Why your survival means evolving your business
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. Very few small business owners take the time to sit back and analyse the changes taking place in both their business and the environment in which they operate to consider how these changes impact on their current and future business situation.
Consider how any or all of the following may impact on your business:
- Greater use of technology
- Rising interest rates
- Climate change
- 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
- Higher employment costs
- 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.
SWOT Analysis (Strengths, Weaknesses, Opportunities and Threats)
Completing 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.
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 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 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?
At Thnk Advisory we are well positioned to assist you and your business to appropriately plan for the future. We have the tools and knowledge to assist in analysing your business and provide you with insights and action plans to grow your business. Further, we will assist in keeping you on track to meet your business goals through the provision of regular analysis and feedback against identified key performance indicators.
How you plan for change will improve your chances of surviving and thriving.