Real life example of how new business owners are dealing with the next 12 months.

Met these clients yesterday who have just taken over an existing business. They have corporate experience, but have never run their own small business.

These are the steps they’ve already taken and are yet to take:

• Secured their income stream. Have contacted existing customers. Told them about the change of ownership and their commitment to providing ongoing great service.

• Reviewed every expense aggressively. Cut what was considered non-essential.

• Contacted every supplier and asked about the services provided. Most offered a price reduction during the conversation - unprompted! Most also appreciated being contacted and re-establishing the relationship.

• Set Budget for the next 12 months.

• Moderate growth plans. The focus is on settling clients and staff down with the changeover and establishing themselves as the new owners.

• Reviewed past financial statements as a guide of what to expect. Used it as basis for budget and for improvements.

• Will prepare a detailed marketing plan in December and over Christmas.

• Will review the events they will attend and the promotions they will undertake.

This is a pretty comprehensive list and should set them up well for the future for their business.

Let me know if you need a hand.

Peter