If you have been in business for some time, it’s easy to become complacent and operate things as usual. With new technology and business advances happening every day around us, it’s important to take time to evaluate where your business is currently positioned and where your business is headed in the future.
You found an edge in starting your company and just like a good knife it will need to be sharpened to stay productive. You will need to take the time necessary to plan and adapt to changes in the marketplace. Knowing business costs and expenses are a vital part of your evolving business. Reflect on how you obtained your customers. Was it because you were cheaper, faster, offer better service, higher payload or was it just luck that you called at the right time when they needed a carrier. When I meet with my financial planner at the end of each year, we discuss next year’s plan and look ahead on ways to reinvent my business. You want to stay fresh and ahead of your competition. Effective business planning should be done each year and on a regular basis.
You may want to use the SWOT Analysis in your business plan each year. This includes Strengths, Weaknesses, Opportunities, and Threats. By gaining an understanding of these, you can get a picture of how your company is performing and what areas may require attention.
You can keep up to date and current with your industry by doing the following:
- Attend industry meetings, conferences
- Plan time to meet with your Accountant/ Financial Advisor to discuss business affairs
- Attend leadership, management, or business training events within your industry
- Take training courses when necessary
- Write a strategic business plan of action for each year.
How you plan and are able to adapt to evolving change in your business will determine if you can survive and thrive in an ever-changing marketplace.