What improvements can you make today that will help your business’s success in the future?
In a rapidly changing business environment it’s easy to get caught up in the day to day operating challenges that can consume your day, but not really advance the business goals of the organization. In such a fast paced world, you can easily take your eyes off of strategic and longer-term objectives and focus solely on the challenges of the moment.
It is important to remember that all businesses, no matter how small or large, face common challenges and the success or failure of the business is often critically tied to how strategic issues are managed. There are a wide variety of important issues business managers should focus on, such as:
Market Relevance – Is the business positioned to remain relevant to customers or do new entrants, new technologies and rapid change threaten it?
Business Life Cycle – Has the business grown to its maximum size for its current configuration? Would continued growth mean a reconsideration of corporate governance, bringing on new partners, franchising, or even exiting the industry for the current ownership?
Succession Planning – Who and how will the next generation of owners come to participate in the business and eventually allow for the current owner to exit and retire?
Getting off of the Treadmill – How does the business owner get out from under the day-to-day challenges of their work? It is becoming more important for people to allow for a healthy work/life balance. Especially for business people who have devoted incredible time, money and effort into building a business; how do they effectively step away from their work with the knowledge and peace of mind that things will continue on, as they should, after retirement?
There are countless issues that confront business owners and managers and it is up to them to determine the extent and seek help when necessary. Luck favours those prepared. It is important to remember that the wheel has already been invented. These issues are not new. However, so many businesses overlook the importance of addressing them accordingly and the result is often detrimental to the health and viability of the company.
Being able to honestly and opening identify some of these issues will create peace of mind and bring value and longevity to your business. Seeking outside expertise for advice and guidance may seem like a frivolous expense, but when weighed against the value of your business and the prospects for growth, it may be one of the best investments you can make.
When did Noah build his ark? …before the rain.
A.C. (Tony) Baumgartner, CEO
BBNR Solutions Management
306.519.1172
tony@bbnrsolutionsmanagement.ca
bbnrsolutionsmanagement.ca
