Here are 10 questions to get you started:

• How do your year-to-date sales compare to the last couple of years? Don’t be satisfied if you managed to match them because if sales stayed the same then you’ve achieved zero growth.  With inflation, this flat growth line is a warning sign for more trouble down the road.

• What percentage of your business is from repeat customers? This is important to know because if it’s too low, then it needs to be improved.  The estimated cost of getting a new customer versus retaining an existing one can be as much as five to one in terms of dollars spent.  Keeping customers is more cost-effective than constantly seeking new ones.

• How long has it been since you offered a new product or service?  Loyal customers like to see you changing and progressing with the times.  If you’re stuck for an idea, ask your customers what they need.

• Do you consider marketing and advertising expenses or investments?  How you look at the money spent in these areas affects your willingness to spend money at all.  Would you look at prescriptions as a waste of money?  Marketing is really investing in you, your vision, and your company.  The old adage that you must spend money to make money is true, but you must spend it wisely.  Spend it on ads that are pulling responses and orders, and if they’re not maybe you need to change publications.

• Do you know what PR is and how to use it to positively position your business in the media?  I’ll bet that at least one of your competitors does.  Nearly every mention of a company or business in the newspapers and magazines is a direct result of publicity efforts.  Being quoted or featured in an article speaks volumes to your clients and readers who are your potential prospects.  A good PR consultant can do that for you and show you ways to extend the shelf life of that article beyond its publication.

• Are you listed in the yellow pages?  If you only have a line listing, consider including a small ad in the yellow pages.  If you can afford it, it will pay dividends throughout the year.

• Do you treat your regular customers better than your drop-ins?  You should.  If your customers don’t feel special when coming to you for products of services, why should they remain loyal to you?  Have a customer appreciation day or a special invitation only sale for your regulars.  Create a mailing list of your regulars.  Send occasional post cards or greeting cards for special events or just to keep in touch.  Learn to recognize them on sight and greet them by name when they visit you.

• How long has it been since you really talked to one of your customers?  Just as you appreciate when your Doctor takes time to talk to you, your customers will appreciate you if you take an interest in their needs.  If you have a service business, have lunch or coffee periodically with some regulars – even if they only contact you once or twice a year.  The personal touch in an impersonal world will be remembered.

• How is your business doing compared to your competition?  Every company, no matter what the size, has competition – even home-based businesses.  Is their business growing or downsizing? Is their pricing or service better than yours?  If so, what can you tell potential customers about the price difference?  Think about how you can improve your service to meet or exceed your customer’s expectations.

• Are your employees happy?  Don’t ask them directly, but observe them throughout the day.  Watch, listen and learn.  Employees who like their jobs don’t watch the clock for quitting time, aren’t habitually late, don’t have poor body language, don’t spend time on personal phone calls, and don’t look like they never smiled.  Observe how they interact with customers.  Not everyone is a match for direct contact with the public, so make sure you don’t have an employee who is driving business away.

I can remember when I was working at my very first job out of school.  It was a service business with just the owner and me at work.  There was direct contact with the clients, and there was never a problem with smiling when talking face to face with them.  I was given the best business tip of my life by that employer, when he pointed out to me that when talking to clients on the telephone I should smile too.  For some unexplainable reason, when you smile as you talk on the phone, the exchange with the client becomes more pleasant and more productive.  It’s as if that smile went right through the phone wires to the person to whom you’re talking.

Here are some DO’S….

• Attend the Event:  It’s an unspoken expectation that showing up may not be mandatory or can it be required, but attending isn’t really optional.  That is if you want to be working there next year.
• If you RSVP – by all means ATTEND: Many business functions are paid on the basis of the number who attend, and that is calculated by the number of RSVP’s.
• Mingle, Mix, and Move: Talk to different people and learn something new.  Don’t stick with your usual watercooler pals.
• Pay Attention to Start and End Times on the Invitation: This is there for a reason, and you don’t want to overstay your welcome.
• Remember that Any Business Party is Really a Business Event: Although it might be outside the standard office meeting and be accompanied with food and beverage, the same rules of conduct apply.
• Limit Gift Giving:  Colleagues will often feel obligated to give gifts in return for receiving gifts. If you do give, give from the heart and keep it simple, and priced at a minimum.
• Dress Appropriately and Professionally:  All eyes are not meant to be on you, and this is not the time for provocative dress.  Lean toward the conservative or classic look.
• Give Thank-You’s:  When appropriate write either a note of thanks, or if at a private home tell the host/hostess in person that you enjoyed the celebration

Now for the Don’ts…..

