Many business owners have mixed emotions as they experience the highs and lows of owning and running a business. Very few business owners take the time to sit back and analyse the changes taking place in their business and operating environment and then consider how these changes impact on their current and future situation.
Have you considered how any or all of the following impact on your business?:
- Greater use of technology
- Increasing operating costs
- Rising interest rates
- Climate change
- Increasing use of imports
- Greater pressure on profit margins
- Little sense of customer loyalty
- Demographic shift with aging business owners (including supplier businesses)
- Higher employment costs with fewer staff
- More businesses for sale with fewer buyers
How you plan for change will improve your chances of surviving and thriving.
Based on our experience, a business SWOT 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.
We work closely with a number of business clients as their trusted advisor assisting them with their business planning and succession. We have found the approach as a trusted advisor has a number of benefits such as:
- Encourages business owners to spend more time on the business and less time working in it
- Focus on industry trends
- Benchmarking against competitors
- Creates a vision for the future
Are you doing any or all of the following?:
- Do you regularly attend industry conferences and events?
- Do you regularly attend training courses?
- Do you allocate a % of your working week to strategic and business planning?