Expect the Unexpected

How do you stay on top of your game in an ever-changing business world? By being prepared for the unexpected. When business owners and their managers are up-to-date on business change, they are better prepared to know when to act and when to wait. Just as investors must understand and learn when to act in the stock market, so business owners need to understand which market or local changes require action.

The most successful business owners are not necessarily those who are able to motivate their team to excel, but rather, those who are best able to anticipate and react to change. By being skilled in researching industry trends, keeping up with all types of technologies, and being able to handle the unexpected you will find it a lot easier to lead your company into the next growth phase.

Four Simple Initiatives

Watch Your Industry

The simple act of keeping up with industry trends is often overlooked. Do you know what is going on in your industry while your company is buried in its own projects? Think about current trends, new developments heading the agenda at industry conferences, and of course, what the competition is doing.
Successful businesses are most often those who develop a niche and do this best. These companies also seem to know when it is appropriate to expand. What about less successful companies? How often have start-ups made a great start, only to creep off into the mists of mediocrity – or worse – a few months later?
Do you know which of the latest developments show most potential? You need a structured approach to deciding which new developments to back. You cannot exploit every trend that comes your way, no matter how tempting or how big the financial return appears to be.

Understand the Short- and Long-term Benefits of Technology

Technology affects all aspects of your business, regardless of whether or not you are in a technical business or not. Businesses of all size rely on a wide range of technologies on a daily basis; a simple breakdown in one area can hold up the rest of the company very quickly. Just as the breakdown of a single machine on a manufacturing line can stop production, so too can a breakdown of the simplest technology start to cost your business a lot of money, time and, potentially, lost customers.
Make sure that you understand both short- and long-term benefits of technology. Knowing when to act can provide big savings, or even prove expensive.
You must understand the benefits of a technology before you can make wise decisions about its use. Many current technologies are enticing, promising quick results for a fraction of the cost. Do you know which technologies will be around in the next few years? Make sure you know whether a new development is worth the investment. Information on new technology is everywhere – often too much to absorb. Make sure you have a structured approach to ensure that your decisions are objective.

Expect the Unexpected

Is it possible to expect the unexpected? Anyone can say they’re ready for the unexpected. Having an idea what the unexpected will be is quite another matter, which is why it is so important for you to keep looking at your industry and to stay current on technology. Aim to develop a clear sense of where your company is going and have a plan in place – complete with contingencies. Expecting the unexpected means planning for the unexpected.
Be prepared for both success and failure and have plans in place for all scenarios – then the unexpected may not come as such as surprise.
Forecast what is to come and modify your operations, administration, sales and marketing, and customer communications to accommodate it.
In your cash-flow forecast, make sure that you have highlighted any risks. You might need to delay non-essential expenditure until any risky revenues have cleared at the bank.
Encourage everybody to stay vigilant on industry developments. Promote communication between people and compare notes with colleagues. Use the collective information to make your forecasts as accurate as possible.

Involve the Team

Get people involved where you can – you cannot do all of this alone – and your team will benefit from being asked to make some of these factors part of their job.
Animals know that multiple sets of eyes are more likely to spot a predator. Your business needs multiple sets of eyes looking out for the things that might catch you out.

Real Ways for Small Business

Your Small Business Advisor!