Today's Tip: Business Strategy
Have you ever tried to control the weather? Unfortunately, you can’t do it, regardless of how hard you try.
In that same vein, there are forces outside of your control that will have an impact on your company. There is little use getting worked up about these situations. Instead, take a deep breath and begin solving the problem.
However, you can start now getting ready for changes to occur. For example:
- You may have employees that quit, or you lay them off. Now is the time to get more staff cross-trained. Get your bench strength built up to prepare for a labor force shift. For every core task in your shop, have multiple employees trained in that skill.
- Similar to previous years, there could be a supply chain disruption. When your leading suppliers are out of stock or can’t help you, who will you turn to when you need something? Explore your options and get new accounts created now. Order from them so you can experience their process and customer service levels.
- What might happen to your business if over 60% of expected sales dried up? How long could your company survive? Set up a savings account with at least six months of operating capital.
- How diverse is your business from a customer standpoint? Does one customer give you more than 20% of your sales? Now is the time to go after new customers in entirely different markets.
- Understand how your customers want to order and spend their money. If most of your sales come in from one method or direction, start increasing your efforts with what’s working. Don’t be stuck in the mud. Talk to your customers and ask them.
The future is always uncertain. That is what is challenging about being a small business owner. However, you can create a winning strategy by focusing on the things you control, what is working, and what your customers demand.