By Lisa Blankman, CPA
Senior Manager, Audit & Assurance Services
Email Lisa
Now is a good time for a mid-year review of your business to prepare for the fourth quarter and the start of 2024. Business may be booming in these summer months, but it’s always a bright idea to set aside time for reflection and preparation.
As you reflect on your company’s condition, you should also ponder whether past drivers of success hold the same potential they did a few years ago. Should their place in your planning remain? Are any of them falling short? Do they require some re-engineering?
Maybe it’s time to add vehicles that could steer you toward success. Don’t be afraid to think outside the box here. Look at Scarlet Lane Brewing Company, an Indiana-based beer seller that embraced its employees’ eerie interests and started showcasing artwork, hosting horror film events and serving as the official beer sponsor of the HorrorHound Weekend convention. Through this convention, the brewery crew has been able to travel across the country and expand its business into five locations.
Another brewery that went against the grain is our client, Ash Elm & Cider Co. While the seeds of their business plan lied in brewing beer, the craft beer industry seemed to be crowding the market in Indy, so owners Aaron and Andréa Homoya shifted their focus to hard cider.
This summer don’t let the daily grind get in the way of your own forward thinking. Schedule a specific time on your calendar each week to take your mind off your daily tasks and think about the other potential success drivers of your business. Which ones are steering you toward your goals? These success drivers could be your employees — their work ethic, talents and leadership skills — or your offering of products and services. The list goes on and on. Determine which current drivers deserve the most investment of resources as well as new ones that have less potential for the results you seek.
Remember that you’re not alone in your mission. Business owners who find themselves stuck behind their desks are the ones who shoulder too much responsibility and don’t depend on other forces to help drive the business toward success. Encourage your team members to identify the company’s best success drivers and think of new ones.
By stepping back on a regular basis and enabling yourself to analyze your business away from day-to-day distractions, you will be able to see a better path forward. And therein lies the success you seek!
If we can assist you further with your business affairs, please contact Lisa Blankman at (317) 613-7856 or email Lisa.