As we approach Thanksgiving and the end of the calendar year, it is important to set aside some quiet time to review your personal and business goals to see where you stand. Today we will steer clear of your personal goals, yet we will take time to explore the business side.
How can it be that I feel five years older now than I did in January and February, pre-covid? Holy cow! The fact of the matter is that most of us began the year with goals. It does not matter whether you are an individual business owner, or you find yourself working for someone else, you had goals.
“I want to make $100,000” (Salesperson)
“I want to have my company sell more than $3 million” (Distributor Owner)
And then what happened? The calendar flipped to March and all of us (and I mean all), lost control of our ability to reach our goals. That helpless feeling set in. We all experienced it.
I am certain that it took some time but eventually, most owners and salespeople came to the realization that goals needed to be reset. Any goal setting training will start with the premise that “goals must be realistic and attainable”.
Our company realized that we needed to furlough people to bring our costs in line with the number of orders and amount of business that we were receiving. We were early to the game of restricting travel resulting in saved expenses since every dollar was more important than ever. We canceled some national meetings and made decisions to postpone some incentive trips. We essentially had to “right-size” our company.
Our account executives found that orders were hard to come by and since they are commissioned salespeople, they had to adjust their personal budgets to better align with their income.
All of us took whatever support we could find, but the reality is that even at the end of October, nine months later, things are different. Companies and individuals that were “supported” by PPP (payroll protection plan) and unemployment insurance and other programs are faced with a future of surviving and moving forward without that assistance.
Now is the time to look toward the future of your own business. I don’t believe that it is politically incorrect to reference Thanksgiving as a time for all to appreciate what we have as owners and salespeople that have helped us through the tough times and to identify those people and services that have helped you steady the ship and say, “Thank You”. Now is the perfect time to establish your 2021 goals and set the plan to achieve them. It is also a time to consider help and support if you need it.
Unfortunately, many business owners cannot survive heading into 2021 with 30%-40% less business. Some salespeople cannot survive if they find themselves in situations where valuable support services or employment benefits have been reduced or eliminated. These are the owners and salespeople that need to look at their options.
The message here is not intended to say that everyone needs help or doesn’t need help or that they need to make some changes. However, I do believe that everyone does NEED to assess and evaluate their situation so that they are NOT surprised when we turn the calendar to 2021. It is always prudent to review your personal situation at the end of a tax year. It has never been more important than this year due to the current situation.
P.S. If your self-analysis reveals that you should explore some options to change, we might suggest that you request our White Paper titled “Is the Grass Really Greener” which outlines important questions to ask during your due diligence process.