Nov 25, 2020
BSS Podcast Ep. 60 – The start of Your Year in Review
We all have our own experiences and opinions of 2020 this year. Mike and Ryan chat about how and why you need to analyze your business as the year heads into this last month of December.
Here’s some of the questions to consider when taking a look at your status.
How are you measuring your status? Do you know your numbers in order to make adjustments or properly evaluate yourself? So many people and companies go by status of their bank accounts to determine the health of their business. Did you reach your initiatives? What went well, what didn’t and what could you have done to implement change?
The guys chat about their independent styles of what they do in order to gauge success and evaluation of their operations. They both agree that at minimum they look at 90 days stretches to check in on ROI and processes. Ryan does a bit more on the short time period where Mike looks a little further down the line. However, their respective businesses differ that they almost need to take different approaches, especially when discussing ROI on things like equipment and efficiencies.
Mike continues to discuss the mindset a bit further on how to approach a new year planning for your business. How do you spread a capital expenditure out? Are you financing it to get it now but have a bill for years to come? What about reverse engineering how much your business needs to put away each month, in order to pay cash or a much lower rate or payoff term.
Bottom line is if you need to start somewhere, utilize a 90-day plan of action. Implement some trackability in order to get numbers and data where you can use to help make better decisions for yourself and your business.
Tune in to this episode to hear more and tag us, leave a comment on social media!
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