Create a Small Business Health Check Plan for 2023

by Sheri Heiney, President & CEO of the Prescott Chamber of Commerce

Most business owners are extremely busy working on various parts of their operations, so without regular checkups on financial health, they can lose control and become susceptible to financial problems.

Periodic business health checks can spot problems.

1. WHAT ARE YOUR REVENUE GOALS?

Every business should have revenue goals, both annually and monthly. If you hit goals, what did you do right? Budgets help businesses predict the amount they’ll earn and ensure they have the means to cover expenses.

Identify How Clients Affect your Revenue

Do any customers drain your energy? Are they costing you more in lost time and motivation than they’re worth? Firing your first client can be an emotionally charged experience, but it is a skill every successful business owner needs.

Review Best Revenue Sources

Having multiple revenue streams is good, but it’s important to dig deeper and determine which source of revenue is most crucial, makes the most efficient use of your resources and represents the greatest growth potential.

If your checkup reveals you’re spending too much time on an inefficient revenue stream, consider dropping it.

2. EXPENSES

Tracking expenses helps businesses chart a course with clarity and confidence. Make sure you’re on the lookout for the best deals on expenses like office supplies, travel and food.

3. RECEIVABLES

Do you do a good job of monitoring receivables and following up on pastdue invoices? Have a clear policy on overdue accounts and follow through on collections; consider outsourcing.

4. ADDITIONAL AREAS TO MONITOR BOOKKEEPING

If you want to continue doing the books yourself, try setting aside a little bit of time each week. If bookkeeping is something you just can’t commit to staying on top of, it might be a good time to consider outsourcing.

Business Classification

Is your business classification still a good fit? Talk to your attorney and CPA about whether it makes sense to change your business entity

How Often Do You Need a Checkup?

Set a goal to perform your small business checkup every quarter. Try setting three goals and three key activities to help you reach your goals and keep your business growing and thriving for years to come.

For more information about the Prescott Chamber of Commerce, visit www.prescott.org, call 928.445.2000 or 1.800.266.7534, or stop by the Visitor Information Center at 117 W. Goodwin St.

NorthernAZsocial.com 1 (928) 710 7910

CREATING A PRESCOTT, ARIZONA TRADITION

A candid Interview with Boot Drop Co-Founder, Donna Werking

HOWDIDTHENEWYEAR'SEVEBOOTDROPBEGIN?

In late 2009, Donna Werking was aiding the City of Prescott’s Tourism team as an independent marketer partnered with a local advertising agency. “A desired goal was to increase bed tax dollars for the city. At the time, there was a lack of events held in Prescott after Acker Night. The tourism gap ran from mid-December through March. " After many conversations over the course of the year between Werking and a local Prescott Advertising Agency, two more partners were brought on to expedite this new venture: Great Circle Radio and the Prescott Chamber. "Together, we launched this signature New Year’s Eve Event for Prescott, Arizona” stated Donna Werking, owner of Northern AZ Social, LLC and Boot Drop Co-Founder.

She continues,

“Before aiding the City of Prescott as an outside marketer, I held the position as Director of Corporate Sales with the Arizona Sundogs Hockey Club. A large part of my position was to create new events and promotions for the team. My new career as an independent marketer was another way to apply my talents and ideas. Bringing a new tradition to our community became a goal we all set to achieve.

Donna Werking (Boot Drop Co-Founder) Center Jeremiah Sawyer, Motion Candy Video Tracy Fultz Scheffer, Blushing Cactus Photography

HOWDIDYOUDECIDETODROPABOOT?

Donna Werking & Friends Boot Drop 2021/22 “As a former student at Northern Arizona University, the “Pinecone Drop” was a fresh experience in my mind so I thought dropping a boot was a concept well-suited for our town. A horseshoe was initially discussed but I didn’t think that made sense logistically. I created the first website, Bootdrop.net to conceptualize the event and presented a PowerPoint with a Boot as the main centerpiece. It took some months of convincing but was soon adopted by my cohort. Over the course of a year, much research was done to assure that no one was dropping a boot across the nation. Although, I did find that the City of Key West dropped an over-sized high heel shoe! It was a laborious year of planning, and it was certainly no easy feat. This is when we brought on our support partners, the Prescott Chamber and Great Circle Radio. We thank Stephan Markov of Morgan Signs for creating the beautiful boot design. Also, Great Circle Radio for their huge level of support with sponsorships and talent for so many years!”

WHATWERESOMEOFTHEHARDSHIPSYOUENCOUNTERED?

“Before the inaugural Boot Drop event, we endured eight months of planning with no guarantee of profitability, or even success. We were all working without compensation, and motivated by a dream. The hardships included working with a skeleton crew of four people who were tasked primarily with procuring sponsorships. Therefore, I led the majority of the planning efforts. The challenges included pitches to City Parks and Recreation, sponsorships, budget management, road closures, vendors, infrastructure design and more. I personally scouted the Palace building roof top as the drop location from the flagpole. The roof is oddly sloped so that' s always been a challenge, especially with weather. I also collected the necessary signatures from downtown businesses to seek their approvals for the event. One year the city stage broke so we had our sound technician use the back of his truck as the main stage. So many triumphs and so many great memories. On the inaugural event day, I recruited my friends and family to assist with the infrastructure set-up. My husband personally donated tables, electrical cords and equipment for vendors to pull off the first-ever Boot Drop event. It was an arduous process that involved endless hours of planning. I still reminisce over how just a few of us pulled this through. We proudly hold the Boot Drop archive of planning records at my agency, Northern AZ Social. It' s good to remember that if you put your mind to something, with time, hard work and the right people, you can do anything.

WHATISTHEFUTUREOFTHENEWYEAR'SEVEBOOTDROPEVENT?

“I am very proud to see how the New Year ' s Eve Boot Drop event has grown today. It is wonderful to see that our city embraces the "Boot Drop " as a signature event. My agency will continue to support the New Year ' s Eve Boot Drop as it now lives under the "Arizona Christmas City " events. The Boot Drop has had many homes since its inception and has lived with M & M Entertainment as the event organizer for the last decade. The overall goal is to secure the life of the event for years to come. For everyone involved who initially believed in the event and dedicated their time, I can say our effort has truly paid off. I hope to see the event around for many more years. I also hope to attend the event as a grandmother one day and show my grandchildren the long-lasting New Year ' s Eve tradition we started.