You’ll be familiar with the idea of a “State of the Nation” speech by political leaders. It follows a specific structure that you may want to use when you stop to reflect on how your business is going.
There are three phases to consider.
Where have we been, where are we at now, and where are we going?
We’ve been through a time when some businesses struggled while others boomed. Governments printed money which boosted consumer spending and sparked a massive shift to online purchasing.
What impact has this had on your business?
According to Forbes, team efficiency has plummeted from around 60% to as low as 42% which means you are getting less value for the dollars invested in wages.
And then there’s the future. The speed of change is constantly accelerating so businesses that can’t anticipate new trends and adjust quickly will suffer and may even disappear.
Your focus for the next couple of years?
Concentrate on profitability by improving what you have, reducing risk, and simplifying processes instead of starting heaps of new projects.
What changes have had the greatest impact on your business over the last two or three years?
