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Strategizing for Business Challenges
January 11, 2016
Strategizing your business is one of the most important ways to spend time on your business.
Many business owners or entrepreneurs usually spend time intheir business, not on it. The best way to save time, energy and money is to plan what you would like to achieve.
Planning and delegating creates the opportunity to spend the time on the business, to get out of it.
A good plan includes the most likely "bad/worse case" scenarios to be prepared for and have some contingencies in place. Every single possible threat will not be address, but the thought process of various options will have been initially explored. Even if a scenario occurs that you had not contemplated, one of the contingency plans (or a portion of one) may be the starting point of resolving a "black swan" event.
Create a business plan and take into consideration the strengths and weaknesses of the business. Look at the threats of competitors, the economic outlook for your region, then expand it to include global threats. Include geopolitical influences, government legislation, currencies, and any additional factors that may influence the industry your business is in. A full SWOT analysis would be a wise exercise to do.
Once a plan is in place you can revisit it quarterly to update it. You may choose to update more frequently or if an event occurs that would have a large impact on your business.