Getting to the Next Level
What does it take to get to the Next Level? I believe this is a crucial question to be answering in any business. If we continue on the same pathway, will our business get better or could it potentially go downhill? An even bigger question is: “Who might replace my business?” Is there another player out there who could potentially disrupt my industry and take me out of the current process?
This is an excellent, thought provoking process that is healthy for any business to go through. Former Intel Corporation CEO & Founder Andy Grove was known for his foresight, as well as his quote that “Only the paranoid survive.” I’m not suggesting you go to the point of being paranoid, but what type of changes could literally disrupt your industry? Here are a few examples:
- Could someone different provide the same product or service that you do?
- Could they do so at a lower price point?
- What if the profitability of your industry decreased to a much lower level?
- Could you survive? Would you even want to participate at this level?
- If margins start to drop, what impact could that have on your vendors?
- Would your lenders even care to loan money into an industry with lower returns?
- Will your Family members want to continue your business if the margins become tighter or, worse yet, even non-existent?
As scary as it might seem to go through this thought process, could it be beneficial to do so? Absolutely! My experience with many Clients over the past 19 years has taught me that they are always better prepared if they are aware of their current financial picture, have a plan to reach their financial objectives, an ongoing system to review their operations, a set of regular Team Meetings to discuss the challenges they are facing and an ongoing set of measurements to monitor their progress.
What’s your biggest challenge right now? My Clients all have challenges, too. However, they also have a plan for dealing with them. If you’d like to hear what they think about the processes we use, listen to their thoughts at:
If you would like to learn more about similar topics and the tactics our Clients have used to improve their outcomes, as well as what applications of these lessons you can make in your business, please join us for our next Success Strategies Mastermind Group series of quarterly workshops in July 2019. They are designed to teach more people the Finance & Strategy Concepts that I offer business people. Signups have begun, giving you the opportunity to learn these same concepts and meet with other producers who have overcome some of the same challenges you may be facing. Check them out at:
I believe this process of business self-examination is absolutely critical today, and if you need assistance with this task, please e-mail me at firstname.lastname@example.org or check out our website for many useful tools for your ongoing business evaluation at www.success-strategies.com. I’m always available for a follow-up call and wish you the best of success this year!