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Transitions & Tracking

December 16, 2009

As another year draws to an end, transitions take place in buying cycles, management tasks, and our mindsets. The change and shift in consumer spending alters our production schedules. Evolution in technologies and new data systems force us to relook at our systems. End of the year financials alter our perception of success over the year.  Without transitions in seasons and cycles, we might not give proper attention to statistics that showcase our achievements or shortcomings.

Recently the founder of Facebook (http://www.facebook.com) was in Syracuse speaking about their company’s success. The one key factor in their achievement has been their focused attention on quantifying success by looking at hard cold figures and adjusting them based on new projections. If you look at the statistics long enough, they’ll tell you the true story of how your company did this year.

As women entrepreneurs we don’t dedicate enough time to analyzing our financials, but it’s imperative to carve out time at the end of a business year or during a seasonal business transition period to review the figures and see if we hit our corporate goals. If we did, it’s important to appreciate and recognize how our hard work has paid off. If we didn’t, we must evaluate the reasons why in order to move ahead stronger the next year.  We cannot afford to put our head in the sand or walk down the same path without analyzing our business year and make key adjustments based on the figures.

Today’s blog is to remind you to set a date on your calendar to review your financials and set an appointment with your accountant so you can understand how profitable you were or weren’t this year; and to set a course of action to make 2010 a better financial year. Remember we created our entities knowing there was an unlimited earning potential. It is up to us to set the right goals and work consistently towards them. This crucial task will help us transition into becoming more financially successful women entrepreneurs.

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