The business world has begun to return to normal operations. However, the full impact of the past 18 months is still to be seen. At present, the financial sector is predicting an increase in inflation over the next few years although we are living in a time of extreme uncertainty. When facing such challenges how do businesses promote financial stability?
We cannot rely on predictions, but we can grasp the opportunity to consolidate. To quote Ilya Prigogine:
‘The future is uncertain… but this uncertainty is at the very heart of human creativity.’
It is the creative and opportunistic businesses that stand the greatest chance of survival in the coming months and years. Decide now that you are going to be one of them.
What are the most important things you can do at this time? Evaluate your business and adjust accordingly. The following 3 steps will help you to harness your potential.
- Speak to your Financial Director NOW. Your financial director (FD) or Chief Financial Officer (CFO) should be at the table for every strategic discussion. They have fast become the most valuable role in any business. And, you are going to need their support and knowledge to undertake the next 2 steps. If you do not have a full-time FD in post, consider a part-time FD. You can even engage FD’s on an ad hoc basis. It is not important how you engage this service, that can be tailored to suit, it is just important that you do engage this service.
- Review your business plan. With your FD, undertake an analysis of your strengths and weaknesses. Strategic planning is vital and should remain a fluid process, subject to review. With the pressure on to adapt to consumer and market demands make sure your business vision is clearly aligned, and sustainable. You may identify areas where you can diversify or streamline. Your business needs to remain agile so that you can adapt in response to rapid change.
- Maximise your potential. There are two trends dominating business growth and success in recent times. Maintaining a digital presence, and servicing your local community. While consumers still place value on human interactions, they are likely to find you through a digital source. So, make sure you show them your best side and where possible embrace e-commerce. With regard to keeping it local, there are numerous reasons why consumers are choosing local businesses over national or global options. Use these trends to your advantage.