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Learn how to turn your handmade hobby into a thriving business with Jess Van Den.
Ask the Makers ~ How Do You Take Stock Mid-Year?
This whole month we’ve been talking about what it means to take stock of your business but I was curious how different makers actually go about that task. Sticky notes vs. Google drive. Smart phones vs. giant wall calendars? So see how we each take stock of our business and see if it’s similar to how you do it.
Tools for taking stock, staying on track, getting stuff done:
I lean heavily on Evernote during busy times because I can update a note from anywhere I am with any of my gadgets and I can keep adding to it or open it anywhere.
Mid summer I begin planning and purchasing supplies for the holidays and the final quarter of the year. That usually involves lots of lists and looking over what I have on hand and brainstorming how I can use it or repurpose it.
I depend on my accountant to give me all the numbers quarterly, but I send her an organized and categorized statement from all my accounts, and that involved lots of computer time – downloading, highlighting, spreadsheet making… but I don’t do the math anymore.
I also make great use of ice lattes…
Hmm, I don’t have a process in place for performance metrics at regular check in points like mid-year – it is excellent advice though! I do have a huge 6 ft x 6 ft magnetic calendar and this year I started keeping my monthly and year to date # goals up there so I can “see” when I am getting off track and pivot faster.
I often have some time off mid-year, so that’s always a good way to take a step back and find some mental space for planning for the latter half of the year.
I also have a whole-year calendar on my wall that I look at every day, and I find seeing the whole year laid out in front of me really effective in being realistic about what I can actually achieve. I also love that our financial/tax year here in Australia ends on June 30th – so come July 1st, there’s a whole brand-new year of earning laid out – and new financial goals to reach, which is pretty motivating!
I pretty much use my own homegrown planning tools that I developed for my Steal This Process program, specifically my high level plan and my list of goals. This year I used a method organizing my goals around the different roles I play in life in a way that I find really helpful. I do practice a weekly review every Friday, so I’m happy to report that the middle of the year doesn’t come as a shock because I am constantly assessing what I want to accomplish and whether or not I need to make any course corrections.
I’m a bit addicted to Google Drive and Excel spreadsheets so I always sit down at the end of every month and crunch the numbers. This helps me know which product is selling well and which I should cut from my offerings. I also use the middle of the year to take stock of how my wholesale and consignment shops are selling and make the decision to keep them or end our contract.
What tools do you use to take stock of your business?
Megan Eckman has written 146 posts in this blog.
Megan Eckman is a quirky pen and ink illustrator who never outgrew her overactive imagination. Her work merges the style of old fairy tale illustrations with modern fantasies.
When she’s not drawing (and giggling all the while), she can be found pacing her apartment writing more stories to go with her artwork.