Planning is often one of the first areas to be overlooked, but perhaps the most important element of any business.
It is that time of the year. For most retailers the current six-week period is the make or break cycle of the year. In fact, a number of retailers will traditionally bleed money until the Christmas season, these couple of weeks will determine if their companies are in the black or red at the end of the year.
For most this is a very busy time. An observation I find true is that the busier people are the more productive they become. Look at your own circumstances. In times of lower motivation do you accomplish more, or are you more effective when juggling a number of responsibilities. While everyone is different, there is an old saying that is proven – if you need something done quickly ask the busiest person you know.
One of the most commonly overlooked issues in many businesses is strategic planning. Often, planning involves looking at historical sales when considering how much inventory to order for the coming season. It is hard to plan effectively while looking in the past. Growth will occur when examining a host of future indicators and accommodating both opportunities and challenges.
What better time of year to plan than right now? In the height of the chaos, when hours are extended and staffs are strained, lines of credit are bulging and the register is ringing, customers are frenzied as you try to keep the shelves merchandized.
Yes there is no time; but what better time? You have an intimate handle on your business and if business is good you are at the peak of optimism. Don’t concentrate on increasing your sales by twenty per cent next year, examine how you can diversify your business and reach new customers.
Most sectors have been constrained for almost four years. We have survived. Our economy will encounter more hiccups before the global recovery. We do know with some certainty that the global economy will recover, the Canadian economy will prosper and stronger sister provinces will continue their expansions. After a predictable lag our little economy will strengthen as well.
Business can wait and grow through the expansion or we can be proactive and plan for the growth now. Invest in people, equipment and technology ahead of the curve and maximize the benefits of a recovery.
Strategic business planning does not have to mean costly business investment. It may simply be a matter of examining ones business and considering new approaches and efficiencies. Being strategic does involve considerations in advance of being forced to respond to market conditions while being proactive with your business plans.