By December 27, 2021
Once a year I recommend that my clients go through a checklist. I sit down with them and review a few key areas. Today, I would like to share with you some of what goes into one of those reviews.
Insurance Policy Review
Reviewing your insurance policies is an important step that few businesses remember. It makes sense but it is one of those things that is easy to set aside and forget once you’ve got the initial set up done. But if you take the time to review your policies every year, you can catch mistakes, ensure your coverage is enough for your needs, and keep you from overpaying.
Even though I am not an insurance agent, I help my clients look at their policies from a financial viewpoint so they can make better financial decisions about their insurance. I can help my clients make sense of insurance financially and ensure they are getting a good value for their money.
One of the things I look at with my clients is strategic partnerships. There are many opportunities to work with people related to your industry to grow your business. I help my clients analyze their businesses and find the areas they can partner with other businesses in.
Strategic partnerships are good for both businesses and can lead to substantial growth.
Financial Data Review
While I speak with my clients about many areas of business during our review, one of the most important areas that we discuss is their internal financial data. We review expenses to find where you might be losing money. We review income to find where your sales are coming from. And we look at the market to see if there are new opportunities to grow your sales.
Your financial data is a huge tool. And when you use it correctly, you can build a business that grows and takes care of you.
Reviewing the Goals
My goal is to help you reach yours. . So every year, I sit down with my clients and go over how their financial goals connect to the rest of the business goals. We look at the goals they set last year and try to set reasonable goals to improve their business in the coming year.
And I help my clients understand the steps they need to take to reach those goals.
If someone is trying to get a million dollars in the bank, they will need more than a million in sales. They may need two million in sales to reach that goal, depending on business costs. Understanding those needs from the perspective of their financial situation is essential to growth.
How is Your Checklist?
If you are trying to grow your business, you need to go over your checklist to see how you are performing. If you don’t know how your business is doing or whether your checklist is ready, let’s set up a time to talk. I would love to help you get your business on track to success.