It’s now the beginning of the 4th Quarter. It’s likely too late to do a lot to influence what will happen during the rest of the year – what is in place will have to be enough. But it is a good time to look ahead and be aware of trends likely to continue of develop. A few thoughts…
- Social Media – Linkedin, Facebook, Twitter, Pinterest, Instagram, and many other search engines will likely grow as a means to communicate with customers, to remind them we exist, what we offer, to encourage them to contact us for goods and services. As business owners, are we equipped to effectively use Social Media? I’m not, which is why I use a service to get our name out there. Does it work? It’s hard to know with certainty but I do see positives and am certain that doing something beats doing nothing.
- Face-to face is important – we can’t solely rely on Social Media. It’s critical how we deal with our valued partners – beginning with customers and vendors, but including accountants, attorneys, banks, service providers, others. Do we value them and are we valued by them? As a commercial banker (many years ago) I had relationships with the business owners I did business with. I met with them regularly, visited their businesses, got to know them and what they did and what they needed – so I could take care of them if at all possible. Today banking seems a lot less personal – but should it be? Banks support us – we need to know the people that make decisions on our needs. The same can be said for all contacts – we support them, and they support us. It’s simple, I want to know the people I’m doing business with.
- Skills – what skills SHOULD we have or develop that are needed, necessary, and/or critical to survival and success? We should always be on the lookout for skills our business needs and lacks, if we can figure it out. Often, we don’t recognize that we missed things until too late, and it could be because we aren’t taking time to assess what’s going on around us or affecting us. We’ve seen businesses sell because the skills needed to go forward are different than those that got them where they are. Businesses can and do decline or fail if leadership didn’t recognize the expertise needed to continue.
Planning is important – most of us don’t do enough of it. And if we plan, often we don’t go back to compare results with the plan. When we analyze results compared to the plan, the next plan will likely be better.
Being aware of the most recent trends gives entrepreneurs the opportunity to stay in line with their competition. If you’re interested in selling or buying a business in the near future, the professionals at Zoellner Garten & Company will guide you to a successful sale or acquisition. Since the company was founded in 1988, they have helped numerous buyers and sellers throughout Southwestern Ohio, Northern Kentucky, across the United States to accomplish their dream of running a company. Call (513) 852-2400 to speak with an advisor or visit them online.