By Ben Walker, CEO for Transcription Outsourcing, LLC.
You said it on January 1: "2018 is going to be the year I grow my business and make X amount of dollars." That is a great start, but you need to keep a close watch on your business's data each month. With so much to review, it can get a bit overwhelming. That all goes away when you recruit your employees and outside firms to help you. They act as a guide and can review items with you to see how well you are sticking to your 2018 goals.
Financial Gains and Losses
Creating financial reports throughout the year is always a good idea. It helps you to track and evaluate what aspect of your business you need to give more attention too. Entrepreneur Magazine contributors Doug and Polly White suggest, "You might look at it by product line, by job, by client, by geography or by salesperson. Assess gross margin and profit in a similar way."
Having an outside firm help with any of your finances is a good idea and is something to consider investing in. An outsider looking in won't have any biases one way or the other. They put your data and finances into perspective for you and tell you directly how to make improvements to meet your quarterly and yearly goals.
Marketing
A marketing expert can tell whether the time, money and effort you put into your marketing strategies are paying off. They can assess what campaigns on what platform are doing well and getting you new clients. That includes any business you see coming in from referrals.
Also, if you advertise your business on social media, have your marketing expert look at the followers you gained and how many of them became customers. Reviewing all of these strategies on a weekly basis will give you a good idea of where to focus your efforts moving forward.
Bring Your Team in on It
The dedication of your employees plays a huge role when it comes to evaluating how well your business is doing. Graham Weihmiller of BNI Global explains, "Their input may show you where time and materials are being wasted, what new opportunities there are, or simply how to do things more efficiently in the year ahead." Put your trust in what employees have to say about how the company is running. In turn, they will respect you more. They are the ones doing the work you ask them to and they will know how to make things more efficient around the office.
Invest in a CPA
April 17 is looming and you'll want to file your taxes in a timely manner to get back and focus on keeping your business running. A CPA is always up to date on the latest tax laws and can avoid any filing errors that can hurt your business. If you already have a bookkeeper, that adds value to the equation. Your bookkeeper and CPA can collaborate with one another so when you meet, everybody is on the same page. Ask for them to present you with a detailed report that shows where to best budget your money. Now you have more time to manage your business without having to crunch the numbers yourself.
Review these pieces of data throughout the year and set goals to meet each month. Especially during tax season, you'll want to collaborate with your team. Hiring a CPA or bookkeeper will help. But be sure to check in with your employees as well. They can offer additional insight to make 2018 the most profitable and successful year for your business.
Ben Walker is the CEO for Transcription Outsourcing, LLC and has made contributions to Entrepreneur Magazine, The Associated Press, & Inc.