There is a recession coming, how do I know, because every day we get further away from the last one, we get a day closer to the next one, fact.
It is very easy to forget past experiences as we enjoy the benefits of the good times, however, we must be conscious of the volatility of business as exemplified by Covid and more recently the war in Ukraine.
We have little influence on external forces so the best strategy is to make sure that we keep a close eye on the changing forces that may impact our business. I hear many business owners saying, I have my fingers on the pulse and know what is going on, however, time moves very quickly and without a benchmark it is difficult to keep track across so many criteria. That is why I am keen to point out the benefits of a detailed Strategic Plan and I have attached one here. There are many versions but I have found that if this particular one is filled out in detail and reviewed quarterly it has the ability to take you systematically through your business and monitor subtle changes that are taking place around you.
For example you may be impacted by the Euro US Dollar exchange rate in more ways than you allowed for. In the course of the last year there has been a shift of 18% which might have impacted your cost of materials which you may or may not have allowed for. It also impacted the price of diesel and perhaps some other products or services that may have gone under the radar. Only by having your plan completed can you take into account all areas of your business and then make important decisions that are strategic rather than reactive.
I remember seeing a service allied to the print industry engulfed by a tsunami of technology over the course of a two year period. Those in this niche sector were making a very good living and the future was bright, however, they were overtaken and virtually all were put out of business. They were too busy making money to notice the rapid changes in technology taking place around them. Could they have prevented the changes, no but by taking time out to examine what was happening in their sector there may have been an opportunity to pivot and perhaps survive.
Can you be sure that your business is future proofed, not really but with up to date information and the careful monitoring of key metrics you can give yourself a better chance of survival.
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