We are going through a unique economic cycle, one which leaves even the best minds guessing as to what the “real” future holds. That puts small businesses in a difficult but advantageous position to win “big”.
In my opinion, planning has moved from a once every 2 to 3 year project to one that must be addressed with every shift in the economic cycle. Big businesses are like a big ship, it takes a while to turn them around, whereas a small business can pivot on “a dime”. Strategic moves have to be made with every change be it due to COVID-19, the overall economy, politics or the civil unrest.
With each move consideration has to be given to the mindset of your clients and target market, what their pains and gains are and how they have changed. Technology is moving at an ever faster pace and digital solutions are becoming the new normal. Artificial intelligence, virtual reality, 3-D printing etc. are becoming part of the daily business life. Although all of these technologies have been with us long before this pandemic arrived, their use and development have been accelerated.
We are challenged with a new learning curve as digital solutions become an answer to most problems. As a small business owner you must stay abreast, not only of the factors affecting our economic cycle, but also new technologies that are being developed. We are called to quickly develop value for our clients and target market and share that information with them.
It is becoming more and more difficult to be a “loner” while growing a business. Each small business owner has a gift that they can share with others, and together they can fill in all the pieces necessary to succeed. That requires a systematic outreach plan, getting rid of the old mentality that “I can do it all alone” and joining and participating in a small business community. Participation requires an act of giving as well as learning. It requires you to know the other members of your community and to help them reach their vision.
Plan now and plan again is the title of this blog. Planning has to be a live, action based function, one that is in a continuous state of adjustment.
Your success is based on how fast you can move and make decisions and how good your support community is.
Everything is in place for you to succeed and grow, but you must take the first step and use your BizQuack Community to its fullest.
Tips and Advice by Nick Petra, CFP and Founder of BizQuack and Strategic Duck.
Providing support to build, profit, thrive, and survive the daily challenges of entrepreneurship.
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