Louis Mosca, COO & Executive Vice President, American Management Services
As we gear up for 2024, it’s crucial for business owners to remember that success doesn’t happen by accident. It requires a well-crafted plan.
This year, Midwest Independent Retail Association has allowed us to share insights that resonate across various sectors – from grocery stores to distributors.
While each business has its unique set of challenges, addressing universal concerns can set a robust foundation for tackling industry-specific nuances.
The Blueprint of Success: Your 12-Month Game Plan
The first step towards a successful 2024 is establishing a comprehensive plan. It’s not just about setting sales targets; it’s about crafting a strategy that encompasses growth, margin maximization, cost control, and talent acquisition and retention.
This plan should be more than a mere document; it should serve as a ‘working bible’ for you and your key staff members.
The Pulse of Your Business: Timely and Accurate Financial Reporting
Knowledge is power, especially when it comes to your finances. Are you getting weekly reports to gauge your performance against monthly plans?
Ensure your financials are not just timely – within ten days of month-end – but also used for a monthly postmortem. Analyzing what worked, what didn’t, and what steps must be taken is pivotal for continual growth.
Cultivating Excellence: Training and Mentoring Programs
Investing in your people is investing in your business’s future. Formal training and mentoring programs are essential for creating opportunities and fostering a culture of growth and excellence. As a business owner, your involvement in these programs is beneficial and necessary.
By focusing on these fundamental aspects, you can better manage the specific challenges of your industry, maximize margins, and position your business for stronger results in 2024. Remember, addressing the fundamentals is the first step in making the complex workable and the challenging manageable.
I encourage you to watch our detailed webinar to delve deeper into these challenges and explore comprehensive strategies.
Simply scan the QR code in our advertisement on page 19 for valuable insights and actionable advice tailored for C-stores, grocers, and suppliers navigating the complexities of the current economic environment.
Since 1986, American Management Services has been the leading consulting firm in the United States, exclusively assisting independent small business owners with improving sales, operations, and performance. Contact Louis at lmosca@amserv.com.