Recent statistics on the economy in Arizona suggest that business should be doing better. Here are few a key statistics from First Research
- State job growth rose 1.2% in May 2014 from a year ago; national job growth rose 1.8%
- State unemployment averaged 6.6% in May 2014; the national average was 6.3%
- Personal income rose 4.0% to $249 billion in Q1 2014 from a year ago.
- Tax revenue increased 11.9% in Q1 2014 from a year ago.
- Exports rose 11.0% to $6.2 billion in the first four months of 2014 from a year ago.
While the overall picture looks pretty good for Arizona, are you benefiting from the uptick in the economy?
July is often a good time to reflect on what’s working and not working in your business. We tend to make ambitious plans at the beginning of the year but fail to track how well we are executing to the plan. The three questions to ask yourself are:
1. Am I on track to meet my goals and objectives for the year?
2. What strategies are working or not working?
3. What adjustments do I need to make to close out the year strong?
If you haven’t looked at your plans since the beginning of the year then now would be a great time to evaluate your progress. Summer vacations take your mind off of business, recharge your batteries, and give you an opportunity look at your business from a fresh perspective. Also reviewing your business with trusted advisors can give you new insights based on their knowledge and experience. Their feedback and advice should be factored into any mid-course corrections you are considering.
Taking stock of your business in July can be a tremendously valuable investment of time for finishing the year strong. With the Arizona economy improving, you may realize some new opportunities you didn’t see at the beginning of the year.
Are you looking for a trusted advisor to help you develop a sound marketing strategy or plan? If so, we would love to have a conversation with you to see how we could be of service.