This is the 4th and last in our series of blogs that will detail how we work with small businesses to put them on a path for profitable growth and longevity. Please feel free to comment – we would love to hear from you!
As you would imagine, external trends are much more difficult to deal with as a small business, because they are not of your making. Nevertheless, if you are well aware of your market, your competition, pricing for good/services in your industry, personnel costs, etc., you will be much better positioned to deal with any external factors that could at any point pose a problem for your company. Here are some questions to ask yourself:
§ How well is your company positioned in its marketplace?
§ How robust is your customer base?
§ How good is your customer service?
§ How do your products “stack up’ against the competition?
§ What are the current and future trends for your industry as a whole?
§ Do you have the tools in-house to determine the answers to these questions?
§ Do you have a marketing plan, customer acquisition plan, etc.?