In your business you should focus on doing the right things at the right time for the right reasons. Hold your focus and stay sharp on the things necessary to grow and adapt to changes.
Don’t get bogged down in the daily operations and get lazy and develop a rut. The owner stops seeing the big picture. Sometimes day to day things are occupying all the time and money is being made. The business has had years of successful sales and profits. Since your business is still making money and continuing to operate the reasoning is, if it’s not broke don’t fix it. What are your ready for a sudden change in business environment? As a financial planner friend of mine says, People don’t plan to fail; they just fail to plan. To plan for success take this 5 area checkup:
1. Make sure you know what business you are in. If you make cell phones, do you provide smart phones or do you create facilitated mobile communication? If you run a civil engineering company, do you create road designs or do you help municipalities solve their transportation problems? If you are in real estate, do you sell houses or do you assist peoples manage their living solutions?
2. Don’t react to change; create it. The best way to this it to look into the future, understand the trends and how they affect your business and move yourself into them. For example, considering technology changes and the sweeping quick technology changes, should you utilize more virtual and technology-based presentations including videos? Should you do more webinars and hybrid presentations?
3. Assess your business. Take inventory of where you have strengths in the market as well as where you are weak and vulnerable. With that information identify your opportunities to exploit as well as emerging changes that could be threats to your business. If you have done good business in an area where you know you are weak and you see new external threats on the horizon you may want to move away from that offering. On the other hand, look at new opportunities where you can exploit your strengths.
4. How do you communicate and market? The method and costs of marketing and communication have already changed drastically. Today, who looks to find something in the Yellow Pages? You need to embrace the new media. However, I caution you to evaluate and create a strategy first. Don’t simply follow the latest shiny new media application.
5. Understand diversity, equity, and inclusion. How do your offerings and communication work with the diverse workforce and customer base? If you are doing well serving one group, learn why. Are the things that engage that a dominant generation of no value to the next generation? Failure to understand that dynamic will result in increasingly lost revenue.
How did you make out with your checkup? Do you have work to do? If you have not done a strategic plan or updated yours in the last 3 years now might be a good time to do it. It will help you focus on the future.
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