So you've had your business valuated and you understand what you need to improve upon to succeed. It's great to know where you stand in regards to the rest of the market, but of course, you want to grow. It's hard to stay competitive, I won’t lie, but you must learn to be quick and agile to keep up.
Here are my top 3 tips to keeping your business competitive in today's market.
Fall in love with planning, not the plan
I talk about planning a lot in my blog because it's something that truly matters to the health of your company. Make plans, set goals with your team, and learn to anticipate changes in the market.
That said, the biggest mistake I see business owners make is they become too attached to one plan or one specific way of doing something. Then when change comes, it's almost impossible for them to switch directions. This is why I say to fall in love with planning, but not the plan. Plan ahead and be flexible, so you can move quickly if circumstances are disrupted.
Learn to see trends
The ability to see trends has been one of the major reasons The Cadman Capital Group has been successful. We were able to predict market trends based on the anticipation of world events such as Brexit and Trump winning presidency. We knew Brexit was inevitable, so we made a new business plan to take these specific changes into account.
The same goes for Trump. We weren't sure whether he or Clinton would win the election, so we decidedly made a plan for both outcomes. As it turns out, Trump won, so we had to change the business structure accordingly. Being able to properly forecast these major shifts and understanding how they will effects your company will have a huge impact on your success.
Have a back-up plan
It always comes back to planning "“ especially when remaining competitive in today's workforce. I've put together a business model that scales things back to only a few people working for the company. My advice would be to have plans in place so you can continue your business if your margins change by at least 20%.
The bottom line
Properly forecast and understand the external factors that will negatively or positively affect your business. There will always be external factors but it's up to you to find a way to make them work in your favour.
Are you enjoying this series? Comment and let me know! Up Next: How to Embrace Change
Giles Cadman is Chairman of The Cadman Capital Group, a group of cohesive, complementary companies, operating in the international trade, retail, leisure, and investment markets. Learn more about Giles.