Entrepreneurs Tool Box – The Final Talley for 2014


By Alvin E. Terry, MBA/Business Consultant

Your time is up!  It’s time to wrap it up!  Don’t get nervous.  Everyone is going through the same things, experiencing the same emotions, and getting ready for that final shout out of questioning how you did this year.

Did we pay all of our bills?  Who owes us money?  Can we collect?  Is there money left over to pay Uncle Sam?  Can we minimize our tax burden?  Did we make a bonus?  Did we give back to the community?  Are we still in business?  Is there enough inventories left to fill those last minute orders?  These are just some of the questions that are going through most of the small business owners’ minds.

Depending upon your actual numbers and your projections, just how close were you?  Was your business plan worth the paper that it was written on?  If you were anywhere close at the end of the year where you thought you should be from the beginning of the year, then you are winning?  This can have a great impact on your ego, your internal customers, your investors, and your love life (if you have one or just want to start one).

If all is well, then the main focus should be on growth, prosperity, expansion, and increased revenues.  This means that you will begin on the new “Business Plan” for 2015.  It never ends.  That wonderful task is back again of projecting where you will go in the year to come.

Isn’t it exciting having to write a new plan?  Don’t fret; I have been there many times before.  Experiencing that adrenalin rush of growing beyond your wildest expectations again is exhilarating.

Or, is it giving you a headache?  It comes with the territory.  You have to pick yourself up, dust yourself off, learn to delegate, avoid time traps, hire that much needed assistant, refocus, and get back out there as if it is the only and right thing to do.

Attacking new markets can lead to that renewed sense of rejuvenation.  Expanding your Internet presence, creating more flexible payment plans for your customers, adding new products, and/or expanding your services can generate new revenues and meaningful relationships.

Take a sabbatical at the beginning of the year to help formulate your “Action Plan”.  This plan will transform into the steps of which items should come first.  It will also help determine the resources that will be needed and the personnel that will be responsible for its implementation.  This necessary time off will help you get focused for the beginning year and what components you will need to implement your strategy.

I know that it seems as if you might have heard this before, but you will hear it again, over and over from other sources.

Well, above all, don’t stress; just get it done at your own pace.  Focus on the upcoming year and the changes that the economy has made all of us make adjustments.

Once again, it has been a pleasure to share my thoughts with you.  Go back into SBT Magazine’s archives to January 2013, page 9, and reflect on the article, “Positioning your Business to Win in 2013”.

Alvin E. Terry, MBA, President of Dynamic Business Builders can be contacted by email at alvin.terry@rocketmail.com or by cell at 713-392-9107.


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