JUST ASK DR. I!
When You Need Sound Advice
"Communication must be deliberate and can be words or actions. Be sure your words and actions match for brand authenticity."
In a global economy, competitors may be down the street or in another nation. Objectivity is crucial to achieving a balanced view of your operation. Bias is innate and will lead to strategic blunders. A thoughtful public relations plan must be ready to launch within minutes after the blunder. Strategies must include internal and external technology enhancements to remain competitive.Understanding the operating environment determines what type of business model should be utilized. Change is a given and preparing for change is part of a strong business strategy. Market disruption is constant; strategy must be based upon the firm's strengths and weaknesses today, but with flexibility to adapt when surprises occur in the future.
Most small businesses fail within the first five years. The primary reason for failure is not adequately preparing for the risks in operating a business. For example, if an owner spends all her or his waking hours running the business, what happens when illness appears? Who is available to step in? What happens if a new competitor enters the market with a fancy new business model that captures your customers' attention? Identifying risks upfront with plans to mitigate them will help to stabilize your operation.
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How is success measured? The answer depends on the goals identified. Goals must be smart: specific, measurable, attainable, realistic and timely. Maintaining accurate records-keeping is the key to knowing whether the business is on track for sales and profitability goals. An owner must have a BFFA (best friend for advice) that he or she can count on when problems or opportunities appear: the good, the bad, and the ugly. When measuring results, check the business plan to see what was predicted vs what actually occurred.