A key component to having a successful and profitable business is to stay up to date on all the little things. These are the menial tasks that you don't need to do daily or weekly. When neglected for too long, they snowball. Then you feel overwhelmed. Doing a monthly review of your business will ensure you keep up with all the parts of your business. Here are four things that you should do each month as part of your review:
1. Look Over Your Goals- It's not the goal setting that helps you achieve your goals. It's the consistent actions that you take to meet them. Reviewing your goals will ensure that you do the most important tasks that will help you meet them. Look through them and determine the next seven to ten steps that you need to finish in the next month. Then schedule them in your planner.
2. Pay Your Bills- Whenever possible, try to arrange payment dates for a similar time of the month. This simplifies your accounting. Your monthly meeting is the time to schedule any bills that you won't pay immediately. Check to ensure that you are putting enough money away for your taxes and other annual expenses. This includes your business insurance policy, software subscriptions, and professional dues.
3. Check Your Stats- Your line of business will determine what metrics you want to track. But your review day is the day in which you should add them to your spreadsheet. By having them in one place you can notice patterns or abnormalities. Like how your revenue went up last month but decreased this month. You'll also be able to see trends that you might not have noticed otherwise.
4. Review Your Insurance Plans- This includes not only the health insurance and life insurance policies that you buy for yourself, but also your business insurance. Take time to review all of your policies and update them as needed. Times to update include adding a new service that would change your risk, a change in marital status, or adding children to your family.
These are the top four must-do items to cover each month. Feel free to add other items to your monthly business review, but be sure to do these. Set aside a block of two or three hours each month. Schedule it on your calendar. After a few months of these reviews, they become habit. And, your business will run better.
Also Read: Business Insurance for Independent Contractors