How did your business do in 2007?
The Philippine Daily Inquirer's Business Monday Executive Forum asked several business owners some tough questions: How did your business fare in 2007, how much did you grow, what were your projects and what are your expectations for 2008. Normal fare for end-of-the-year assessments and business planning for big businesses. (Read the article here.) But if you're a mom and pop outfit -- maybe you have a small pig farm or a simple gift shop -- it's easy to slip and slide from year to year with no "assessment" or "planning" at all. You have no stockholders to report to, nor a board of directors to check your progress. However, a simple assessment and planning session perhaps even by yourself or a few friends can clarify issues in your head or crystallize a plan that has been forming while driving. It helps if you know how to extract the information you need to make a good assessment and how to analyze your own books. I find the articles in the Go Negosyo website to be useful even for those who have no idea what a financial statement is. Most of them were written by SME Insight writers, so no wonder. Click on this link to go to their download section. The food, beverage, media and healthcare industries all seemed to have a fruitful and eventful year in 2007. All three businessmen from Figaro Coffee, GMA Network and Whealth Inc. see another good year in 2008. What about you? How did your business do?
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