April 22, 2010 Zee

When To Take Stock of Your Business

Once in a while it is good to sit back, look and redefine your purpose and to re-strategize… and if you’re not doing as well as you thought, tighten your girdles and start again.

As you gather around the table with a bounty of food, family, and friends this Thanksgiving, it’s probably pretty easy for you to take stock of those things for which you are most thankful. It’s not a bad idea to do the same with your small business. As the end of the year draws near, it’s a good time to take stock.

Whether you’re a taxi driver, or a mechanic, or a farmer, we all have aspirations and stuff we say we wanna achieve. Unlike our earlier, light hearted posts, this is a serious post. And we hope it has the desired effect.

stock

So, how do we start? What are the things we should check? Easy.

1. Your income. How were you financially before and how are you now? Is there a significant increase or decrease? Are you good to go or are you still borrowing cash? This should tell you where your standing is. Businesses are meant to bring in profit and not be a liability but an asset. If you have no cash standing whatsoever, then you need to reposition. You are definitely doing something wrong.

2. Your Objectives. Yeah, each of us has one goal or the other. We want to achieve this or be that. Ok. Look back now. Have you attained that level? Did you meet those goals? Did your aim to get those 10 clients work? Did your marketing skills pay off? Now’s the time to take stock. If you had 10 clients before, and you still have 10 clients now, then there’s obviously a problem. Look into it.

3. Your Personal Issues. Yea, you heard me right there. Like say, you wanna  lose 5 pounds. Did you? You wanna add some more personal skills to your portfolio, have you? I’ve been saying I’d like to ‘tush’ up my Photoshop skills a bit and stop using Adobe Fireworks, but it wasn’t until my licence expired that I was forced to start using Photoshop. Now you can never catch me dead using FW. Like I said, look back and take stock. If you were 180 pounds before and 4 months later, you’re still 180 pounds, trust me, we’ve got a problem.

Why am I saying all this? Because I know how easy it is to get caught up in past successes and think that where you were when you got that huge contract is where you are now. No, there’s a huge difference. That’s why you need to sit back, relax and check your stock.

So you said you were going to quit smoking, aye? Well, have you? After our review and reflection, there were a lot of things I was doing wrong as a person and Pishon was doing wrong as a business. We have set plans in motion to change the direction we were heading. A lot of people put emphasis on finances, but no, that’s not the only thing that makes a person, or a business.

“It is common sense to take a method and try it. If it fails, admit it frankly and try another. But above all, try something.” – Franklin Roosevelt

So you’ve failed the test. What should you do now?

There’s no use crying over split milk, one can only reposition and re-strategize for a better future. So how do we ensure we don’t make the same mistakes twice, or three times as the case may be? Here are a few tips I’ve gathered in my research:

1. Make decisions and take immediate action

2. Have a positive attitude

3. Redefine failure: when you fall, stand up again.

4. Don’t let fear hold you.

5. Have a clear purpose and mission

6. Don’t get sidetracked or distracted

I guess we all know what I’m talking about; There’s no use preaching. As Pishon looks to a new second quarter with fresh hopes for the future, we hope we’ll all start better and more refreshed to kick ass!

So lemme know; after taking stock, on a scale of 1 – 10, how did you fare?

Cheers,
Z



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Zee

Welcome to Pishon Design Studio Blog - the exciting digital space of Zainab Sule, who seems to be quite at home with Code & guitars. This blog focuses on latest web design trends, social media etiquette, apps, and everything tech! Follow us on Instagram!

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