Have you noticed the one thing about being a business owner? Change…in client preferences or in your industry in general? This includes everything from the best social media platforms to the use of technology to confirm appointments. If you have noticed these changes and acted on them, then you are paying attention to your clients and the world that your company operates in.
When you first started your business you most likely spent a fair amount of time developing a business plan which included everything from what kind of market you expect to excel in to how you will market your product. When is the last time you looked at the plan? Part of being able to keep the doors open and the business growing is being able to adjust your business structure and/or product lines as you see those changes. Then take it one step further and adjust your short term business plan.
It is important as a business owner to reevaluate your business. A key part of being able to reevaluate your company on a regular basis is setting aside the time to review the progress you have made but also the setbacks that have occurred from things not working out as well. Being able to grow depends on your ability to spot the strength and weakness of your company and adjust your procedures accordingly.
Some important factors to consider as you review your company’s progress are:
- Examine your P & L as well as cash flow? Are you making a profit?
- Is your marketing strategy reaching your intended customers?
- Did you receive any customer feedback good or bad?
- Is there any way to improve customer relations?
- What do you feel is the strongest and weakest trait of your company?
- Do we need adjust staffing?
While these are not the only questions you should be evaluating, these questions may help put you in the mindset of how to improve client relations, prepare and adjust for growth and/or determine if the time is right for a second location or product launch.
Remember that in order for you and your company to be successful you need to be able to adapt to change, overcome obstacles and deliver stellar customer service. By adjusting your business plan for short term changes you can make smaller adjustments allowing for long term profits and success!
About the author: Autumn Edmiston is the CEO and owner of the Edmiston Group. The Edmiston Group is a multifaceted Pittsburgh based marketing consulting firm providing senior level marketing management services to businesses and non-profit organizations on a short or long term basis. Core areas of service are business development, marketing, strategic planning and public relations. The Edmiston Group has consistently delivered and implemented real-world, proven business marketing ideas and strategies for business growth.