Perhaps it’s been some time since you started your business. Many business owners have mixed emotions as they experience the highs and lows of owning and running a small business but very few small business owners take the time to sit back and analyse the changes taking place right in front of them. The business environment is always evolving and the impact of these changes on your current and future business situations should be considered.
Start by thinking about how any or all of the following affect your business:
Greater use of technology
Increasing costs of supply
Rising interest rates
Increasing use of imports to meet customer demand for cheaper goods
Greater pressure on profit margins from national competitors
Little sense of customer loyalty
Demographic shift with ageing business owners (including supplier businesses)
Higher employment costs with fewer staff
More businesses for sale with fewer buyers
Small business owners need to continually evolve the way they do business if they are to survive and thrive. Completing a business SWOT (Strengths, Weaknesses, Opportunities and Threats) analysis is an essential first step in any effective business planning process with the aim of successfully evolving the business to counter existing weaknesses and threats, bolster strengths and take advantage of opportunities as they arise.
Planning is the key to your future success.
Successful small business owners are able to spend less time working in their business, with more time spent planning their future. Take the time to find out what’s happening in your industry, how you compare with your peers (benchmarking) and establish a picture of what your business will look like in the future. Invest in planning days with your most trusted Advisers (Accountant and Financial Adviser) so you can get independent and objective advice on how your business is performing.
Are you doing any or all of the following?
Do you regularly attend industry conferences and events?
Do you regularly attend business management and training courses?
Do you allocate a % of your working week to strategic and business planning?
Do you regularly spend time with your Accountant and Financial Adviser to discuss your business affairs?
Do you regularly attend information sessions provided by your most trusted advisers?
Are you taking advantage of all the services provided by your most trusted advisers?
How you plan for change will improve your chances of surviving and thriving.
If you would like to discuss your business position and arrange a market appraisal, please contact our team on 08 8334 0600 or email firstname.lastname@example.org.
Disclaimer: this information is of a general nature and should not be viewed as representing financial advice. Users of this information are encouraged to seek further advice if they are unclear as to the meaning of anything contained in this article. BSTAR accepts no responsibility for any loss suffered as a result of any party using or relying on this article.
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