Talking to Yourself: Why Every Micro-Business Owner Needs a Monthly Business Review Meeting.

Are you tired of feeling like you’re in a business rut, stuck in the day-to-day tasks of running your micro-business? Do you wish there was a simple way to take a step back and assess your business’s health and progress? Look no further than the monthly business review meeting — the perfect solution for every micro-business owner, even if you’re the only participant! Yes, it might sound a little silly to have a meeting with yourself but trust me, it’s worth it. In this blog post, I’ll explore why every micro-business owner needs a monthly business review meeting, what to include in the meeting, and how it can benefit your business coaching sessions.

Running a micro-business can be a lonely and challenging affair. When you’re the only employee, it’s easy to get bogged down in the day-to-day tasks and lose sight of the bigger picture. But fear not, dear entrepreneur! There is a simple solution to help keep you on track and in touch with your business’s goals and objectives — the monthly business review meeting.

Now, you might be thinking, “But wait, Caroline, why do I need to have a meeting with myself? That sounds kind of weird.” And I get it. It might seem a little silly to sit down and have a meeting with no one else in the room, but trust me, it’s worth it.

The purpose of the monthly business review meeting is to take a step back from the day-to-day grind and assess the health and progress of your business. It’s a chance to look at your financials, your marketing efforts, your customer feedback, and anything else that’s relevant to your business’s success. By doing this regularly, you can catch potential problems early and make adjustments to your strategy before it’s too late.

So, what exactly should you be reviewing during this meeting? Here are a few key areas to focus on:

Financials — Take a look at your income statement and balance sheet. Are you making a profit? Are there any areas where you’re overspending? Do you need to adjust your pricing?

Marketing — Evaluate your marketing efforts over the past month. Have you seen an increase in traffic or sales? Which channels are driving the most conversions? Do you need to pivot your strategy?

Customer feedback — Look at any customer feedback you’ve received over the past month. Are there any recurring complaints or issues? Do you need to make changes to your product or service?

Goals — Assess your progress towards your long-term goals. Are you on track? Do you need to adjust your strategy to achieve them?

Once you’ve reviewed these areas, it’s important to record your findings. You can use a simple spreadsheet or a more advanced project management tool like Trello or Asana. By keeping track of your progress over time, you can identify trends and make data-driven decisions for your business.

But why is it important to identify trends over time? Well, trends can help you spot opportunities and avoid potential pitfalls. For example, if you notice that sales tend to dip during a certain time of year, you can adjust your marketing efforts accordingly. Or if you see that customers are consistently complaining about a certain aspect of your product, you can address the issue before it becomes a major problem.

The data you gather in your monthly business review meeting can be an excellent starting point for your small business coaching sessions. By reviewing your financials, marketing efforts, customer feedback, and progress towards your goals, you’ll have a wealth of information that can be used to identify strengths and weaknesses in your business. This data can help your coach understand where you’re excelling and where you might need some extra support.

For example, if you notice that your marketing efforts aren’t driving the conversions you need, your coach might be able to help you identify areas for improvement, such as your targeting or ad copy. Or if you’re struggling to hit your revenue goals, your coach might be able to help you identify potential opportunities for growth or ways to reduce expenses.

Ultimately, the data from your monthly business review meeting can help you and your coach create a more focused and effective coaching plan. By identifying areas for improvement and setting specific goals and action plans, you’ll be able to make measurable progress towards your business’s success.

On the other hand, if you feel too silly running the monthly business review meeting by yourself, there’s no need to fret. You can always rope your coach in and turn this into your coaching session for the month. By sharing your data with your coach, you’ll be able to get expert insights and guidance on how to make the most of the information you’ve gathered.

Your coach can help you identify trends, pinpoint areas for improvement, and develop a concrete action plan for the coming month. They can also provide accountability and support to help you stay on track and make progress towards your goals.

By incorporating your monthly business review meeting into your coaching sessions, you’ll be able to maximize your time and resources. Not only will you be reviewing your business’s progress, but you’ll also be receiving valuable feedback and support from your coach.

So don’t be afraid to ask for help! Your coach is there to support you and help you achieve your business goals. By working together, you’ll be able to make the most of your data and take your business to the next level.

In conclusion, the monthly business review meeting may seem like a small thing, but it can have a big impact on your micro-business. By taking the time to assess your business’s health and progress, you’ll be able to make informed decisions, identify trends, and catch potential problems early. And if you’re working with a coach, your monthly business review meeting can be a valuable starting point for your coaching sessions. So don’t be afraid to take the leap and schedule that meeting with yourself — your business (and your future self) will thank you!