End of the month – the words conjure up a sense of completion.  We usually think of the end of the month in terms of sales which is basically money in.  But of course the end of the month is a regular chance to look at what has happened, and to confirm the next steps.

Whether you think you have had success or failure, when you look closer you may discover all kinds of untapped opportunities.

1.  Sales made during the month.

How much did you sell and invoice this month?  And the all-important cashflow question about the cash received?  Who still owes what?

It is also important to look at where the money was made.  Which products / services are selling best?  Which are bringing you in most profit?  How did those customers find you?  What words were put into the search engines to find your website?  Time and money are never in sufficient supply, so go with what is working best, and do more of it.

Can you increase the lifetime value of someone who already likes what you do and is a customer to you?

Are there other products or services they would like? If in doubt, ask them!

2.  Money spent

Each end of the month is an opportunity to complete the month in terms of expenses, and I am far more interested in doing this if the information is fresh and new.  (In fact if it is old I get very bored!).  So I go through credit card payments, bank statements, and my diary to make sure nothing is forgotten.

As a general principle  I try to file away receipts as they occur, and enter the information on the spreadsheets.  Doesn’t always work of course, but there is nothing worse than having to go through ancient receipts a year later.

It is also an opportunity to question the value of where the money has gone.

3. On track  or off track at the end of the month?

Are you meeting your targets?  Are you heading in the right direction even if more slowly than you hoped?  Sometimes opportunities are too good to turn down, and sometimes they are the entrepreneur’s curse, where the new is more interesting than the current idea.

In addition to sales targets it is good to be clear about the type of business you operate. Who you serve and how.  This makes  decision-making much easier.

Facing the truth of the situation helps to keep the business in touch with reality.

4.  New brilliant ideas.

Entrepreneurs have more brilliant ideas than most people!  Write them down so you don’t lose them, and get them expressed as much as possible.  Half completed ideas can absorb energy so either do them, or record them.  Once a month look through the ideas for inspiration and remind yourself who is boss.

Whether it is more entry level products, more high end services or a completely different way of looking at your business, get the ideas on to paper or out in the open.

5.  New contacts made.

New contacts are the lifeblood of next month or next year.  In addition to prospective customers, and new customers, your existing contacts may have a new relationship with you.  A good customer may become a referrer, a “competitor” may become a business partner, you may have found a mentor, a board member, a preferred supplier.

Tracking what has happened helps with what you want to happen.

6.  What did we learn?

Market research never stops.  Who is buying, why they buy, what’s new, how we are changing.  You can do SWOT (Strengths, Weaknesses, Opportunities, Threats) and PEST (Political, Economic, Social and Technical changes) analysis.

Staying current and articulating the changes is one step closer to being in touch with your market and your business.

You change, too, of course.

7. Destroy something.

Yes, it is good for you!  Paperwork, emails in the inbox, partnerships, customers, businesses,advertisements that are not working, products, all have shelf life.

Gardeners have to cut and prune to get the right stuff to grow.   As the business owners the only job is see the wood for the trees.  Removing some trees will help others to grow.

8. Choose what to grow

Focus on a definite project or projects to help accountability, and makes success more likely.  You might decide to grow your email list, or your Pay per Click account before holding the workshop.  You might decide to spend the month looking for a certain number of speaking engagements, or meeting important clients.

Whether you do the work yourself or outsource it will have to be managed.  Having a definite target and monitoring helps keep a sense of purpose, and a business you want to work in.  Weeds will grow by themselves, but an apple orchard or rose garden will have to be nurtured!

9. The end of something or the start of something new.

Campaigns and projects are a useful way to make the most of end of/ start of  energy.    The campaign is likely to run for more than a month but there will be different activities to monitor as it develops.

The end of the day, the week, the month, the end of the quarter, the end of the year, of the decade are all opportunities to take stock and learn, even though  the end of the month doesn’t always happen at the end of the month.

Each new month, quarter, year or decade brings new opportunities and a fresh start which gives you the energy to go out and do something amazing!

10.  Celebrate every success.

If the figures on the white board add up, if you receive a fantastic compliment, if your visitors comment on your blog – whatever it is – celebrate.

It builds the “can do” muscle and gets you in the habit of achieving and thinking positively.  Then the sky is the limit.  Looking back is a great way to move on, and you regularly get a chance at the end of the month!