SHOP LOCAL: Make time to accomplish goals

SHOP LOCAL: Make time to accomplish goals

MANY small business owners know it’s difficult to find time to work on (rather than just in) their business.

All too often you become caught up in day-to-day operational needs and forget about other aspects which could help your business grow.

Success is built on thinking how you can proactively accomplish your objectives, instead of just reacting to business conditions.

Disruption from technology, increased competition, along with better informed and discerning customers are just some of the challenges businesses face.

Resilience to change often improves as a business grows in size and turnover, due in part to the owner’s capacity to anticipate and prepare for future events.

A strategic mind-set encourages you to determine the best use of resources at your disposal and how to align them with your actions and business plan.

Taking the time to think strategically and creatively can often result in innovative solutions or options to grow or adapt your business, so it’s important to set aside time to consider your future direction.

The amount of time you set aside will depend on your business, however it is good practice to build in a few hours each month to plan what should happen next.

Things to consider:

  •        Successful strategic thinking involves a scan of key factors and general trends that could have an impact on future results.
  •        Consider what’s causing these and identify opportunities your business could capitalise on.
  •        It helps to have your performance metrics, such as financial statements and sales results, to hand to help inform your thinking.
  •        Develop a plan of action based on your analysis.
  •        Implement your plan and review it regularly to make sure you stay on track.

The Small Business Development Corporation is here to help.

For more information on how to think more strategically in your business, contact one of our business advisers for a free one-to-one session on 13 12 49 or visit smallbusiness.wa.gov.au for more information.