Plan for Change in order to Survive and Thrive
Many of our clients have been with us for a number of years and have mixed emotions as they experience the highs and lows of owning and running a business.
Often they haven’t taken the time to sit back and analyse the changes taking place in their business and the environment in which it operates. Our challenge to you is to consider how any or all of the following impact on your business.
- Greater use of technology
- Increasing costs of supply, especially power
- 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 (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 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 key staff and advisers so you can get independent and objective advice on how your business is performing.
Are you doing any 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 advisers?
- Are you taking advantage of all the services provided by your advisers?
Our Business Services Team in conjunction with our Business Advisory experts can guide you through these processes and help you reach a rewarding and successful outcome. For more information please 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. Davidsons accepts no responsibility for any loss suffered as a result of any party using or relying on this article