PEX Card wants to help small businesses with expense management. Each week we will provide advice, solutions, and answers to your questions.
Q:We created a plan for 2014. How do we stay on track?
A: First, congratulations for taking time to create your plan and set goals for your company. Not every company is as proactive about their business.
The key to staying on track is to regularly review your plan. If done correctly, your plan should have a specific goal (e.g. a revenue figure you want to hit or a number of new accounts you want to bring in for 2014). Your plan should also include “how” you plan on achieving your goal. How much new business are you expecting in 2014? How much more revenue do you project from your existing accounts? Set aside time every month to go over your plan to see if you are still on course. If your plans have changed, make the necessary changes to your 2014 plan. For example, if you projected $25,000 in revenue from Company A in 2014, but now they are no longer a client how will you replace that $25,000? Will it come in the form of additional revenue from an existing client or will you try to find new clients to replace the lost revenue.
It’s hard to drift too far off course if you pay attention to properly executing your plans. To share a famous quote “Plan the work and then work the plan.”