Six Must-Do’s to Prime for Profit in 2012

Please welcome our newest guest blogger, Sophia Leong of Sophia Leong Advisors, a financial advisory firm that helps female entrepreneurs!  We are so excited about today’s article on the six MUST-DO’s to prime your business for profit in 2012:

 The holiday season has kept us busy with dinner parties and Christmas shopping. Now that the craziness has subsided, grab a cup of hot chocolate, throw on the Snuggie from Aunt Sue, and start priming your business for profit!

1) Create a financial forecast– all financial decisions made will have a long term effect on your business so you need to make a “measuring stick” for your 2012 performance.

2) Outline your financial goals– is there a specific project or target amount you would like for reinvestment? Retirement? Vacation? Regardless of the goal, itemize them on paper so you can plan and track progress!

3) Brainstorm potential clients– tap into your inner Siren. Figure out who you are targeting and measure the financial impact on your organization if you win their business!

4) Set a budget for 2012– find out how much you’ll need and you will see how much you don’t. Now is the perfect time to trim the fat from 2011!

5) Research your competitors– know what they’re doing, what works, and what doesn’t. Knowing your competition helps you accurately price your services.

6) Refresh your pricing– don’t be overwhelmed by the notion of a recession! Updated pricing ensures that you are “making a buck” but also attests to the quality of what you’re offering!

Remember ladies, as tedious or daunting finances may seem, proper planning and analysis can help you gain a better understanding of your business’s financial health. Connect with us for more helpful resources on Facebook or drop by SophiaLeong.com!

I am Chief Executive Officer of Sophia Leong Advisors, a financial advisory firm that helps female entrepreneurs understand and protect their businesses’ financial health. We employ key statistical metrics and innovative financial tools to ensure that each client is positioned to maximize profitability and enjoy long-term financial success.