Taking Stock of your Business

Savvy Fashionista Here!

2008 seems to be the year, where everyone is claiming that it will be “their year”! There is a creative energy taking root in D.C., which is giving people the courage and the strength to step out on their own and pursue their dreams. Gone are the days of the “status quo”, and here are the days where we strive to live life to the fullest, do what we love and make money while we “do our thing”.

Many of you out there in the fashion and creative community are entrepreneurs, small business owners, self-employed or desiring to become self-employed. You have your craft down to a science, but how comfortable are you about the efficiency and effectiveness of the operations of your emerging enterprise?

Sometimes, there is so much creating going on, that perhaps you don’t have time to “tend shop” and “clean house” when it comes to your business affairs. As we start the 2nd month of 2008 (and tax time looms upon us), now is the prefect time to take proper stock of your business.

Ask yourselves the following questions:

  1. Do you have a business plan? Have you updated your existing plan?
  2. What are your goals for 2008? Are they SMART goals? (Specific, Measurable, Attainable, Realist and Timely)
  3. Do you know how much money you make and how much money you have in the bank?
  4. Do you have current financial statements?
  5. Have you organized your 2007 business (and personal) financial records for tax filing purposes?
  6. Have you organized, cleaned and closed out old files?
  7. Have you updated your website and other marketing materials?
  8. Have you created a network of trusted advisors, consultants and personal cheerleaders?

Indeed, from this short list, you can see how overwhelming keeping up with the administrative side of your business can be. However, it is a necessary because the more organized you are, the more your business (and your personal fulfillment and wealth) will benefit and grow.

One way to take control of the situation is to engage in a 2-4 hour strategic planning/business overview session. This meeting can include just you, or include everyone who is important to the success of your business. In this session- you can review the current status of your business and then set 2-3 business related goals for the year.

Need help with this? I can help you!! shoot me an email or leave me a comment and we can schedule session for you!

2008 has the potential for being a very powerful and lucrative year for everyone in this emerging community. As anything with potential, it must be nurtured and cultivated so that it can bloom to its full glory. If you take the time to sow the seeds and tend to them with care- by year’s end, your garden should be fully of bounty.

Keep Pushing Forward!
-Savvy Fashionista

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