November marked the one year anniversary of my company OBN Wealth Advisors. Time truly flies when you are having fun! You almost forget about all of the hard work and steps it took to get you to the one year mark when you enjoy the work you do.
The first year is usually the most difficult for any business owner because of all of the costs involved in setting up your company. I am mentally relieved knowing I can go into my second year of business with all of the startup costs in my rear view mirror! Just like most business owners, I gave considerable thought to what I could do differently in 2018 that would still allow me to provide great service to my clients, save money, grow my practice, and have fun along the way.
Here are three important tasks you should re-examine now that could financially change the outcome of your business in 2018:
Comb Through Last Year Expenses
Using one or two forms of payment for your business expenses allows you to easily examine where all of your money was spent during the year. I use a business credit card which allows me to track my business expenses for the entire year. Look back through your year-end summary statement and figure out what expenses garnered you the best results for your business. As an example, if you dined out quite frequently in 2017, ask yourself, “How many of those breakfast or lunch meetings resulted in new business?” “Could you have gotten the same results meeting for a cup of coffee or tea?”
I will confess to one expense that was a waste of money. I ordered some pretty three-ply business cards that were very nice to touch. The cards cost two to three times more than business cards I could have ordered through Vista Print, and they were also very impractical. I could only fit a few in my business card holder because they were entirely too thick. I ran out of the business cards pretty fast and I know for a fact I did not gain a new client based on the quality of the cards. I seriously even doubt anyone thought differently of my first impression because of my three-ply business cards. Needless to say, my next batch of cards were just as nice, one-ply, and cost less.
Readjust your business budget
No more fancy business cards for me! After I ran a y-t-d expense summary for 2017, I created a realistic business budget for 2018. I even set a practical budget for my weekly face-to-face meetings. Remember, you can control what you spend if you have a plan. Just like your personal expenses, you can apply the same “need vs want” concept with your business expenses. Follow the budget you set for your business as closely as possible and see if you don’t have better results financially in the following year.
Streamline Your Target Market
Who do you want as a client? In 2018, set your target on your ideal client and don’t stray from your target. It is so easy to get distracted and lose focus. Let your current clients know who your ideal client is and ask them for a referral. If you are doing a great job servicing your clients, they will not get offended or turn you down if you ask for a referral. Think about your current best client and set your goal on getting
The Year Ahead
This is my last post for 2017. I hope you enjoyed my blog. If you have topics you would like to see on this blog for 2018, please reach out to me. I would love your comments and feedback. Make sure you follow OBN Wealth Advisors on Facebook and Twitter!
Have a beautiful holiday and a prosperous New Year!
About Terrell Dinkins, MBA, ChFC®
Terrell Dinkins, MBA, ChFC® is an investment adviser representative of and offers investment advisory services through OBN Wealth Advisors, LLC, a registered investment adviser offering advisory services in the State of Georgia and other jurisdictions where registered or exempted. Main Office: 950 Eagles Landing Pkwy, Suite 216, Stockbridge, GA 30281. Tel: 404-723-9780. Website: OBN Wealth Advisors