Stay Sharp

I have been in business for some time. It’s easy to become complacent and operate things as usual. But with new technology and business advances happening every day around us, it’s important to take time to evaluate how my business is doing in terms of changes happening in the industry.

When a business owner finds they have a cutting edge in their industry, just like a good knife, it will need to be sharpened to stay productive. They will need to take the time necessary to plan and adapt to changes in the marketplace. Knowing business costs and expenses is a vital part of an evolving business. Reflect on how you obtained your customers. Was it because you were cheaper, faster, offered better service, 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 to ways to reinvent my business. The key is to stay fresh and ahead of the competition. Effective business planning should be done regularly each year.

It’s a good game plan to use the SWOT Analysis each year. By gaining an understanding of your Strengths, Weaknesses, Opportunities, and Threats, you can get a good 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 and 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 how you adapt to evolving changes in the industry will determine if your business can survive and thrive in an ever-changing marketplace.