A New Year's Refresh for Small Business
It’s a new year and seemingly a time for reflection on all things. We asked Veronica A. Cram, founder, and CEO of InSight Strategic Solutions, a financial operational consulting firm right here in Huntsville to shed some light on the complex dynamic of running a business so we could learn more about what it takes to get growing and thrive in the small business world. She gave us some incredible insight we had to share!
The new year is upon us, and, as many do, I am reflecting on my 2nd year of entrepreneurship. Since starting InSight Strategic Solutions, I have operated with one goal: to help the business owners in our community gain financial and operational clarity, enabling them to scale their businesses profitably. I am honored to have had the opportunity to support the small businesses that are our local economy’s lifeblood.
As I reflect on this past year’s growth, “What went right? What could have gone better?” I am also looking forward to the future, “What are my goals? Are they changing?” The start of the new year is the perfect time to make informed changes, so I recommend taking some time to evaluate your business using these 5 points as a guide.
Five thoughts for evaluating your small business
1. Evaluate & Reflect
How did we perform compared to the budget?
What changed throughout the year that yielded this answer?
When did it change, and could we have pivoted to get an even better outcome?
Where do we make the highest margin? This can be a product, location, service offering, or team member.
2. Determine what brings YOU your highest profit margin. Consider where you are spending your time and how much value that is adding to the company.
3. Establish your plan for 2023
How much of your sales will come from existing customers?
How much will come from new customers?
Of the new customer sales – how much is coming from referrals?
How much is coming from other sources?
What activities does it take to gain those sales?
4. Make time in your calendar
Reflect on how your business is performing so far.
Review pay rates.
Review high-level financials.
What’s going right? What can be improved? Should we pivot?
5. Create an Advisory board
An Advisory Board is a group of like-minded professionals who can help guide you as your business grows. Bring them your two pressing concerns, listen to their guidance, and ACT on it!
Knowing this information helps you plan your year and ensure you are on track to meet your financial goals in 2023 and for years to come!
Veronica, thank you so much for making this fabulous small business punch list to really evaluate performance and goals and developed a strategy to accomplish them. If you need help starting, evaluating and developing a business strategy, InSight Strategic Solutions is ready to help.
About InSight Strategic Solutions
Veronica spent more than two decades working in financial and operational capacities and eight years studying accounting and business. Founded in 2020, her company, InSight Strategic Solutions, is a woman and minority-owned small business focused on helping business owners, CEOs, CFOs, and other decision-makers gain financial operational clarity, enabling them to scale their businesses profitably.