cash budget as a management tool.
  4. I review my costs monthly, especially product and employee costs.
  5. I don't have problems collecting receivables.
  6. I know how to read my financial statements and I review them with my CPA quarterly.
  7. I review key metrics for my business every week.
  8. I have increased my prices in the last year.
  9. I am using mobile technology to increase sales and profits.

IV. Cutting your taxes

  1. I call my tax advisor before making a big financial decision.
  2. I have a strong accounting program that captures all income and deductions.
  3. My tax advisor helps me with year-end tax planning.
  4. My payroll taxes are paid on time every month.