Office Mentor

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When times are tight, it's especially important to spend time reflecting on the future of your business. Make time to update your vision and look for ways to find additional streams of money.

Begin by understanding which efforts net the best results now. Do you know where you make the most money for the least effort? Figure that out first and then look for ways to fit in more of these important activities.

The best way to create time to revisit your plan is to take a short retreat. I pack my current business plan, all the feedback I've collected from clients along with a book or two and head out of town for a few days. I prefer books that deal with future trends. I'm a big fan of Faith Popcorn. She writes about the future and has a good track record in anticipating business trends. When these books are read while considering my own business future, new ideas take shape.

It's crucial to take time to imagine what new opportunities are out there. Brainstorm and explore these new concepts. Decide what you want to do differently. What are the specific steps? Then, decide how you're going to change any pesky habits that may get in your way.

Most of my time away is spent wondering how I can better serve my clients. That's why it's so important to collect feedback from them and store it in one place. When reviewed at one time, a synergy forms that helps me understand what they're really trying to say.

This is also a good time to consider the next calendar year and assign a budget for professional development. As business owners, we must invest in our development to stay current. If we don't, our businesses will not thrive. We want to thrive rather than survive in this slowdown. We want our clients to see how we contribute to what they really want in life. It's great when they can sell our products and services to others. And, it sure makes it easier when they know that we're looking for new clients. So stay in touch with current clients to let them know you're open for new business and eager to better serve them. Also, let them know about any new products or services.

Good luck in 2009. Take time to update your business plan for a better year. The year holds promise when we understand what we're looking for, and to recognize it when we see it. If we go off in all directions, we may find ourselves distracted while a great opportunity is right there in front of us.

Elizabeth Verwey owns and operates Small Office Mentors in Toronto. Contact her at 416-463-1713 or visit www.businesswills.ca