Increasing sales and profits over last year is an annual goal of all businesses. The challenge is how.

Analyze last year. Many business owners and individuals analyze last year’s performance. This includes sales, cash flow and expenses. There are other areas to review including what specific customers bought. This provides a good foundation to plan for the current year.

Think about this year. What you do more of and what do you want to do differently? Set reasonable expectations you can achieve. Pick no more than three strategic objectives so that you have the best chance of accomplishing them.

A recurring strategic goal. One strategic goal I set is to create at least one new revenue stream to complement my existing offerings. A broader array of complementary services gives my customers and prospects more reasons to build a long term relationship. This process has worked well for me for many years. Why do I do this? I want my business to grow. If I don’t change, the business could potentially stagnate.

I have my clients go through the same process. They identify no more than three strategic goals for the year which will help increase sales and profits. Each goal becomes a defined project with a set of action items with responsible parties and completion dates. Establishing a limited number of strategic initiatives gives them a better chance for success while they run their businesses on a day to day basis.

As we discuss their strategic goals, I am always listening for ideas that we can turn into new revenue streams.

For example, conversations with one of my clients led them to focus their expertise and resources on the franchising market. They have all the tools to be successful, but did not focus here. We are working together to take advantage of this growing market. To see how we helped others.

Hidden capabilities exist in all businesses. One or more of these capabilities could be turned into a new source of revenue to complement what you already do. The challenge is devoting the time to focus on uncovering these capabilities while conducting day to day business. Frequently, the most cost effective way to accomplish this is with outside part time assistance.

Start the process. An initial meeting can start this process. We typically identify at least one additional area to grow your business. You then decide if you can do it yourself or have someone help you. For more information contact us at (973) 933.2468, aberger@bergerbusinessadvisors.com, or Click here.