What is Your Businesses Destination?
What is the destination that you want to arrive at? Where is your business going? Are you in control of the direction your business is headed? Three important questions that need to be asked, your attention needs to be focused on where you are headed. Everyone has put a business plan together at some point. Knowing where the business should be headed. Now that the business is built and running, have you looked at the direction the business it going?
When the business is running, people tend to just hang on for the ride. The business takes on a direction of its own sometimes. Executives and management fall into doing the work from the direction the business has taken on. Whether it is production or services sometimes it can lead onto a path of a slow downhill spiral over time. This can take years to happen, not just over night. When it is realized that the spiral is spinning faster, panic sets in. then the questions ask is what to do now?
In business it is often times over looked as to the direction of the company until it is in the disastrous stages of panic. The problem is that over time the direction was not checked, looking towards the future. The sights were set only on the near future right in front of it. This was the mistake that so many companies and businesses have fallen into. The results of the company closing and putting people out of work, is the unfortunate direction of the business.
What can be done about it? Before direction is lost control of, businesses/companies should be aware of the direction sooner, right?! Simple, but why does it happen so many times to a business. According to the SBA (Small Business Administration) study found that 24 percent of new businesses never make it to their second anniversary. Another 23 percent fail in the next two years. Some high-risk ventures, such as restaurants, have a two-year attrition rate as high as 80 percent. In 2009, an estimated 552,600 new businesses were established in the U.S., according to the SBA, while an estimated 660,900 closed their doors for good.
The United States is in an economic slow period that can not be denied and is the cause of some businesses to close. But, so many businesses have closed also due to not planning ahead and for the future long term. Businesses have failed to keep a focus on the future and not just the immediate future. With immediate future, I mean less than 2 to 3 years into the future of right now.
So my question is this. Do you want to be one of those statistics or do you want to be one that succeeds? It is all about having a direction and strategy in place for now, tomorrow and next year and finally 5 years down the road. Your strategy needs to be flexible but not overly flexible that causes it to fail. Having a consultant working with you is a great investment in ensuring your future is strong.
Planning is important and having a consultant to guide your business along for its future is a wise invest, don’t you think? Yes, it would be! The service that a consultant provides is so very valuable.