Wyoming Business Tips for Feb. 5

A weekly look at Wyoming business questions from the Wyoming Small Business Development Center (WSBDC), part of WyomingEntrepreneur.Biz, a collection of business assistance programs at the University of Wyoming.

By Bruce Morse, WSBDC regional director

“I really need to work on my business this year. What do you suggest I do first?” Tom, Sheridan

With another holiday season completed, most of us are now focused on the new year with high expectations and new commitments for success. In many cases, that means resolutions that probably include losing a few pounds or maybe just striving to get in shape.

The same process should apply to small-business owners. As you gather information for tax purposes, the new year is a great time to stop and evaluate your business activity, and get your business in shape. Take the time to actually work on your business, not just in it.

Have you prepared a budget for 2017 that includes sales and profit targets? Everyone says, “I need more customers,” so what is your plan to achieve that? Do not stop with new customers. Take some time to review your banking relationships, your key vendors and even your process for ordering office supplies.

Also, think about how much you are paying for rent, for internet access, for bank charges and even overnight deliveries. Take some time to review your overall business procedures and processes, pick two or three challenges to really focus on, and then take action.

This is where the process generally breaks down for most businesses. They get so caught up in the day-to-day activities that setting goals, assigning accountability and other timelines to keep are pushed aside instead of actually doing something.

As the saying goes, the worst thing you can do is nothing, so do something.

There are numerous resources online and even one-on-one assistance from your local Small Business Development Center Network adviser to help build a process to get your business on the track to success.

A blog version of this article and an opportunity to post comments are available at www.wyomingsbdc.org/blog1/.

The WSBDC is a partnership of the U.S. Small Business Administration, the Wyoming Business Council and the University of Wyoming. To ask a question, call 1-800-348-5194, email wsbdc@uwyo.edu, or write 1000 E. University Ave., Dept. 3922, Laramie, WY, 82071-3922.