• Say “yes” to a Blind Date:  You don’t know who the person is or who he/she might know.  Rule of thumb – when in doubt, go stag.
• Be Flirtatious or Get Frisky: This is crossing the line of appropriate and adult behavior at a business event.
• Drink Too Much:  it’s not worth taking the chance that you’ll say something you wish you hadn’t.  Rule of thumb is- limit  yourself to 2 drinks.
• Talk All Business:  BORING!! After all it is a social gathering.  The guests are supposed to have fun, get to know each other, and have a different experience outside of daily office routine.
• Prospect for New Business: TACKY!!
• Assume Everyone Celebrated the Same Holiday:  If you say “Merry Christmas” to someone who doesn’t observe the holiday it might offend them.  Be generic and say “Happy Holidays.”
• Give Gag Gifts:  This is not the place to risk offending or embarrassing someone.
• Gossip:  Gossiping in any situation is usually damaging and not a good practice, but it’s especially not appropriate at a business-related event.

Hopefully with these tips under your belt, your appearance at you next business holiday event will go successfully.

The majority of business professionals know these things, but there are always some newcomers to the firm who may not be as seasoned as some of us.

On the other end of the scale, many successful business owners and entrepreneurs who have created and implemented a business strategy generally work for less hours, and produce a more sizeable income and profit margins. You will also find that in general, those who are successful with their own business attribute their success to having a strategic plan. Ok, we’ve discussed that having a good business strategy plan is essential, but what really is “strategic business management”? In its most basic form, it’s the process in which the goals and objectives for your business are defined, and an action plan is then created so you may reach your goals and objectives.

You now know what it is. So how do you go about creating a strategic plan for your business?

1) Any business owner should know, and be able to describe in detail, the vision for his or her business. What’s the image that you want your business to have?

2) Any operating business should have clear and concise company values and guiding principles. For instance, what are the reasons you are in business? Serve and protect? Provide quality soap? And how do you do business? Do you treat your customers like trash; or another form of royalty?

3) It would also be a good idea to create a 3 year and 5 year plan. Any business should implement a long-term plan in which the basis is on broad objectives that will assist you in getting your business from where it is today, to where you want your business to be.

4) Thinking not only long-term, but also short-term, will also greatly help your business develop. Each year, you should create, define, and plan specific objectives that when accomplished, will help you on the road to achieving your long-term goals. It is also worth noting, then when setting and planning your annual goals, is pays to be “SMART”. Make sure your planning incorporates the following points:

- Be very specific

- Show measure

- Make the goals realistic and attainable

- Make sure they are time-oriented

Include a list of obstacles and barriers which could halter your success from achieving your goals. In any case, getting to where you want your business to be, you’ll need resources. Create and define a list of resources you’ve already got, and the other resources which you will need to achieve your goals. At this point, you should also create a concise action plan that clearly defines how you will actually achieve the necessary goals. If your business has any employees, it is of great importance to involve them with this part of the business planning process.

5) In your business plan, you should create simple and concise milestones or benchmarks, which will define when you have actually reached a goal or objective. This is an essential part of the planning, as it will enable you to measure your progress as a business.

6) After you have created your strategic business plan, it is of paramount importance that it is shared with anyone who will be involved in the process. Your annual business plan is the roadmap which will lead your business and those involved, to the goals which need to be achieved — but to be effective, everyone must end up at the same goals and objectives, the “destination”, if you will. And to do so, everyone requires the same map.

7) Its no use having a well thought-out and planned strategic business plan, if you don’t put it into action. You now have a means to begin your business journey; its time to start it.

Be sure to regularly check and compare the progress of your business, to the benchmarks defined in your business plan.

If something should go wrong with your business, the sooner you figure out what went wrong, or what is -happening- wrong, the sooner you can fix the problem, make the necessary adjustments and get your business back on track.

9) And finally, ensure that each year you follow the exact same cycle to create your strategic business plan. Dream, Plan, Act, Check. That’s all there is to it.

As a final comment, I’ll leave you with this. Creating a business strategy and ensuring that you follow it, is not just about achieving specific goals and objectives. Its purpose is to also make sure that the journey taken to these goals is a safe and enjoyable journey.

Having a safe trip is just as important as reaching your final destination.