It is easy to be busy when everything seems to be humming along, but protecting yourself from a sudden curveball is important. Consider the following:
Always stay vigilant about changing consumer needs, trends, and tastes.
Is it time to consider re-positioning your brand or offerings? Don’t get left on the sidelines of irrelevance. Remember Sears? Yeah, they used to be an Amazon-size gorilla before they lost touch with consumers.
Be aware of the political winds of change.
As famously said, “Elections have consequences!” It could affect taxes and regulations. If these represents an increase in both, be prepared to make necessary pricing or policy adjustments. These trends are generally validated three months before an election.
Management-to-Employee relations – Is everything hunky-dory with your employees, or do they have morale and engagement challenges? It never ceases to amaze me how many CEOs, COOs, and business owners are unaware of the hidden issues just beneath the surface. Employees won’t tell them, but they will tell me.
The truth is that many companies fail to look ahead until it becomes a harsh reality that hits them across the face.
Comprehensive planning – seeks to avoid this by asking questions and encouraging proactive thinking ahead of potential changes, turning threats into opportunities.
Succession planning – outside of money and estate planning can be equally important. Along with this, real thought into what the next chapter looks like matters just as much.
Maybe it is to travel, launch another business, mentor, volunteer, or just go fishing.
Preparing for this transition in these terms is not only smoother but more enjoyable. This is because it creates a plan for the next phase of life, business, or retirement.
ll the years of building and selling my own businesses, as well as advising other companies for over 30 years, affirm that these are important things to consider. Being proactive instead of being reactive is always the way to go!