Need a calendar?

Hi EP Blog followers:
Each month, EntrePaducah contributes an article for the Paducah Sun's Four Rivers Business Journal. Here's the column for January 2010,available on local newsstands now:

In the sea of gifts we hope you received last month, there is probably a calendar or two. I’d like to add to your calendar collection by offering a twelve month look at reminders for your small business.
By the way, there is no particular order to this calendar. The reminders can be inserted anywhere they seem appropriate for your business. The important thing is to remember to address the topics at some point during the year.
January offers a fresh start to a new year (assuming your books are on a Jan.-Dec. year). It also is the first month of the usually slow first quarter of business which makes it a good opportunity to conduct a Supplier Review. Make appointments with vendor reps, review contracts and reacquaint yourself with contract terms, expiration dates and pricing.
Remember (how could you forget?) the ice storm last year. February reminds us to meet with our insurance advisor. Most insurance advisors say that as situations change, so do insurance needs. Premium adjustments, coverage limits, company growth (or downsize) could all affect coverages and company budgets.
As a baseball fan, I’ll have to throw in a Spring Training analogy for the month of March. Get your team ready for the nine remaining months of the year. Most businesses are more active in summer, so March offers a good time to conduct personnel reviews and meet with managers or partners about future staffing needs.
Spring marks a good time to perhaps consider new opportunities for your company. Are you maximizing your current facilities and workforce? Should you be proactive in responding to trends in the market, or should you stay the course of your Business/Strategic Plan. What would a competitive review show in your market? Mark the month of April to examine your Business/Strat plans and make sure everyone is aware, and shares the company’s goals.
By May, April 15th is a not-so-distant memory. Arrange a meeting of your CPA and your accounting team to review the previous year’s tax return. Have the team identify the previous year’s mistakes, if any, and what adjustments might be in store in the year to come.
How many company-produced manuals are on your shelf? When’s the last time anyone looked at them? Make June the month for policy and procedure review. Plant/building safety, personnel policies, compliance issues, even manuals written for third parties such as franchisees or distributors should be reviewed at least yearly.
Are there any property issues that need to be reviewed by your company? Use July to review leases, rents or even mortgages to determine if changes need to be made. Have property values increased or declined? Does your current location adequately fit your needs…or needs that could arise soon? Has your property been reassessed, meaning additional taxation to budget?
Although the majority of businesses review their finances monthly, August is just past the mid-year point. Take a close look at the January through June numbers to detect any trends year-to-date and from previous years. Were first and second quarter opportunities optimized or is there still some catching up to do? A mid-year review allows companies to consider course correction…or affirmation of existing business.
What worked in the summer months and what didn’t? Those are good questions for the Marketing Department in September. Reviewing marketing practices in September allows a fresh review of successes or failures year to date, and, gives adequate time to prepare for the next year. If you reviewed your sales goals in August, September fits well for a marketing review since “marketing is the means by which you achieve your sales goals.”
Is your company a good Corporate Citizen? Make October the month to review your company’s community and charity efforts. Take a poll of employees to determine their interests in regard to charities and community involvement. Review your memberships in organizations such as the Chamber of Commerce or your support for local economic development efforts that may have helped your business. As the business owner, consider your availability to serve or participate in community and/or charitable efforts. At a minimum, research your community’s networking opportunities for possible involvement.
If you operate a manufacturing or production facility, how’s your equipment working? That’s a good question for your Operations Team in November. Review the year’s maintenance and repair records and see where inefficiencies may be. Determine whether a repair crew can work around production, or if a maintenance shut-down is required. Another advantage to November Ops review is identifying any equipment purchases that may offer tax or cash flow relief if bought in the current or next fiscal year.
In December, buy all new computers. Okay, I got your attention but here’s the point. Schedule a yearly Tech Review or risk actually buying new a bunch of new computers. Computers are work horses and often taken for granted. Most IT Departments have their hands full maintaining the company’s network and have to make time for random repairs. Allowing them time to do routine maintenance…software updates, disk cleanup, etc…allows for efficiencies when you need your equipment the most. For instance, a retailer’s worst nightmare would be a computer crash on black Friday! The status of file retention (back-ups, off-site storage, etc.) is also an important factor to review. Also, with many employees taking time off for the holidays IT professionals often have easier access to computers and networks with fewer users around.
Again, the exact months mentioned are relative to your particular business. Scheduling, however, is the key to insure all aspects of your business are reviewed on, at least, a yearly basis.
From Rich Davis, our Technology Concierge, and me, we wish you a very happy and successful 2010!