I think that getting in front of a business is much better that standing behind that business. Make the changes happen for you and everyone around you.
I agree when someone says if it is not broken don't fix it. But don't be complacent. Are you watching trends? Incremental changes could be occurring in your business? Over time things have changed in Real Estate, haven't they? Just think of technology, online presence, demographic and generational shifts. Now I am not saying that everything you do should change. Our friend Barbara Todaro has shown us that you don't throw away print advertising for online. However if you read her you know she constantly tests her relevancy.
Right now I am working with my Westchester County NY business owners on developing their future business plans. I urge every business owner to have a Strategic Business Plan.
A strategic plan will consider the business today, look into the future, and then plan to create the business's future. To remain successful a business must have that plan now and in the future. Here are some of the things I discuss when helping my clients with a strategic plan:
- Make sure you know what business you are in. This is not about what products or services that you provide. Rather you need to know how your customers needs are served and what those needs are. What need is being satisfied? The product successful in the past may not satisfy the need in the future. In that respect do not forget to take technology into consideration. Lately, I have noticed that people still need to buy stuff as much as ever, but malls are closing. Instead people are buying online. That is just one example. In real estate, are you selling houses or assisting buyers in improving their lives?
- Get in front of change. This is what I mean about creating the future. Steve Jobs created the future when he created the iPhone. Think creatively and think out of the box. Be a disruptor before someone else. In my own business I have found that webinars have been more effective than in person meetings. Interactive online training has proved more effective in some companies than classroom training. Times are changing. There was a time when a digital camera was not an alternative to high quality film but by not leading that new technology, Kodak failed.
- Assess your business. Take inventory of where you have strengths in the market as well as where you are weak and vulnerable. Then use that information to look into the future to assess not just opportunities in your industry but also dangers and threats on the horizon. If you have done good past business in an area where you know you are now weak, and you see new external threats on the horizon, you may want to move away from that offering. On the other hand, look at new opportunities where you can exploit your strengths.
- How do you communicate and market. The method and costs of marketing and communication have already changed drastically. Today, who looks to find something in the Yellow Pages? You need to embrace the new media but don't throw away the old if it works well. I caution you to evaluate and create a strategy first. Don’t simply follow the latest shiny new media application.
- Understand generational differences in customers and employees. Different generations have different needs, communicate differently, and engage with your business differently. If you are doing well serving one generation, learn why. Make sure you look at demographic trends. If you do well serving Baby Boomers, for example, will you have enough customers in the future? Discover the things that engage each generation. Do they still have value? Failure to understand that dynamic will result in increasingly lost revenue.
You can make changes as you go but if you want to create the future tweaking won't do it. You will need to transform your business. For a similar post of our web site see ARE YOU TWEAKING OR TRANSFORMING YOUR BUSINESS?
or call 914-953-4458.
Business Coach - Strategic Plans - Sales and Marketing Coach
President Performance Development Strategies
914-953-4458, Armonk NY 10504 firstname.lastname@example.org
Visit my website www.pdstrategies.com for information on how you can obtain quantum leaps in your business performance.
Helping businesses go from "good to great"