Is Your Small Business Prepared For The Future??
The effects of any potential change will differ from business to business, to determine implications for your business, there are an amount of questions you may consider.. so preparing your small business for the future is paramount.
Naturally these would include precisely what is the likelihood of change and precisely what is the likely pace of change.
There are also questions that are more particular to your business.
First, how would your business respond to a big change and how quickly could you adapt?
Will the change require an adjustment to business practices? Even small changes can have significant consequences, which after inspection can generally be
Will the change affect your entire competition in a market?
A change that influences all competition equally can result in offsetting changes in competition and prices.
A change that more significantly influences just your business will be of better result.
The nature of change is also important.
Most changes, such as a change in the expense of a key input into your business, may be quickly absorbed by the marketplace and passed on in an alteration in price to consumers.
Modification to business practices may be soaked up more slowly and give advantages to those who adjust earlier.
Is the market growing?
Changes that happen in an evergrowing market will generally carry lesser value.
For example, an adverse surprise may simply slow the rate of new competition in a growing market but cause some existing businesses leaving in a steady or declining market.
- What appears to be a significant change may be quite benign.
- For any change, will the change: – involve a change in business practice? – provide time to adapt? – affect the entire industry?
- Ensure your business is resilient.
- There will be changes which you will not expect.
It is vital to recognise that, despite your very best efforts, there will be events that you simply do not expect, or that could not have been foreseen. While you cannot anticipate all eventualities, you can consider how to ready your business to be more resilient to sudden shocks..the most effective way is to do your research and closely watch the marketing trends.