Facing The Storm

By Barbara Eldridge

Are you falling prey to the relentless focus on what is going “wrong” in the economy? You are bombarded daily with information, in the newspaper, on TV, over the internet, and from the people around you; some times it is positive – “there are robust home values, or the stock market remains strong” and sometimes they are not – “gas prices have tanked, the economy is slowing”.

As you begin to look toward 2022 you will have to choose what position you will take to plan your business. You might start by asking some tough questions. Do you recognize the need for change? Some business owners are researching new directions for their businesses, a whole new model, as some markets are disappearing.

• re you prepared to look reality in the face? • Are you willing to change the way you do business – and change yourself? • Will you turn the plan into action? • Do you have the guts to take your business in new directions?

Here is a road map that will get you to view your business through a lens that eliminates the distortions of everyday business. Let me warn you, you may not like what you see. But if you are going to meet the year head on it is a necessary process. Let’s look at what a strategic plan could do for you.

1. Develop a statement of purpose. Why does your business exist? Sometimes why we started the business is not the same as why we continue to work it. Some people over the years have added staff, so that now there is room to travel more. There are those that started in business to support their family, and now are looking in new directions.

2. Conduct a SWOT analysis. This will help you evaluate your business’ internal strengths and weaknesses, along with the opportunities and threats you face in the market place. It will give you a basis for developing a plan.

3. Crystallize your thinking – Determine what specific long range goals you want for your business.

It is never enough to just want more money. They should cover all aspects of the business. Perhaps even selling it.

4. Create benchmarks, with specific results for

meeting those goals. It is easier to make adjustments along the way without losing sight of the long range goals.

5. Brainstorm strategies for reaching each of the

results. There is more than one way to achieve a result, ask others for ideas.

6. Develop a Plan of Action. Plan the progressive

steps, along with who will do what when. Nothing ever happens without action, but there is a world of difference between mere action and constructive action.

7. Be confident in yourself and your own abilities.

Be determined to follow through on your plan, because without determination the plan will deteriorate.

The 8th step is to track your progress. Write out your numbers (yes write), know your sales number, gross profit, cost of goods/time. It is a sure way of staying focused.

The Challenge: You have the ability to choose your experience. Take the first step