View PDF of this issue - The Green Sheet

60
StreetSmarts
Key sales indicators might include number of accounts,
profitability by account and the source of each account.
Review accounts that were closed and understand why
those accounts were not retained. Even if you have never
measured anything, the numbers are there in bank statements,
residual reports and other documents.
Lastly, if you do not have a written budget in place, make
this a priority. We use our budget to ensure we are never
late on a payment and never miss our top-line revenue
goals. Once your financial and key metrics are organized,
you will eliminate much fire fighting and stress caused
by finances.
Use all of this information to create formal action items
and goals. Get buy-in from key players that they will be
proactive in supporting the proposed changes. Assign
responsibility for each item and goal and define dates for
completion. Create a strategic calendar of events that is
monitored and managed.
There are things going on that we cannot impact or
change. Health care reform will likely become law.
Inflation will hit. While we all have a voice to express our
thoughts and concerns, many of these changes are going
to happen whether we like it or not.
However, ensure that these items are identified in your
plan and that you understand how to react should they
occur. Creating a contingency plan will provide flexibility
in your organization that is based on more preparation
and less perspiration.
Plan to prosper
Donald Harrington on the MLS Forum wrote, "What
makes you unique and of value to your merchants? 2010
is going to be a year of reality for many people and businesses.
It will not be business as usual."
Our success in the industry is directly attributable to
having written planning documents. Many reading this
article may not be in this industry come December 2010.
Those who have a written plan will have the greatest
probability of continued success.
Jon Perry and Vanessa Lang are the owners of 888QuikRate.com,
an ISO based in Ft. Worth, Texas, that was named Small Business
of the Year by the local newspaper , The Star Telegram. For more
information, tweet them at http://twitter.com/dfwcard, comment
on their blog at http://merchantservices.cc or visit their profile
at http://linkedin.com/in/jonperry or http://linkedin.com/in/
vanessalang. Alternatively, you can contact Jon and V anessa by
phone at 817-857-3557 or by e-mail at jon.perry@888quikrate.
com or vanessa.lang@888quikrate.com.